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Cambodia exchange issues further rules

Cambodia exchange issues further rules

The Cambodia Securities Exchange took another step towards launching, as its regulator finalised rules on areas such as settlement period and fees.

The Securities and Exchange Commission of Cambodia held public consultations on the rules late last month before finalising them last week, it said in a press release.

Security settlements must be completed two days after the date of trade, or T+2, the release confirmed.

Meanwhile, annual fees were also set out, ranging from 50 million riel (US$12,547) to 2 million riel, dependant on the role the firm occupies.

ACLEDA Securities Director Svay Hay said yesterday he applauded the step forward for the bourse by finalising more of its rules to operate.

“[The rules] shows the progress of our stock exchange as we see it nearing completion for a launch this July,” he said.

However, he added fees charged for use CSX’s facilities were high, and pointed to a few issues requiring clarification.

One issue he highlighted came with the SECC’s decision to allow settlement in either dollars or riel, but require listings to be in riel only. It remains to be clarified whether a settlement denominated in dollars will use the exchange rate from the date of the trade, or the date of the settlement – which could be up to two days later.

The SECC said in the press release it had clarified several points brought up during its consultation process, adding the details would be released soon. SECC Director General Ming Bankosal was not available for comment yesterday.

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