Outcome of the meeting positive

nkalansu · 1 Outcome of the meeting positive Mon Nov 28, 2011 3:38 pm

nkalansu

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President gives a patient hearing to brokers Monday, 28 November 2011 15:33
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)
- Daily Mirror online

Slstock · 2 Re: Outcome of the meeting positive Mon Nov 28, 2011 3:52 pm

Slstock

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3 requests :

1) remove the 10 per cent price band and introduce circuit breakers

I am for it after looking at how the price band itself was manipulated.

2) allow brokers to give credit three times of their net capital

Credit if given has to be managed well. Else Yes it will form another bubble. Guys Credit itself is not bad.
It becomes bad when it is abused by clients and not managed well by brokers. If given it needs to
be monitored with clear guidelines , deadlines ,incentives/punishments both from client and broker side.
I already made a proposition on credit before elsewhere.

Danger will happen if people will again use it to buy crap and gamble inflating the market. Some people never learn.
Yet others would have learn their lessons. Today uptrend was dominated again by speculatives. Can;t say it was the greatest of starts but we can;t expect the market to be perfect when there are so many how bought spec at high price.

We need to be happy that a dangerous dry spell took a momentary stop atleast. Else we were running into a great risks of possibly wiping out many retailers.

Let see whether it will change soon and hope for the best.

3) "permit foreign brokers to engage in margin trading,”
Hmm,this needs to be looked at but, but looking at lower foreign interest rates it might be positive factor for some.

Last edited by slstock on Mon Nov 28, 2011 4:41 pm; edited 2 times in total

Quibit · 3 Re: Outcome of the meeting positive Mon Nov 28, 2011 4:19 pm

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I like to see foreign brokers engaged in Margin Trading!! This is a very very gray area! I am sure this is very positive!

Universalgoal · 4 Re: Outcome of the meeting positive Mon Nov 28, 2011 4:29 pm

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Anyway brainy people have learnt lessons and mature enough to face and pre identify the bubbles, so be happy, the best thing is to look after me and my properties (you and your properties)

Universalgoal · 5 Re: Outcome of the meeting positive Mon Nov 28, 2011 4:34 pm

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Quibit wrote:I like to see foreign brokers engaged in Margin Trading!! This is a very very gray area! I am sure this is very positive!

yea but if this happend indirectly affect small investors and day traders

2011_NewComer · 6 Re: Outcome of the meeting positive Mon Nov 28, 2011 4:35 pm

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nkalansu wrote:President gives a patient hearing to brokers Monday, 28 November 2011 15:33
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)
- Daily Mirror online

So there's another meeting tomorrow? Rolling Eyes

UKboy · 7 Re: Outcome of the meeting positive Mon Nov 28, 2011 4:49 pm

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I hope this meeting wont end up with popular gallery's decisions..
Wonder who are the (so called) brokers participating this meeting?

FXX · 8 Re: Outcome of the meeting positive Mon Nov 28, 2011 6:58 pm

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2011_NewComer wrote:

So there's another meeting tomorrow?

awesome

rijayasooriya · 9 Re: Outcome of the meeting positive Mon Nov 28, 2011 8:10 pm

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Not bad requests.

sanjaya351 · 10 -Good News from the Meeting - Broker Credit Released Mon Nov 28, 2011 9:47 pm

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My broker confirmed me that 01 request was granted - and others are pending and its highly likely to get the green light for all 03 proposalls ...

Brokers crdit limit will be increased and they can now give credit to Buyers
Banks will be given a freedom to give more credit to market players ..... alien

More good news to come in the coming days ..

HE wants CSE to be among the best performing markets ..he has said that ..........

Razz

Auther · 11 Re: Outcome of the meeting positive Mon Nov 28, 2011 10:57 pm

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sanjaya351 wrote:My broker confirmed me that 01 request was granted - and others are pending and its highly likely to get the green light for all 03 proposalls ...

Brokers crdit limit will be increased and they can now give credit to Buyers
Banks will be given a freedom to give more credit to market players .....
More good news to come in the coming days ..

HE wants CSE to be among the best performing markets ..he has said that ..........

Lets ready for the celebration....! cheers

RUBBY · 12 Re: Outcome of the meeting positive Mon Nov 28, 2011 11:06 pm

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Auther wrote:

sanjaya351 wrote:My broker confirmed me that 01 request was granted - and others are pending and its highly likely to get the green light for all 03 proposalls ...

Brokers crdit limit will be increased and they can now give credit to Buyers
Banks will be given a freedom to give more credit to market players .....
More good news to come in the coming days ..

HE wants CSE to be among the best performing markets ..he has said that ..........

Lets ready for the celebration....!

Oh....at last , Suba anagathayak,,,,, Very Happy

Hamilton · 13 Re: Outcome of the meeting positive Tue Nov 29, 2011 8:31 am

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RUBBY wrote:

Auther wrote:

sanjaya351 wrote:My broker confirmed me that 01 request was granted - and others are pending and its highly likely to get the green light for all 03 proposalls ...

Brokers crdit limit will be increased and they can now give credit to Buyers
Banks will be given a freedom to give more credit to market players .....
More good news to come in the coming days ..

HE wants CSE to be among the best performing markets ..he has said that ..........

Lets ready for the celebration....!

Oh....at last , Suba anagathayak,,,,,

aj · 14 Re: Outcome of the meeting positive Tue Nov 29, 2011 8:46 am

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So is this the way the conversation went?
Some brokers go to see the President.
Broker: This is the first demand...
President: Granted
Broker: This is the second demand...
President: Granted
Broker: This is the third demand...
President: Granted
Brokers come out say everything OK.

Nope. I don't think President is that foolish. In a situation like this a person would say 'I'll consider' and talk with the SEC, CSE etc. You don't take decisions like that in hours. From the new reports we see the President has told the brokers to get foreign investors. That is giving a dash to their side. You think President will know what a price band is, how it's put and its advantages, failures? You think President just agreed to everything
these money hungry brokers demand?

On second thought, is that really what happened? Rolling Eyes