CSE signs MoU with Maldives Stock Exchange

The Colombo Stock Exchange (CSE) signed a Memorandum of Understanding (MoU) with the Maldives Stock Exchange (MSE) recently to promote cross border investment, cross border listing and explore other opportunities for cooperation between the two Exchanges.

The Exchanges anticipate developing a closer working relationship in the future and maintain channels of communication for exchange of information, knowledge transfer, sharing of technology and other commercial purposes.

The MoU delineates the following areas of cooperation: setting up a system to support the marketing of local issuances, examine the possibility of creating a framework for cross-listing and dual listing of securities, identifying a mechanism for cross-border regulation of companies listed on the Exchanges, mutual exchange of information on operating models and related improvement opportunities, examining the mechanism of trading securities listed in both Exchanges, sharing expertise, information and technology to facilitate and encourage the development of capital markets and cooperation on enhancing the mutual knowledge and understanding of products, market institutions and intermediaries.

"The CSE is extending its reach beyond borders to cooperate commercially with its peer exchanges in the region, to collectively improve the performance of regional Exchanges.

"We recently hosted the South Asian Investment Conference and took over the Chairmanship of the South Asian Federation of Exchanges (SAFE) and the relationships forged through these regional bodies have already begun to yield positive results," Chairman, CSE Vajira Kulatilaka said.

"This MoU will help our Exchanges to learn from each other's experiences. In comparison to the CSE, the MSE is a very small Exchange, therefore, there are many areas in which the CSE can help the MSE to grow and develop," Managing Director and Chief Executive Officer, Hassan Manik said.

"The Colombo Stock Exchange seeks to foster regional links to foster growth and collective development within our geographic influence. The Maldives is a partner in this process and the CSE has shared cordial and close relations with the MSE since its launch in 2002 and this MoU is the formalisation of this long standing relationship," Chief Executive Officer, CSE, Rajeeva Bandaranaike said.