Malta Seeks To Broaden Financial Services SectorMalta's finance minister, Edward Scicluna, has said that the country is seeking to broaden its financial sector.
'Malta is constantly on the lookout for new opportunities to increase the breadth and depth of its financial services infrastructure, not least its securities markets,' he said.
Mr Scicluna noted that Malta has consistently ranked in the top 20 tier of the World Economic Forum Competitiveness Index in terms of the regulation of securities exchanges. At the same time, the country constantly reviews its legislation to allow for the growth of specialized markets and to attract more companies and instruments to the market.
'The Malta Financial Services has also recently reviewed its Listing Rules to allow the admission of alternative company listings with the objective of bringing smaller companies to the attention of wholesale investors,' Scicluna said.
The finance minister said that the Malta Stock Exchange is working with the Listing Authority to set up a Second Tier Market which would qualify as a Multilateral Trading Facility.
He went on to say that Malta has a lot to offer to financial operators seeking to recover from the global financial crisis.
'Malta is a country that has demonstrated extraordinary resilience throughout. That it has managed to do so is mainly due to its diversified, services-oriented economy which is underpinned by a reliable and transparent regulatory environment and a competitive and skilled labor force,' Scicluna said.
He continued: 'It is home to over 50 credit and financial institutions, including a good number of payment and electronic money institutions which operate in the new economy. Over 600 investment funds and around 200 investment managers and other investment service providers also operate in Malta. Insurance activities, pensions administration and trust services are also well established on the island.
'This, together with the new capital market structures coming on stream should provide the ideal conditions for boutique exchanges and technology-based market platforms to succeed. Malta is indeed a market opportunity that should be carefully considered.'
For further information please contact Joseph Gauci, international contact partner for our member firm in Malta on
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