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FUNCTIONS OF THE SOUTH PACIFIC STOCK EXCHANGE (SPX)


Primary Function
The primary function of Exchange is to facilitate a company raising capital through the issue of new shares to the public via a prospectus. The term “float” is used when a company seeks to raise capital by offering its shares to the public for the first time.

The company must first submit details of its business and the proposed share issue to the Reserve Bank of Fiji (RBF) for prior approval. On meeting the Official Listing Requirements of the Exchange and the RBF, the company will be listed. Once listed the Company is required to disclose all ongoing developments and material information to the market as required under SPX Listing Rules. The Exchange makes regular market announcements and releases all information about the listed company to the public at large.

Secondary Function
The secondary function of the Exchange is to provide a regulated market for the trading of existing stocks between investors.

The Exchange is the centre for trading, reporting and pricing of the stocks. This information is immediately released to the public ensuring transparency in market dealings. The Exchange endeavors to ensure that no manipulative influences prevent prices from reflecting their accurate market trend.

SPX aspires to provide a facility whereby buyers and sellers are able to readily acquire or dispose of shares or other securities through their brokers. It promotes the fact that listed securities are marketable and there is an easy exit. In order for a security to be trade on the SPX, the company must be listed.

Another important function of SPX is to ensure compliance of SPX rules by the listed companies and SPX Members at all times. The Exchange ensures to release all information to the market after verifying the information. This is to avoid any misreporting to the public.

Market Statistics

 

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