PNGX Markets Limited (PNGX), Papua New Guinea’s national stock exchange, and the South Pacific Stock Exchange (SPX) have today signed a Memorandum of Understanding (MoU) to co-operate on the development of their capital markets. The milestone signing of the MoU was undertaken in a ceremony in Suva by PNGX Chairperson, Mr. David Lawrence, and SPX Chairperson, Dr. Nur Bano Ali.
The areas of cooperation which PNGX and SPX have identified regarding the development of their respective capital markets include:
Dual listing of securities
Cross-border trading arrangements
Mutual recognition and access of stockbrokers to each other’s markets
Collaboration regarding mutually beneficial trading, clearing, settlement and registration technology infrastructure platforms
Investor and corporate education
Rules frameworks and general market development
These efforts aim to generally facilitate a broader range of investment opportunities for both domestic and international investors in the Pacific region.
SPX Chairperson, Dr. Nur Bano Ali, stated:
“This signing of the MoU is a major development achievement for SPX, in particular with regards to its strategic objective focused on regional expansion as an avenue for further growth. This alliance between the two Exchanges within the South Pacific region will certainly establish a framework for collaboration, inaugurating a pathway towards the success of both institutions. SPX is a progressive organisation and our intention is to optimize our operational capacity, which we believe can be significantly enhanced through fostering professional relationships with institutions with similar intent.”
Dr. Ali also noted that this MoU signing with PNGX is the third engagement by SPX with another stock exchange, following similar MoUs signed with the Colombo Stock Exchange (CSE) and New Zealand Stock Exchange (NZX) earlier in 2019. SPX will continue to work in tandem with these institutions to capitalize on opportunities and looks forward to long and mutually beneficial relationships.
PNGX Chairperson, Mr. David Lawrence, added:
“The opportunities for harmonization presented by PNGX and SPX working together are substantial for both organisations and their capital markets. The value generated by both organisations co-operating to mobilize capital in the region can exceed the value of each working individually. We are looking forward to the prospects this MoU presents for PNGX and SPX to work together.”
About PNGX Markets Limited
PNGX Markets is the national stock exchange of Papua New Guinea. PNGX is responsible for providing an orderly and fair market in relation to securities traded through its facilities, and for acting in the public interest with regard to investor protection. PNGX is regulated and licensed by the Papua New Guinea Securities Commission and is also the National Numbering Agency for Papua New Guinea.
About South Pacific Stock Exchange Pte Limited
The South Pacific Stock Exchange (SPX) is the only licensed securities exchange in Fiji, established in 1979, and regulated by the Reserve Bank of Fiji. SPX is a business in transformation, focused on scaling up its activities by increasing the number of listed entities, broadening the range of traded products, and improving its international visibility in a move toward regional expansion.
