Thanks. Okay. Please feel free to interject and contribute if you wish. The idea is to float this as something that we want to do in the not-too-distant future in this city. So, I’ve called a debate to see whether or not, here in the National Assembly for Wales, we can start to advance the idea of a Welsh stock exchange. I’m really pleased to see that Plaid Cymru’s policy of establishing a Welsh development bank, a policy we’ve had for a number of years, is about to happen, which is good. With tax powers being devolved and the Welsh Revenue Authority being set up, Wales is finally taking steps towards financial sovereignty, but one thing we don’t have is a stock exchange.

Stock exchanges play a different role to a development bank. Whereas a development bank is bound by strict due diligence and means businesses take on new debts, a stock exchange allows investors to take shares in a company, so they can complement each other very well.

Before I get into that, maybe I should clarify: rather than saying ‘still not having’ a stock exchange, it’s more accurate to say that we no longer have a stock exchange. The Coal Exchange, just minutes away from the Assembly, which, thankfully, is being renovated now, or saved from collapse, and is being redeveloped as a hotel, was a market floor for trading coal in Wales. As many of us know, the coal exchange was where the world’s first £1 million cheque was signed. So, Wales does have some pedigree here.

Stock exchanges are not like other businesses. The performance of national stock exchanges is often taken as a proxy for the health of a nation’s economy, or at least investor enthusiasm for the country’s prospects. National exchanges also play an underappreciated policy role in deciding and listing compliance standards for companies that wish to go public. On top of all that, there’s a nebulous but real sense that national pride is somehow tied into stock exchanges. I do think that it would contribute to pride in Wales if we could get one up and running.

Shares are often seen as complicated things, but the principle behind them is simple and straightforward. Shares, also known as equities, provide you with part ownership of a company, so when you invest in shares, you’re buying a share of that business. Companies issue shares to raise money and investors buy shares in a business because they believe the company will do well and they want a share in its success.

I want to see more Welsh people share in the success of Welsh companies and a stock exchange would give them the opportunity to do that. Owning shares in a company means that you’re entitled to have a say in its affairs. All public limited companies have annual meetings where shareholders vote on matters such as the company’s accounts, director appointments, pay packages and so on, and this is something that I want to see more of in Wales. I think it could help us to become a more prosperous and equal country. There are many examples around the world of smaller countries having their own exchanges: Gibraltar, Armenia, Cyprus and Iceland. The Sarajevo stock exchange was set up in 2001 and by 2005, market capitalisation had risen by around 20 times to €3.3 billion. The average daily trading volumes hit €1.5 million by 2005. This could be Wales. There are 25 Welsh companies currently listed on the London stock exchange, so that shows the potential that we have here.

It’s widely acknowledged that an exchange can help increase economic activity and drive economic growth. It can be a boost to business, and simply put, stock exchanges give companies the ability to raise capital and develop their businesses. The ability to list shares on a stock exchange and thereby raise money from investors, old and new, is an important boost to economic activity.

Access to capital makes it easier for companies to expand their operations and listing might one day draw the attention of mutual funds—institutional traders and so on—to the potential of a Welsh business. They’re also a shop window; anyone in the world could invest in a Welsh exchange. Establishing one has the potential of opening up the Welsh economy to greater international investment, allowing Welsh businesses and companies to benefit from global investors. This would take time, but it could also serve to enhance a company’s credibility and public profile. Listing on the stock market can be a form of indirect advertising for a company.