Sri Lanka’s Securities and Exchange Commission (SEC) last week called for international expressions of interest (EOI) on Commodities Exchange through newspaper advertisements.
The advertisement said that SEC is calling EOI to establish and operate a fully fledged multi asset class Commodities Exchange. It also said that prospective parties should possess a track record of more than five years in establishing and operating such exchanges. They should also have at least US$ 100 million in shareholders funds/net assets and local parties may submit an EOI with a foreign party. The last date for submission is April 29.
An SEC official said that such exchanges, which holds assets such as stocks, commodities, or bonds are operated on margins, meaning that to take a position only a fraction of the total value of the commodity traded needs to be available in cash in the trading account.
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