KARACHI, March 10: The chairman and chief executive of New York Stock Exchange, Hon Thain was reported to have remarked that achievement of $40 billion market capitalization by Karachi Stock Exchange (KSE) was a significant value for an emerging capital market.

A press release issued by the KSE on Thursday, stated that the comment from the NYSE chairman came in response to information conveyed by the KSE MD, Moin M. Fudda, who attended the Annual International Exchange Globalization & Clearing Forum held at New York earlier this week. “Mr Thain complimented KSE for outstanding performance and particularly surpassing the turnover of 1 billion shares, which he believed, was by far the highest turnover for Stock Exchange in a developing market”, the pres release said.

Delegates from 32 countries attended the conference, including those from UK, Europe, Asia, Africa, Middle East and USA. MD KSE was quoted to have said that due to economic and capital market reforms including corporate governance carried out during last five years, the KSE had achieved the status of best performing market of the world.

Peter Clapman, Senior Vice President of TIAA-CREF, one of the largest fund manager with funds over $350 Billion said that his Company continues to diversify their investment in global market. He emphasized the need for clear market regulations and Corporate Governance rules by the listed companies.

Mr Richard Lindsey, President Bear Stearns Securities said that US investors hold 10 per cent interest in foreign equities and 25 US Pension Funds now hold 20 per cent of their funds in foreign equities.

Rober Carlson, Vice President at Calpers, another leading fund managers emphasized that as shareowners, Calpers plays an active role by urging Corporations to redefine their strategies to meet the Corporate Governance, Social responsibility and best practices which ultimately produce higher dividends for the shareholders. He said that for Calpers investing in emerging market, their key consideration includes political and economic stability, Corporate Governance clear market regulations including freedom of capital inflow and outflow.

Mr. Paul Chow CEO of Hong Kong Stock Exchange highlighted the performance of Hong Kong Stock Exchange, which after demutualization has achieved a number of milestones and has attracted global investors. He highlighted the importance of Risk management and issuer and investors satisfaction being the key factors for the success of Stock Exchanges in Asia. The Globalization forum also focused on technology. Mike Rigodanzo Senior Vice President at HP, the main sponsor of the event stressed the need of innovation in the trading platforms and storage capabilities. The three-day conference was also addressed by representatives of European Commission, Euronext and CEO of Deutsche Borse Group, KSE stated.