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LSE has notified that the Trading Right Entitlement Certificates (TRECs) of two (2) expelled brokers of Lahore Stock Exchange shall be auctioned on Thursday, February 20, 2014 at 3:30 p.m. in the LSE Auditorium at 19-Khayaban-e-Aiwan-e-Iqbal, Lahore. The reserve price for the TREC has been fixed as Rs. 4,100,000/- each.
Trading Right Entitlement Certificate (TREC) is a certificate issued by the Exchange evidencing the right of the holder to apply for registration as a ‘Broker’ with the Securities and Exchange Commission of Pakistan in accordance with the Brokers and Agents Registration Rules, 2001. Further, only a private or a public company shall be eligible to obtain registration as a Broker on the Exchange.
Managing Director and Chief Executive Officer of Lahore Stock Exchange Mr. Aftab Ahmed Chaudhry congratulated the management of the exchange for successfully completing the process of auction of two TRECs certificates. MD also highlighted the steps taken by the LSE contributing to build a mechanism that has produced more transparency in the trading of the shares as well as to secure the investment of the investors. Lahore Stock Exchange is a fully electronic and completely automated stock exchange of Pakistan that is the only domestic exchange to have more than one trading floors in the region.
