Some major Indian companies have offered to set up a derivatives exchange in Sri Lanka, according to the Securities and Exchange Commission (SEC). "The top tier firms in India have offered to start a derivative exchange here at a meeting the SEC had with them three weeks ago," Channa de Silva Director General SEC told The Sunday Times FT.
He said the National Stock Exchange of India (NSE) has offered to assist in setting up the proposed clearing coorporation in the country, which will be the foundation to introduce derivatives.
“The Central Clearing Corporation (CCC) is an integral element mitigating settlement and clearing risk components in a capital market. NSE has also expressed the possibility of a technical alliance with the Colombo Stock Exchange (CSE) for a technical cooperation" he said. Meanwhile a team from NSE will come to Sri Lanka to help the CSE to set up the CCC soon.
"They are visiting in early February to assist the CSE to start the CCC," Surekha Sellahewa, Director General CSE told The Sunday Times FT.
She said the assistance will be on a technical and a regulatory perspective. "They will give a proposal on how to set up the CCC after which we will be expediting the process,” she added. She said the CSE is also working on setting a timeline to implement the derivative exchange.
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