SECP forwards futures trading bill to finance ministry.
Islamabad -- The Securities and Exchange Commission of Pakistan (SECP) has forwarded the revised Futures Trading Bill (the Bill) to the Ministry of Finance for its further processing and subsequent approval by the Parliament, says a press release issued on Wednesday.
Future trading is currently regulated under the Securities and Exchange Ordinance, 1969. However, specialized features and unique requirements of futures markets warranted promulgation of an independent and comprehensive piece of legislation laying the grounds for the Bill.
The Bill was earlier drafted in consultation with the relevant stakeholders including a fresh session with the stock exchanges as well as Pakistan Mercantile Exchange.
The Bill contains dedicated provisions to cater for all aspects of the futures market in detail and is based on international best practices to allow for fair, transparent and efficient futures markets in Pakistan.
The Bill is designed to protect public interest through a system of effective self-regulation of futures markets, clearing systems, market participants and market professionals under the oversight of the SECP.
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|Publication:||The Frontier Star (Northwest Frontier Province, Pakistan)|
|Date:||Apr 9, 2015|
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