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PSX to acquire ‘IT Trading and Surveillance System’ at a cost of $2.88 million

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September 26, 2019 (MLN): The Board of Directors of Pakistan Stock Exchange (PSX), at its meeting held on September 26, 2019, has approved the execution of contract with Shenzhen Stock Exchange [SZSE], one of the largest stock exchanges in the world which also holds 5% equity stake in PSX.

The contract shall allow PSX to acquire 'IT Trading & Surveillance System' at an approximate cost of USD 2.88 Million payable to SZSE (excluding related taxes and other expenses). The payment under this transaction will be made within a period of 5 years.

Ms. Yu Huali, a non-executive director on the Board of PSX representing SZSE, who is also Chief Engineer/CTO of SZSE, is interested in the transaction and has accordingly complied with applicable requirements in this regard.

In view of the above decision of the Board, PSX will be able to put in place state-of-the-art technology, upgrade the functionalities of its trading platform and deploy robust surveillance mechanism to perform automated and intelligent surveillance functions.

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Posted on: 2019-09-26T15:55:00+05:00

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