KARACHI: Pakistan’s first foreign chief executive officer of Pakistan Stock Exchange (PSX) in almost seventy years has sought to provide protection to retail investors in the country’s bourse.
In an interview to Bloomberg, Mr. Morin said he was prioritizing the initializing of exchange-traded funds and start a new trading platform at the stock exchange.
He stated that improving protections for enhancing retail investors was important, which constitute less than 0.2 percent of Pakistan’s 200 million population.
Mr. Morin told Bloomberg “The perception of safety of capital at the Pakistan Stock Exchange is not where it should be. We have the tools at our disposal to improve retail investor protection and we will move in that direction.”
CEO PSX said Pakistani investors need to be taught a lot and wants to establish that brokerages are regulated correctly. Also, Mr. Morin added he intends to replace a Rs25 million ($226,000) cap on amount which can be paid out of exchange’s Investor Protection Fund (IPF) for every broker default with a per-investor limit.
And a month into his tenure, Mr. Morin has been able to reach a one-year licensing agreement last week for initiating a Pakistan ETF in mainland China and is gunning to launch a domestic ETF later in the year.
He added financial futures and stock options would also be launched after the new trading platform gets started.
And Mr. Morin shared a new executive would be employed within the next few months to take up administrative responsibilities at the bourse.
