The South Pacific Stock Exchange (SPX) is the only licensed securities exchange in Fiji. SPX is a private limited liability company with eight shareholders constituted by its Articles of Association and operates under the direction of its Board of Directors.
Originating from just a trading post in 1979 with only six securities listed, today SPX is proud of its achievement in this embryonic economy with 19 entities currently listed on its official board. Starting from a trading post to an open outcry system of call market session; in 2009, the SPX took its first major step towards technological progression by entering into a service level agreement with National Stock Exchange of Australia (NSX) to access their electronic trading system through a sublicensing arrangement. The automation enabled stockbrokers to access the market platform and perform transactions via remote terminals located at their respective offices.
More recently in 2016, SPX’s wholly owned subsidiary, Central Share Registry Pte Limited (CSRL) officially launched its cloud based registry software (ShareSoft) and shareholder portal for public use. ShareSoft provides numerous benefits through automation of what used to be manually cumbersome processes and activities improving efficiency, service delivery and better usage of human capital.
The functions of the SPX are:
Listing - ensure the operations of an orderly, efficient and well-informed market which provides a primary market to listed companies and investment opportunities to investors;
Market (Trading & Research) - facilitate trading of securities (shares, bonds, options, rights and other securities) in the secondary market, disseminate material information of listed entities, trading statistics and market surveillance;
Clearance, Settlements & Registry Services – provide efficient facilities for clearing and settlement of trades and registry services to clients;
Public Awareness – promote within the community the benefits and risks of prudent investment; and
Front-line Regulation – regulate listed entities and intermediaries in the stock market and set industry benchmarks for sound corporate governance and ethical standards.