The Colombo Stock Exchange (CSE) has been named the "Most Sustainable Growth Exchange" in Asia for 2014 by Capital Finance International (CFI), a print journal and online resource reporting on business, economics and finance, based in the United Kingdom.
This is the first time an international award of this nature has been awarded to the CSE, in its 30 year history. This international exposure is likely to attract a greater wealth of foreign investors, building on the momentum gained through the "Invest Sri Lanka -Investor Forums", held globally.
"We are very pleased with this international recognition and believe that it will be a further impetus to our efforts in attracting foreign investors to the market. As a Frontier Market we are making great strides forward and this is being observed by prominent institutional investors. This was evident in our performance in 2014 where the CSE achieved the highest recorded foreign purchases in its history," Mr. Vajira Kulatilaka, Chairman of the CSE said.
"As an Exchange we are continuously striving towards becoming a world class organization, which exceeds the expectations of all our stakeholders. We have streamlined our processes to international standards; having achieved ISO certifications in the areas of information security, business continuity and information services. Similarly our cutting edge technology provides all industry participants with a trading platform that is multifunctional, secure and accessible. Our efforts towards ensuring sustained growth, for both listed companies and investors, has been duly recognized by this award," Mr. Rajeeva Bandaranaike CEO of the CSE said.
The CSE was nominated and shortlisted for the Award based on voting by CFI readers, subscribers and contributors; who include the World Bank, International Monetary Fund (IMF), Pacific Investment Management Company (PIMCO) and Fidelity Investments. Following the nomination and shortlisting the CSE was evaluated against a series of stringent criteria set out by CFI.
The criteria included market leadership, innovation, customer satisfaction, financial performance, implementation of technology, client service, added value advisory, risk management, transparency, compliance, corporate governance, quality of communications and strength of nominations.