Where are we on our capital market roadmap? In this conversation, the Securities and Exchange Regulator helped us appreciate new developments in the stock market with a particular emphasis on bonds. Aside from the traditional bonds and thematic bonds (green, infrastructure…), participating companies may now issue private bonds which benefit from greater flexibility. As a system that began with regulations rather than with market freedom, the capital market here, unlike elsewhere, has no legacy problems. We also discussed the potential for future cross-listing that allows investors in Cambodia to invest in companies listed abroad. The door is now open for underwriters/brokers to become qualified, which will allow their clients to begin trading overseas step by step.