We recognise that capital markets provide potential for investment, from both domestic and international investors. In the fast changing World the concept of floor trading has been replaced by electronic trading systems.
The concept of mutually governed and self-regulated structures in the stock exchanges no longer work. In May the President of Pakistan has signed the Corporatisation, Demutualization and Integration Act 2012. I am happy to note that the process of demutualization was completed in August-ahead of schedule.
After the corporatisation and demutualization, the structure of the stock exchanges has been converted from non-profit, mutually owned organisation to for-profit, entities owned by shareholders.
This is a step that will result in increase transparency and improved governance in line with international good practices. Our aim is to have transparent, better governed, financially strong, internationally recognised, and vibrant stock exchanges in Pakistan.
These reforms are designed to increase investor confidence, which is likely to bring in more investments to steer economic growth in our country. As you know the economy of Pakistan is showing visible signs of a turnaround and we need our stock exchanges to complement our economic policy.
I would like to see new products and internet-based trading so that we can better facilitate existing investors and importantly attract new domestic and global investors. I would also urge SECP to focus on education and awareness of investors and other market participants. I assure you once again of the government's commitment to develop Pakistan's capital markets and hope that the benefits of demutualization will be reaped.