The South Asian Federation of Exchanges (SAFE) has undertaken a plan for promoting cross border listing and trading of securities among the South Asian countries.Besides, it is working to explore the possibility of providing back office services to international exchanges by some of local exchanges of the region. Under its long term project, the SAFE has planned to establish a regional ‘depository and clearing’ company or mechanism, developing and introducing some stringent risk management measures, and stress testing of regional market institutions.
The leaders of the SAFE will discuss these issues at the SAFE Executive Committee meeting to be held in Kathmandu tomorrow. The Finance Minister of Nepal, SEC Chairman of Nepal and Governor of Nepal Rastrio Bank (NRB) will attend at the SAFE Executive Committee meeting.
President of the Chittagong Stock Exchange (CSE) Fakhor Uddin Ali Ahmed yesterday left Dhaka for Kathmandu to attend the South Asian Federation of Exchanges (SAFE) Executive Committee meeting. Fakhor Uddin Ali Ahmed, also vice chairman of the SAFE, will also meet the SAARC Secretary-General and Finance Minister of Nepal.
President of the Chittagong Stock Exchange (CSE) Fakhor Uddin Ali Ahmed yesterday left Dhaka for Kathmandu to attend the South Asian Federation of Exchanges (SAFE) Executive Committee meeting. Fakhor Uddin Ali Ahmed, also vice chairman of the SAFE, will also meet the SAARC Secretary-General and Finance Minister of Nepal.
The Executive Committee will discuss near, medium and long term projects of the SAFE.
The SAFE’s near term projects for 2010-2011 include developing a model for the cross border flow of portfolio investments. The SAFE undertakes projects for codification of differences in the securities regulations of the regional countries, establishment of SAFE data centre and the launch of e-library containing the data of the SAFE capital market.
The projects include capacity building of the SAFE secretariat through obtaining apex body status of SAARC, and advocate the development of a separate convention for the harmonisation of financial services.
The SAFE’s near term projects for 2010-2011 include developing a model for the cross border flow of portfolio investments. The SAFE undertakes projects for codification of differences in the securities regulations of the regional countries, establishment of SAFE data centre and the launch of e-library containing the data of the SAFE capital market.
The projects include capacity building of the SAFE secretariat through obtaining apex body status of SAARC, and advocate the development of a separate convention for the harmonisation of financial services.
Under its medium term projects for the 2012-2016, the SAFE plans to ensure harmonisation of the regulatory standards within the region on the lines of the IOSCO recommended standards. Creating market linkages in the South Asia through technological and operational synchronization, preparing plans and protocols for the cross border clearing and settlement of securities, and feasibility study for the establishment of SAFE Institute of Knowledge Management were also planned under the midterm project.
Source: Daily Sun
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