Memorandum of Understanding signed between DSE, CSE and PSX

In a practical step to strengthen mutual cooperation among exchanges in South Asia, a tripartite Memorandum of Understanding (MoU) was signed between the Dhaka Stock Exchange (DSE), Colombo Stock Exchange (CSE) and Pakistan Stock Exchange (PSX) on March 27. The MoU signing ceremony held in Colombo was attended by Dhaka Stock Exchange PLC (DSE) Chairman Mominul Islam, Colombo Stock Exchange Chairman Dilshan Wirasekera, Securities and Exchange Commission of Pakistan Chairman Akif Saeed, along with directors and senior officials of the institutions.

The MoU commits to cooperate in joint initiatives on digital transformation of the stock exchanges of the three countries, mutual cooperation and coordination between the exchanges in developing new financial products and markets, coordination of market supervision and investor protection frameworks, joint initiatives on human resource development, cross-exchange training programs and knowledge sharing initiatives. The long-term goal of the MoU is to explore cross-border listing opportunities, facilitate broker partnerships and institutional linkages to expand investor access.

Regarding this initiative, DSE Chairman Mominul Islam said, “Due to their small size, stock exchanges in South Asia, except India, have technical and procedural limitations. Due to resource constraints, these highly promising stock exchanges are failing to achieve their desired capabilities. Through mutual exchange of resources and experience and joint investment in technology, our stock exchanges will be able to play an effective role in building efficient and strong capital markets in their respective countries. Working together, we will be able to open up opportunities for prosperity and innovation in our financial ecosystem, which will bring benefits to investors and stakeholders.”

DSE Chairman participated in the panel discussion titled “Navigating Frontier Capital Markets: How Evolving Market Regulation and Exchanges Foster Efficient Capital Market Development” at the said program. In his speech, he shed light on the challenges and prospects of DSE, Bangladesh’s capital market and economy, DSE’s experience post-demutualization, and things to be done to increase mutual cooperation.

Later, the DSE representatives held separate meetings with the Chairman, Commissioner of the Securities and Exchange Commission of Pakistan, Managing Director and CEO of Pakistan Stock Exchange, CEO of Central Depository System and CEO of Central Counterparty and CEO, CRO and senior officials of Colombo Stock Exchange. In the meeting, the DSE Chairman emphasized the current activities, development of regional product markets, in-house development of necessary technology, exchange of experience and mutual cooperation in human resource development. All those present supported his speech and expressed their interest in working together.

It is worth noting that the other members of the DSE delegation at the road show held in Colombo, Sri Lanka were Directors Md. Shakil Rizvi, Minhaj Mannan Emon, Richard D’Rosario and General Manager and Company Secretary Mohammad Asadur Rahman, FCS.