The Malta Stock Exchange intends to complete three-quarters of its Capital Markets Strategic Plan by September – but it is clear that some of the points remain contentious.

The plan was launched by the MSE last October and as a result of the positive feedback, it was retaining all its 19 points and adding four more – two that it adopted from the suggestions, and two of its own.

MSE chairman Joe Portelli said that the listing rules would be changed by June 2017 to allow two of the most innovative changes: the introduction of exchange-traded funds, and of real-estate investment trusts.

He said that one recommendation was for the latter to be made Shariah-compliant, which would make them accessible for Muslims who wanted to invest in Malta, particularly those taking up citizenship through the Individual Investor Programme.

However, the suggestion to introduce Islamic Finance had generated heated discussions, he admitted, adding that the MSE would still pursue this avenue.

“You cannot be a butcher and only sell beef. If Malta wants to be an international financial centre, then you need to offer a full range of services,” he told the audience of representatives from the financial services sector.

He also announced that the MSE would be setting up a wholesale market for securities, aimed at the international market.

The MSE already owns 20 per cent of a wholesale market in Malta, the balance of which is Irish-owned but the MSE is frustrated at only seeing a fifth of the fruits of its efforts.

Apart from the points raised in the October plan, another issue was the possible privatising of the MSE, which would give it more freedom with regards to some of the services it wishes to offer – such as being a market maker, although creating a subsidiary might be an alternative way to do this.

Mr Portelli noted that Malta’s was one of only a few exchanges in the EEA which were not wholly or partially privately-owned. He said it was worth an estimated €23-25 million.