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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CSE to play major role in boosting Sri Lanka’s Capital Market A new trading board is also envisaged to encourage FDI

CSE to play major role in boosting Sri Lanka’s Capital Market A new trading board is also envisaged to encourage FDI

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The current operational success and the innovation-led future strategy of the Colombo Stock Exchange (CSE) will elevate the CSE to become a world-class Stock Exchange with strong equity alternatives, derivatives and a stable debt market. It will offer investors a range of options to diversify their portfolios as well as provide a new trading board to encourage Foreign Direct Investment (FDI), Vajira Kulatilaka, chaiman, CSE said Monday.


The CSE chairman made this comment during the launch of the Annual Report of the CSE which took place at the Kingsbury Hotel.


"It is envisaged that 2015 will also see a complete revision to the CSE Listing rules to ensure a more effective and efficient listing process that serves the needs of all stakeholders. And in order to encourage Foreign Direct Investment (FDI), the year will see the launch of a new trading board in the form of a BOI Board," the chairman stated.


Speaking further he said, "The CSE in its role as an agent for change, has planned strategies to grow the current Market Capitalization to USD 50 billion. With this vision in mind, the CSE has made a concerted effort to ensure a secure environment through the proposed introduction of a Central Counterparty (CCP) System with the setting up of a Clearing House, thereby setting the stage for new and innovative financial products to be introduced. Furthermore, the CSE— in its ambition to be a world class organization—is building its human capital by developing a knowledge-based workforce. Meanwhile, steps are being taken to develop the operational capabilities of market intermediaries to edify and empower investors to make prudent investment decisions".


Commenting on the financial performance of the CSE, the chairman said, "Capitalization surpassed the Rs. 3 trillion range closing the year on Rs.3.1 trillion and the Daily Average Turnover increased by 71% over the previous year from Rs.828 million in 2013 to Rs.1.4billion in 2014. Most notably the Exchange recorded the highest ever inflow of foreign investment into the equity secondary market, a record of Rs.104.7 billion as at 31st December 2014".


"The CSE’s strategic plan looks towards a series of initiatives which will see the groundwork being laid in 2015 for a market offering multi-asset classes, fully-fledged market makers in operation, an increase in turnover velocity, a goal of reclassifying the CSE as an emerging market and converting the CSE into a demutualised Exchange", he said.


Rajeeva Bandaranaike, CEO of the CSE speaking at the event said," The year 2015 marks an important milestone in the CSE history, with the completion of 30 years of operation. Over the past three decades, the CSE in its role as an agent of change has been instrumental in reshaping Sri Lanka’s Capital Market. .Similarly, in the years ahead, the CSE is ready to play an even greater role in boosting the country’s Capital Market. Accordingly, a number of strategic market development initiatives have been earmarked for the next five years; including measures to improve market infrastructure, mitigate risk, initiate new product development, improve governance and strengthen market surveillance in addition to developing internal capabilities and improving financial performance".


The objectives set by the CSE’s strategic plan includes; Increasing the market size and liquidity, offering new products,, expanding the domestic retail Investor base, increasing participation of local institutional investors, expanding foreign Investor base, improvement of Post Trade Services, implementation of Global Industry Classification Standard (GICS), increasing secondary market activity in corporate debt , enhancing risk management, institutional development , development of infrastructure and capabilities etc.
Courtesy: The Island 03 June 2015 

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