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Demutualization of Stock Exchanges,[object Object],Financial Markets and Institutions,[object Object],Iqbal,[object Object],Khawer Ali,[object Object],ZubairAslam,[object Object]
What is Demutualization?,[object Object],the process of converting exchanges from nonprofit, member-owned organizations to for-profit, investor-owned corporations.,[object Object],Corporatization and IPO of the stock exchange.,[object Object],Reasons for Demutualization:,[object Object],Globalization,[object Object],Information Technology,[object Object]
Benefits of Demutualization,[object Object],Rationalized Governance,[object Object],Investor Participation,[object Object],Globalization,[object Object],Resources of Capital Investment,[object Object]
Challenges for Demutualized Exchanges,[object Object],Conflict of Interest,[object Object],b/w ownership and management,[object Object],Ownership Structure,[object Object],Transfer of ownership from members to non-members,[object Object],Regulatory Framework,[object Object]
Demutualization Process,[object Object],Ownership Structure,[object Object],Dilution of membership by valuation of member seats.,[object Object],Legal and Company Structure,[object Object],Similar to a profit-making corporation,[object Object]
Demutualization History,[object Object],First demutualized SE : Stockholm Stock Exchange (SSE), 1993, Sweden,[object Object],Followed by ,[object Object],Helsinki Stock Exchange, 1995,[object Object],Copenhagen Exchange, 1996,[object Object],Amsterdam Exchange, 1997,[object Object],Australian Exchange, 1998,[object Object],Toronto, Hong Kong, London SE, 2000,[object Object],60% of WFE members demutualized by 2005,[object Object],Current Demutualization : Nairobi SE, Kenya,[object Object]
Case: Hong Kong Stock Exchange (HKEx),[object Object],Pre Merger/Demutualization Period (1999),[object Object],The Stock Exchange of Hong Kong Limited (SEHK),[object Object],Hong Kong Futures Exchange Limited (HKFE),[object Object],Hong  Kong  Securities  Clearing  Company  Limited (HKSCC),[object Object],HKFE Clearing Corporation Limited (HKFECC),[object Object],SEHK Options Clearing House Limited (SEOCH),[object Object]
Case: Hong Kong Stock Exchange (HKEx),[object Object],Post Merger/Demutualization Period (2000),[object Object]
Case: Hong Kong Stock Exchange (HKEx),[object Object],Post Merger/Demutualization Period,[object Object],Highest Market Price,[object Object],HK$ 18.95 > 4 times before demutualization,[object Object],P/E Ratio (based on 1999 earnings),[object Object],35.8 times before demutualization,[object Object],Rate of Equity Listing Increased,[object Object],60 new companies listed,[object Object],852 listed companies (2002) > 693 (1999),[object Object],64 China Incorporated, 10 Foreign ,[object Object]
Demutualization in Pakistan,[object Object],Initiated by Federal Govt.,[object Object],SECP’s Expert Committee on Demutualization and Integration/Transformation of Stock Exchanges,[object Object],Demutualization without Integration,[object Object],Three individual demutualized SE’s,[object Object],KSE, LSE, ISE,[object Object],The process will be completed by the end of current year.,[object Object]
Conclusion / Recommendation,[object Object],KSE as individual demutualized SE.,[object Object],LSE and ISE as integrated SE,[object Object],Merger with CDC,[object Object],Better Understanding to resolve Agency Problems,[object Object]
Thank You !,[object Object]

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Demutualization Of Stock Exchanges

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