In a significant advancement for regional financial integration, the South Pacific Stock Exchange (SPX) has initiated an Industry Working Group aimed at developing a dual listing framework in collaboration with Papua New Guinea’s National Stock Exchange (PNGX). This vital initiative is designed to enhance cross-border capital raising efforts and widen investment access across the Pacific region.
Chaired by SPX Chairperson Nitin Gandhi, the Working Group comprises representatives from several key institutions, including the Reserve Bank of Fiji, the Ministry of Finance, Investment Fiji, and the Fiji Revenue and Customs Service, alongside private sector stakeholders. Gandhi emphasizes the necessity for cohesive collaboration and engagement among multiple stakeholders to create a robust and forward-thinking market structure.
The group is tasked with addressing a range of challenges such as legal, regulatory, taxation, and operational issues. Additionally, it will work on designing mechanisms for share transfers between Fiji and Papua New Guinea, coordinating regulatory oversight, and potentially recommending a pilot transaction to validate the proposed framework.
This initiative is part of SPX’s broader reform agenda, which includes modernizing listing rules and extending eligibility to include small and medium enterprises and foreign firms. The emphasis on developing these frameworks mirrors previous collaborations between SPX and PNGX, which have sought to bolster their trading capabilities and align their technological infrastructures.
Notably, earlier efforts, including the signing of a Memorandum of Understanding between SPX and PNGX, focused on creating integrated trading platforms that enhance operational efficiencies and increase competitiveness within regional capital markets. This progressive trajectory outlines a hopeful future for capital market development in the Pacific, potentially empowering more businesses to access investment opportunities and fostering economic growth across the region. In light of these developments, the outlook remains optimistic, with the SPX paving the way for a more interconnected and resilient financial environment.
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