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Business

January 12, 2018

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Canadian Morin assumes PSX CEO’s office

Canadian Morin assumes PSX CEO’s office

KARACHI: Canadian Richard Morin on Thursday assumed the charge of chief executive officer (CEO) of Pakistan Stock Exchange (PSX) to become the first foreign national head of the local equity market.

“Richard Morin joined PSX as CEO from January 11, 2018 after following the due process prescribed under law,” a bourse statement said. “PSX is being headed for the first time by a foreign national having good command of capital markets.”

Morin replaced Haroon Askari, who was officiating as acting CEO. “Morin, an experienced financial markets executive, has 30 years of experience spreading across various emerging markets and in Canada,” the statement added.

The new PSX head has contributed in various segments of financial markets, including formulation of securities markets regulation and supervision mechanisms, derivative markets, central depositories, clearing systems, government securities markets and investment advisory.

With Bachelors in Economics from University of Montreal and MBA from McGill University, Morin has also passed chief compliance officer examination.

In November last year, Securities and Exchange Commission of Pakistan had approved his appointment as PSX’s CEO following the bourse’s key stake acquisition by a Chinese-led consortium.

In 2016, a Chinese-led consortium, including China Financial Futures Exchange Company Limited, Shanghai Stock Exchange and Shenzhen Stock Exchange, bought 40 percent strategic stake of PSX against $85 million.

Brokers said Morin’s performance would be gauged within the next six months, toning down a discord related to his appointment.

Analysts said there are always oppositions and favours on a key appointment.

“But, important thing is that how the new head would overcome the critical challenges currently facing the stock market,” an analyst told The News in November last year. “The major issues are (lack of) new products, information and technology and governance…so, he has to gear up efforts to resolve these issues.”

The brokers also said the market is in need of new products and price discovery and the new head is expected to explore this frontier.

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