I congratulate everyone involved in turning the vision of a single, integrated capital market into reality. The desire and indeed, the need for such a single securities market had been there for quite some time but it needed the vision and will of leadership to make it happen and that leadership was provided by the Chairman of the Securities and Exchange Commission of Pakistan (SECP), Mr. Zafar Hijazi. His guidance and perseverance convinced owners of the three exchanges of Pakistan that it was in their as well as national interest that only a single, unified stock exchange which has national footprint, could enable the capital market to play its due role in accelerated economic development of Pakistan. Acknowledgement and thanks also due to the Honourable Finance Minister, Mr. Muhammad Ishaq Dar, representing the strong support of the Government of Pakistan towards this historic endeavour.

Once this conviction took hold, all key constituencies involved in the process of integration demonstrated amazing cooperation, mutual support and incredible hard work - from members of the Demutualization Committees of Islamabad, Karachi and Lahore stock exchanges and their directors, Commissioner and Executive Director of the SECP, the Chairperson and Commissioners of the Competition Commission of Pakistan, Chairman of Sindh Revenue Board & its members, TREC Holders (brokers) of the three exchanges, the legal counsel, managements and team members of all three exchanges (especially the IT team) and sister capital market institutions, Central Depository Company (CDC) & National Clearing Company of Pakistan (NCCPL) - to turn the vision of PSX into reality in a short span of just over four months. This is also, therefore, a demonstration of what Pakistanis can achieve when they are united in spirit and action!

Copyright Business Recorder, 2016