Pakistan Mercantile Exchange Limited (PMEX) is the country’s first and only demutualized commodity futures exchange, licensed and regulated by the Securities and Exchange Commission of Pakistan (SECP). Based on sophisticated multi-dimensional infrastructure and state-of-the-art technology, PMEX offers a complete suite of services i.e. trading, clearing & settlement, custody as well as back office, all under one roof.
PMEX was formed in 2002 and started its operations in May 2007 offering a diverse range of domestic and international products across multiple asset classes. PMEX is a demutualized exchange and the shareholding is completely institution based.
“To be amongst the leading mercantile exchanges of the region extending from Istanbul to Jakarta in terms of knowledge, efficiency, innovation, value traded, credibility and standing.”
“To build and develop PMEX capacity to satisfy the diverse needs of our customers, contribute towards shareholders equity and constantly endeavor to integrate national supply chains with domestic and international Product, Commodity and Financial markets through innovative financial products and instruments . Creating state of the art trading and settlement platforms and infrastructure that engenders confidence, brings the domestic economic players to the Exchange platform thereby creating maximum economic value for our stakeholders and the country.”
PMEX Core Values
Merit: We value a culture of merit, inclusion and equality where everyone is offered a level playing field to flourish regardless of their gender, family background, ethnicity, religion or any other prejudice.
Candor: Speaking up for the betterment of the organization is encouraged at all levels as it leads to transparency and fosters participation and a sense of ownership among all the team members. At PMEX, we firmly believe that a collective decision is a better decision.
Respect: Respect for all signifies PMEX; it’s an all-encompassing attitude covering colleagues, regulators, shareholders, clients and all other elements of the environment we operate in. It is true that position in the hierarchy or an employee’s status may vary, but respect is constant for everyone.
Integrity: Trust is the foundation of any relationship. Integrity to us is strengthening the trust of our stakeholders by ensuring that all stakeholders are treated equally and fairly. We therefore abide by the highest standards of ethics and veracity. We strictly believe in adhering to rules and procedures, religiously fulfilling our commitments and protecting the confidentiality of our clients’ information.
Transparency: We believe that we are accountable to our stakeholders and therefore must remain transparent at all times. Our commitment to transparency and openness is vital for our success. Therefore, when it comes to doing business, we go the extra mile to be eminent. We welcome feedback, not only from our team members, but also from our business partners.
Innovation: We drive innovation in everything we do. With forward thinking approach, we challenge assumptions, embrace change and continuously search for creative solutions which bring value to our clients. In line with this perspective, we value creativity and ingenuity by encouraging out-of-the-box thinking and unconventional solutions making the impossible possible.
With the convergence of IT and telecommunication, geographical boundaries are losing relevance when it comes to foreign trade and investment. As the world is becoming a global village, business landscape has radically changed from competition to complementing each other and exploiting the comparative advantage. This requires greater interaction with business players both regionally and globally through trade associations.
Fully cognizant of this fact, PMEX has acquired membership of leading global associations. By actively participating at these forums, PMEX is not only keeping itself abreast of the new developments and policy issues affecting the business but also learning from the experiences of other members countries. At present, the Exchange is a member of the following international associations.
Association of Futures Markets (AFM)
The AFM promotes and encourages the establishment of new derivative and related markets and organizes international conferences in order to promote communication among members.
PMEX joined the AFM as an Associate Member in March 2012. In February 2014, PMEX was granted a ‘Full Member’ status. Attaining this eminence allows the Exchange to play a proactive role in the formation of policies of the Association and represent Pakistan on its various bodies.
Futures Industry Association (FIA)
Futures Industry Association (FIA) is a leading trade organization for the futures, options and cleared swaps markets worldwide. The mission of this Association is to support open, transparent and competitive markets, protect and enhance the integrity of the financial system, and promote high standards of professional conduct. Its members includes exchanges, clearing houses and trading firms from more than 25 countries as well as technology vendors, lawyers and other professionals serving the industry.PMEX joined FIA in 2014. The membership enables PMEX to participate at a global platform, network with industry peers, discuss common issues, exchange ideas and learn from the experiences of other member exchanges.
Memorandums of Understanding (MoUs)
PMEX is committed to developing strategic ties with international exchanges to explore new business opportunities and adopting best practices. In line with this objective, PMEX has signed Collaboration Agreements (CA) with the following international exchanges:
- 1. Borsa Istanbul
- 2. Izmir Commodity Exchange (ICE)
- 3. Dubai Gold & Commodities Exchange (DGCX)
- 4. Iran Mercantile Exchange (IME)
- 5. Dalian Commodity Exchange (DCE)
- 6. Belarusian Universal Commodity Exchange (BUCE)
Under these pacts, PMEX will work together with these exchanges to share information, expertise and introduce staff training programmes to learn from each other’s best practices and experiences. Moreover, PMEX in association with the these exchanges will consider hosting joint events (such as conferences, seminars and workshops) with the common objective of improving the knowledge of capital markets in their respective countries.