President gives a patient hearing to brokers

Colombo Stock Brokers Association (CSBA) met with the president in the morning to communicate their grievances about the present situation of the Colombo Stock Exchange.

According to Sriyan Gurusinghe, Head of CSBA, the president gave a patient hearing to their requests and overall the meeting was positive.

“There were three main requests from us. They were to remove the 10 per cent price band and introduce circuit breakers, allow brokers to give credit three times of their net capital and permit foreign brokers to engage in margin trading,” Gurusighe told DM Online.

He also said that following the meeting, they are expecting a positive outcome in the near future.

CSBA officials are meeting with the officials of the Securities and Exchange Commission (SEC) tomorrow to communicate the same requests to them, Gurusinghe said.

“It is likely that a positive announcement will reach the market after this meeting,” a market source told DM Online.  (IS)

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