Industry to Take a Lead

Kuala Lumpur, 18 February 1997

This new market is expected to start operations by the 4th quarter of this year. I would like to take this opportunity to announce that an Industry Action Committee (IAC) has been formed for the purpose of spearheading the setting up the new exchange. The IAC comprises 9 stockbroking companies/merchant banks and the Malaysian Technology Development Corporation (MTDC). The Chairman of the IAC is Encik Nazir Razak of Commerce International Merchant Bankers (CIMB). There is also a technical Advisory Committee headed by MTDC within the IAC. The IAC will be responsible for all matters relating to the new exchange until the exchange company is set-up and the members, not limited to the members of the IAC, elect its first Committee.

The IAC has thus far formulated its initial plans of action for the launch of the new market scheduled for before the end of the year. It has issued early this month, requests for proposal (RFPs) for the implementation of the application infrastructure for the new market to vendors both within and outside Malaysia. And, the members of the IAC are making plans to visit some overseas exchanges to study their structure, operations and surveillance systems.


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