The South Pacific Stock Exchange (SPX) is Fiji’s sole licensed securities exchange, governed by the 2015 Companies Act of Fiji, and headquartered at the Sabrina Building on Victoria Parade, Suva (SPX, 2024). Founded in 1979 as the Suva Stock Exchange and originally owned by the Fiji Development Bank, it broadened its ownership in 1993 to include eight other financial institutions. In 2000, it rebranded itself as the South Pacific Stock Exchange with a vision to become a regional exchange.
Trading on SPX was initially paper-based and conducted through a “call market” method, with brokers submitting buy and sell orders verbally. In 2010, SPX launched an Electronic Trading Platform (ETP), modernizing trading by introducing two daily trading sessions supported by “pre-open” periods that allow brokers to manage orders electronically. The ETP enforces price-time priority, and unmatched orders at the end of a trading day carry over to the next session, ensuring transparency and efficiency in market operations.
By 2025, SPX had grown to list 20 companies across sectors including banking, insurance, telecommunications, manufacturing, retail, and tourism, reflecting the diversified composition of Fiji’s economy as reported by SPX. The market has steadily expanded its offerings beyond equities, launching Fiji’s first wholesale corporate bond market in 2022. SPX also operates an automated share registry via its subsidiary Central Share Registry Pte Limited, designed to streamline shareholder recordkeeping and provide cloud-based services for issuers and investors (SPX, 2024).
Market performance in recent years has been encouraging. In 2024, SPX recorded a historic FJD 76 million in dividend payouts, the highest on record, disbursed across 16 dividend-paying companies out of the 20 listed. This payout reflected strong shareholder confidence and corporate profitability according to Fiji Village. The SPX Total Return Index, which tracks both price appreciation and dividends, rose 7.41% in 2024, accompanied by a 9.61% increase in market capitalization. Trading turnover improved markedly, reaching approximately FJD 37.3 million, spurred by the successful IPO of SUN Insurance Company Limited, a landmark first equity listing since 2019, underscoring renewed appetite for public market investments in Fiji according to Islands Business.
SPX is actively enhancing investor participation through targeted education and outreach programs aimed at broadening the retail investor base within Fiji and among the Fijian diaspora. Its planned regulatory reforms seek to modernize listing rules to better accommodate small and medium-sized enterprises (SMEs) and introduce frameworks for green bonds and sustainability-linked offerings, aligning SPX with global trends towards sustainable finance.
Technological advancements are also a priority for 2025, with initiatives like digitized account openings and a mobile application to enhance accessibility and streamline trading for investors. These upgrades will facilitate greater market participation and improve overall trading efficiency.
SPX has positioned itself as an important regional player through partnerships and collaborations, notably with Papua New Guinea’s PNGX, fostering a more integrated Pacific capital market. Such efforts are designed to attract foreign institutional investors and contribute to economic development across Pacific Island nations.
Social responsibility is also an area of focus for SPX. It joined the global “Ring the Bell for Gender Equality” initiative, which promotes inclusivity and corporate responsibility. This commitment reflects SPX’s broader sustainability ambitions and its role in encouraging equitable growth.
Long-term objectives include securing “frontier market” classification status to increase visibility to global institutional investors. Achieving this status will facilitate increased foreign direct investment, deepen market liquidity, and support broader economic growth initiatives within Fiji and the Pacific region.
The South Pacific Stock Exchange has evolved from a modest trading post to an increasingly sophisticated and vital capital market institution. By embracing technological innovation, broadening market participation, and aligning with international standards, SPX is poised to continue playing a crucial role in Fiji’s economic landscape and the development of Pacific regional markets.
