KARACHI: The take-over by Richard Morin, the Canadian national, as the first-ever foreign Chief Executive Officer (CEO) of the Pakistan Stock Exchange (PSX), has been delayed by a day or two.

The new CEO was to step in on Wednesday (Jan 10). A bourse official dismissed rumours of any legal lacunae in the appointment of Mr Morin and said that the delay had occurred merely as flights from Montreal were disrupted by heavy snowfall.

Besides introduction of new products, the generously-compensated incoming CEO is expected to transform the image and culture of the Pakistani bourse to a professionally-run institution, breaking away from the long-held perception of a government-owned, broker-influenced, closely-held club, said this official.

Under the terms of Sale-Purchase Agreement, the Chinese anchor investors comprising China Financial Futures Exchange Company Ltd, Shanghai Stock Exchange and Shenzhen Stock Exchange that placed the biggest bid for 30 per cent strategic stock in the PSX, were also empowered to nominate personnel to three key management positions. Those included CEO, chief financial officer and the chief regulatory officer.

Published in Dawn, January 11th, 2018