KARACHI: The National Bank of Pakistan (NBP) and the Pakistan Stock Exchange (PSX) have signed an agreement to integrate NBP as a “market maker” for government securities listed on PSX.
The signing ceremony took place in the PSX trading room in the presence of NBP Chairman Arif Usmani, PSX Managing Director and CEO Farrukh H Khan, NBP Treasury and Capital Markets Group Head Muhammad Ismail Usuf, and senior management from both organizations.
The proceedings began with the gong to mark the start of the trading day.
PSX MD welcomed NBP as market maker for debt securities on PSX. “The development and growth of the debt capital market is an important strategic objective of the Pakistan Stock Exchange. It is also a key aspect of the capital market development plan, as a large and liquid debt capital market is essential for Pakistan’s economic development. “
It is for this reason that SECP and PSX recently introduced regulatory changes allowing banks to become market makers.
He said the inclusion of NBP, one of the largest leading banks in Pakistan, as a debt market maker on PSX was a momentous opportunity for the ongoing collaboration between banks and markets. capital to develop, deepen and expand. Pakistan Debt Capital Market.
NBP President and CEO Arif Usmani said, “Being a market maker is a milestone for NBP and we are grateful to PSX for this opportunity. It is a pleasure to visit the Pakistan Stock Exchange for the gong ceremony which signifies the commitment of NBP and PSX to work together to deepen debt and capital markets in Pakistan and improve financial intermediation. “
He said the NBP is committed to playing a role in diversifying the investor base of debt securities by exploiting digital distribution channels to promote investments and develop the debt securities market in Pakistan.
The market maker initiative would allow a much larger group of investors to participate in the public debt market. This would facilitate the development of financial markets by mobilizing domestic resources and channeling them efficiently.