Starting a stock market is hard. Just ask Ryota Sugishita.
Two decades after his firm first laid the groundwork for an exchange in Myanmar, Sugishita found himself in a Yangon hotel ballroom in 2013, facing down skeptics in an audience of bankers, corporate executives and politicians.
“‘Why isn’t bank financing enough?’ is a question I got at every single one of those workshops,” said Sugishita, a managing director who led the Myanmar bourse project for Daiwa Institute of Research Holdings Ltd., a unit of Japan’s second-largest brokerage. “Having never had a stock exchange before, they didn’t understand the importance of it.”’
Daiwa’s persistence is finally about to pay off. After 22 years of delays caused by the Asian financial crisis, a wary military government and an underdeveloped financial system, Myanmar -- the biggest Asian economy without a stock market -- is scheduled to officially open its exchange in Yangon on Wednesday. (Courtesy of Bloomberg Business)
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