The South Pacific Stock Exchange (SPX) took part in the 63rd General Assembly and Annual Meeting of the World Federation of Exchanges (WFE), a significant global organization for exchanges and central counterparties (CCPs). The event, held at Bursa Malaysia in Kuala Lumpur, attracted over 300 leaders from various sectors, including regulatory authorities and institutions from more than 50 international organizations. It provided a vital platform for high-level discussions about the future of capital markets.
This event marked an essential milestone for SPX, as it re-established its presence in the global stock exchange arena after several years. Notably, this was SPX’s first attendance at the WFE Annual Meeting as an invited guest exchange, an inclusion that is especially remarkable given that the event is primarily reserved for WFE member and affiliated stock exchanges.
The forum featured prominent speakers, including Malaysia’s Prime Minister, YAB Dato’ Seri Anwar Ibrahim, and Malaysia’s Finance Minister II, YB Senator Datuk Seri Amir Hamzah Azizan. A significant session included a discussion led by renowned primatologist Dr. Jane Goodall on the connection between financial markets and biodiversity, stressing the importance of sustainable financial systems.
Discussions also revolved around crucial policy issues in the exchange sector, touching on topics such as modern market infrastructure, the evolving role of stock exchanges, the future of initial public offerings, and transitioning to T+1 settlement. These discussions provided valuable insights into the changing dynamics of international capital markets.
SPX CEO Sheraj Obeyesekere engaged in dialogues with peer exchanges about cooperation and knowledge sharing, focusing on boosting the Fijian stock market and enhancing market infrastructure. He emphasized that this event was a timely opportunity for SPX to reassert its presence in the global arena, aiming to cultivate a new growth phase for Fiji’s stock market.
Obeyesekere remarked on the honor of participating in this significant global forum, highlighting the focus on shaping the industry’s future and discussing pivotal policy initiatives to ensure that stock exchanges continue to foster capital formation and financial inclusion. He noted the importance of strengthening international ties as a strategic priority for SPX, positioning the meeting as a critical first step in fostering collaboration with the industry and peer exchanges.
He added that formal collaborations with WFE member exchanges would be announced in the following months, leading to enhanced standards for the Fijian stock market and aligning it with global best practices in market operations and regulations.
The exchanges associated with WFE feature over 55,000 listed companies with a collective market capitalization exceeding $111 trillion, processing approximately $124 trillion in trades annually (as of the end of 2023). The WFE collaborates with various stakeholders worldwide to promote fair, transparent, and efficient markets, while also prioritizing the safety and soundness of the global financial system. This year’s meeting also signified a historic return for Malaysia, which last hosted the event in 1998.
Overall, the participation of SPX in this important gathering serves as a beacon of hope for the future of the Fijian stock market. It’s a significant step towards fostering global connections and raising the standards of market practices, paving the way for a prosperous and sustainable financial ecosystem in Fiji.
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