I suppose, really, the elephant in the room is that stock exchanges are typically private companies. There are some examples of publicly owned stock exchanges—the Shenzhen and Shanghai stock exchanges are really quasi-state institutions, as far as they were created by Government bodies in China and have leading personnel directly appointed by the China Securities Regulatory Commission.

Another example is the Tashkent republican stock exchange in Uzbekistan, which was established in 1994, three years after the collapse of the Soviet Union, and is mainly state owned, but has a form of a public corporation. But these aren’t models that I’d propose for Wales. It’s possible that the Welsh Government could play a role in a Welsh stock exchange, but the financial markets are a reserved matter, and so the regulation of listing and public offerings, securities and investments are beyond the competence of the Welsh Government. So, what we really need to think about is how we can give incentives and encourage a private company to set up a stock exchange in Wales. This could be through grants, through conferences, offices available in Cardiff or elsewhere.

I’m not going to speak any longer at this point. I would hope that others have bought into these ideas, and if anybody does want to contribute, I’d be very interested to hear what you’ve got to say. Thank you. Diolch.