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World Exchange Congress 2010
22 March 2010 - 25 March 2010
Barcelona, Spain
The 5th annual World Exchange Congress is designed to address and answer all of these questions as it brings together 250 CEO and industry leaders over 4 days and 27 panel discussions. Visit http://www.worldexchangecongress.com for more details.
http://www.worldexchangecongress.com
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 Karachi Stock Exchange
Managing Director Adnan Afridi
Karachi Stock Exchange
The year 2009 was a year of consolidation and recovery. Pakistans economic growth rate declined to just over 2% compared to an average growth rate of almost 7% over the 5 year period 2004-08. A weak global economy, high levels of political uncertainty and a poor law and order situation all played a role in the decline in the countrys economic activity.
Despite being a slow year, the reduction in inflation, relative macro-stability, strong remittances and gradual monetary easing by the State Bank of Pakistan led to encouraging corporate performance. The capital markets have rebounded albeit with low volumes and their performance remains highly correlated with the political and security situation in the country. The KSE 100 index registered a growth of 60% in 2009 which is especially impressive against the backdrop of militant activity in the country. It is also encouraging to note that companies are once again beginning to show a keen interest in raising capital and towards the end of 2009 a significant increase in IPOs has been witnessed which signals a path to recovery in market activity for the next year.
During 2009, the Karachi Stock Exchange re-introduced Deliverable Futures Contracts and adopted the global FIX protocol allowing Direct Market access for global traders. The Karachi Stock Exchange, also introduced the Debt Market; now trading in corporate bonds is being conducted through the Bonds Automated Trading System (BATs). We are hopeful that with continued support from the State Bank of Pakistan and active participation from asset management organizations, and banks, this market will be extended to include public debt as well. In line with our commitment to investors we continued to upgrade our risk management capabilities the KSE introduced Client Level Margining on October 1, 2009. The objective of this mechanism was to bring about a shift from broker level margining to the Client/UIN level margining. All related trading/exposure capital is now available on the basis of UIN wise collateral positions in terms of respective sub-accounts.
Moving forward, we remain committed to enhancing our risk management and surveillance measures to further increase transparency and to ensure a level playing field for all investors.
January 18, 2010
Karachi SE page on FEAS Website »
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