ECONOMYNEXT – London Stock Exchange Group and Colombo Stock Exchange has signed a memorandum of understanding to help develop an offshore market for rupee and dollar bonds.
LSEG said it will help CSE with developing a debt market and an offshore market in rupee bonds and FTSE Russell guidance in capital market classification and index inclusion.
Sri Lanka this year sold 2.4 billion US dollars of sovereign bond which are also traded in London.
Nikhil Rathi, CEO, London Stock Exchange Plc and Director of International Development, LSEG the memorandum of understanding will pave the way to work with the CSE and bring greater investments to the country.
Ray Abeywardena, the Chairman of CSE said: “Our two institutions share an excellent working relationship built on trust and mutual respect, which has paved the way for successful engagements in multiple initiatives over the years. The foray that we are jointly forging today is an extension of that relationship.
"The scope of the MoU paves the way for a number of new avenues of cooperation between the CSE and LSEG along with our respective depositories and will immensely advance CSE’s visibility and connectivity to international markets," CSE chairman Ray Abeywardena said.
Mark Field UK Minister of State for Asia and the Pacific, Sri Lanka’s High Commissoner in London Manisha Gunasekara, Central Bank Governor Indrajit Coomaraswamy, Governor, Ranel T. Wijesinha, Chairman, Securities and Exchange Commission of Sri Lanka and Rajiva Rajeeva Bandaranaike, CEO, Colombo Stock Exchange were at the signing. (Colombo/May21/2019)