I have conducted here a fairly superficial analysis of a particular set of countries, in order to make a general point, which may be more relevant in some cases than in others. I am not going to be drawn into commenting on specific cases, since more thorough analysis would be required before reaching definitive conclusions. I leave you with, I hope, an incentive to explore some of the issues further if you wish. The challenge which I have identified - that of raising the efficiency and attractiveness of domestic financial intermediation - is not a new one, but an old one which has perhaps remained with us for too long. And I should add that the problem is one that is probably very much more serious in certain other parts of the world -for example, in some countries of the former Soviet Union - than in Asia. I have managed to get this far without saying anything about Hong Kong, other than to exclude it from the preceding analysis. I ought now to redress the balance. You will recall that one of my reasons for excluding Hong Kong was that I judged it to possess a relatively mature financial infrastructure. That certainly does not mean that we are necessarily satisfied with things as they stand. Indeed, I know of no financial centre in which the authorities are in that happy position.
I have been informed by the Chairman of Equity Capital Resources (ECR) Plc that the Company intends to list ECRUT on the stock exchange in the near future. When this commendable intention is achieved, ECRUT will be the first collective investment scheme to be publicly traded on the Stock Exchange in Zambia. With the calibre of men and women behind this investment vehicle, I am confident this will be achieved in the required time frame. When that time comes we want to turn back to this day and say “we were part of the birth of ECRUT”. The existence of the ECRUT shall provide means of resource mobilisation, bringing on board a collection of individual participation in the capital and money markets. This vehicle will  BIS Review 48/2008  1  facilitate the participation of investors who previously were not capable of participating in highly denominated securities in the financial sector. Ladies and Gentlemen, before I end my speech, let me quickly touch on an important aspect of collective investment schemes, that is, investor confidence in the managers and the industry itself. I believe by far this is the most important factor in whether a scheme can attract and maintain long-term investors. There must be a strong regulatory framework. Whereas there is a strong regulatory body in the Securities and Exchange Commission that vigorously administers the law to protect investors, fund managers must be committed to strong self-regulation and exercise professional ethics to the best interests of investors. This, Chairperson, is fundamental.