The integration of the Karachi, Lahore and Islamabad stock exchanges was approved during a hearing of the Phase 2 review of the pre-merger application following the order that the commission had passed in the Phase 1 review.

The Phase 1 review order listed the competition concerns that the commission had anticipated in relation to the stakeholders concerned, including new companies aiming to list on the integrated exchange, brokers from the transferring exchanges and new entrants to the market. The potential impact of existing and future exchanges was also one of the concerns raised in the order.

During the hearing, all parties responded at length to the concerns raised in the order and to additional queries posed by the bench. A detailed order providing the commission's reasoning will follow in due course.

For further information on this topic please contact Samiya Fikree or Ferzeen Bhadha at Vellani & Vellani by telephone (+92 21 3580 1000) or email (samiya.fikree@vellani.com or ferzeen.bhadha@vellani.com).

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