out all the supervisory activities previously done by the cmda, but with a more strategic and focused approach. a list of indicators are being developed which will measure developments in the capital markets within certain time frames. these indicators are currently being drafted by the unit and you should expect to be contacted to comment or assist in its development. let me turn to the purpose for this evening. launching of the stock market index tonight we will witness the launching of the spse total return index ( stri ). this stri will be very useful in gauging how the equities markets in fiji are performing on a daily basis. the concept, i am told, is similar to the various stock market indices that you are all familiar with – for example, the nzsx, asx, sing sx, etc. i am sure that in developing and maintaining its own index, the spse should be able to provide great assistance to issuers and investors both at home and internationally, to monitor the level of market activity and make better and informed investment decisions and choices. tonight, we will also be unveiling the new corporate logo for the exchange. i have also been briefed that the purpose of changing the logo was to give a more professional and corporate look to better reflect the role of the exchange and its progress over the thirty years. i am confident, that if provided the right policy and direction, the fiji capital markets and the financial markets as a whole will be well placed to become a reputable international financial centre for the region in time to come. i hope that the exchange will grow from strength to strength in the years ahead. thank you.

full potential. it calls for coordinated efforts by all stakeholders - the government, the regulator, and the market players. no single stakeholder has the resources or the capacity to develop this market alone. we need one another, and we need to understand the roles each can play, and the contribution each can make, in the development of our market. $ 17. 1 million includes special crossing transactions. new regulatory arrangements ladies and gentlemen, let me now talk very briefly on the recent changes in capital markets regulatory arrangements undertaken by the government. as most of you are aware that the government on 13th august 2009, announced that the administration of the capital markets development authority ( cmda ) act, was being transferred to the reserve bank of fiji as part of the government ’ s ongoing review of the financial services sector in fiji. this recent decision by the government has meant that the whole administration of the cmda and likewise the regulation and supervision of fiji ’ s capital market will now be consolidated under the ambit of the rbf. for a small economy like ours, it makes good practical and financial sense to consolidate our supervisory functions and to approach supervision of the financial markets in an integrated and coherent manner. i am aware that some of you will view this move as a conflict of interest for the rbf especially where bonds are concerned. if anything, a central regulatory entity for fiji ’ s financial systems will ensure that operations and processes are done in a much coordinated and orderly fashion. fiji is not the first country in the world to introduce such a unified regulatory model. similar practices have been followed in other economies such as in singapore, denmark, japan, korea and the uk, where 3 - 4 regulatory organizations were integrated into a single financial regulatory agency. the merger also bonds in well with government ’ s overall public sector reform efforts to bring about greater efficiency and cost savings. i am pleased to announce that the transition has been successfully undertaken, and a capital markets unit under the financial systems development and compliance group of the rbf has already been set up in tower 6 of the rbf. let me assure you all that i have no intention of down grading or removing any of the important functions previously carried out by the cmda. i am personally aware of all the capital market developmental work that was undertaken at the reserve bank back in the mid 1990s when the bank decided to move the capital market regulation and development role to a specialized institution - after which the cmda was established. the capital markets unit will continue to license and carry