Keen to positively impact Sri Lanka’s capital market development: CFA Institute President

Thursday, 1 August 2019 04:54 - - {{hitsCtrl.values.hits}}

CFA Institute President and CEO Paul Smith rings the trading bell at the CSE opening the day’s trading while (from left): CFA Society Sri Lanka Past President Murtaza Jafferjee, CFA Society Sri Lanka Past President Sanjaya Kulatunge, CSE Chairman Ray Abeywardena, CFA Society Sri Lanka Past President Rachini Rajapaksha, CFA Society Sri Lanka Past President Ravi Abeysuriya, CSE Director Shanil Fernando and CSE CEO Rajeeve Bandaranaike look on– Pic by Ruwan Walpola

By Charumini de Silva

Chartered Financial Analyst (CFA) Institute President Paul Smith, who is currently visiting Sri Lanka, yesterday expressed enthusiasm to help formulate plans for capital market development.

“We are in many ways a research-driven organisation. We believe passionately in our ability to influence and help develop the capital market wherever we happen to be in the world. We would like to be able to impact Sri Lanka positively in terms of helping you formulate your plans for capital market development going forward,” he said at a special ceremonial ringing of the bell to open trade at the Colombo Stock Exchange (CSE) yesterday.

Reiterating eagerness to help all Sri Lankans achieve their financial aspirations, he said one of the ways to do so was through development of the capital markets, noting that the CSE is a key element.

Smith said competition for capital globally is the biggest constraint for many developing markets at present, including Sri Lanka.

“Developing markets are quite constrained for capital in any event, and due to that fact, growth globally is quite shallow, and so the competition for resources is that much higher,” he stressed. Commending the work that Government is doing to position capital markets for the future, he said Sri Lanka was doing all of the things that the country should do. However, he said the biggest constraint today, unfortunately, is global liquidity for developing market investment, which unfortunately is something out of the country’s control.

"We have a wonderful society here in Sri Lanka - 230 very dedicated professionals with young students who are working their way through what is a very tough three-year program. I could say Sri Lanka's future is very bright," Smith added.