Richard Morin has joined Pakistan Stock Exchange (PSX) as the first-ever non-Pakistani chief executive officer of the market, the PSX announced on Thursday.
Stockbrokers, reportedly, resisted the appointment of a foreign national on the key post. They had objected to what they thought was the high salary and perks approved for the post. However, the board of the PSX, which now has Chinese representation as major shareholders and nominees of the SECP, overwhelmed the brokers’ resistance.
Morin took charge of his office on Thursday as per the due process prescribed under the law, after acquiring 40 per cent equity stake by a Chinese consortium and self-listing of the PSX.
The PSX CEO has 30 years of experience spreading to various emerging markets, said a press release issued by the PSX.
"Throughout his professional career, Morin has contributed in various segments of financial markets including but not limited to the formulation of securities markets regulation and supervision mechanisms, derivative markets, central depositories, clearing systems, government securities markets and investment advisory," it added.
Morin earned Bachelors in Economics in 1982 from University of Montreal and Masters in Business Administration in 1988 from McGill University. He also passed "Canadian Securities Course" in 1984 and "Partners, Directors and Officers Examination" in 2000 from Canadian Securities Institute. Recently, he has also passed "Chief Compliance Officer Examination".
He also served as a lecturer at Université de Sherbrooke where he taught capital market structure as part of "Graduate Finance Programme".
During his term at the Montreal Exchange from 1984 to 1995, he held various key positions such as vice-president operations - derivative products, director market quality, director market development and as a listing officer.
For two years, he also headed the Stock Exchange of Mauritius. For over a year, from 1998 to 1999 he was appointed as the chief of mission of Regional Stock Exchange of West Africa to devise a strategic plan.
From 1999 to 2001 Morin served as Vice-president of National Bank Securities, the mutual funds and discount brokerage subsidiary of the National Bank of Canada, where he managed client assets of $5 billion. In 2002, he co-founded Landry Morin inc offering investment management services to private and institutional clients.
He was also appointed as the managing director of Investment Industry Association of Canada (IIAC) from 2013 to 2015 where he led the investment industry's advocacy and lobby efforts in the areas of listed and OTC derivatives and online brokerage. In 2015, he established Archer Wealth Management inc and served as a CEO and CCO offering wealth management services to private clients.