After formal inauguration of Pakistan Stock Exchange (PSX), the PSX began functioning Monday, replacing the stock markets of Karachi, Lahore and Islamabad as all three exchanges have now been formally inducted into the unified PSX. Brokers present at the launch of the PSX here on Monday said that as the PSX will operate as stock market from the KSE under the new set-up, the Lahore Stock Exchange has been converted into LSE Financial Services Limited.

The Islamabad Stock Exchange has been converted into a company - the ISE REIT Management Company. Both the LSE and the ISE have now become the non-banking financial companies (NBFCs). At the same time, the brokers of the KSE, LSE and ISE have been converted into the trading right entitlement certificate holders of the Pakistan Stock Exchange (PSX).

Copyright Business Recorder, 2016