Union of Arab Securities Authorities.

Arab Stock Exchange News

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Arab Stock Exchange News

The ASE has been registered at the Companies Control Department as a public shareholding company completely owned by the government under the name "The Amman Stock Exchange Company (ASE Company), and with a paid-in capital of JD (4,774,552). The new company will be the legal and factual successor to the ASE, and will possess all its rights, assets, and obligations The new company's shares were also registered at the Jordan Securities Commission on the 6th of March 2017, and the ASE sustained its operations as a licensed financial market as of the date of its transformation into a public shareholding company.
It is worth mentioning that the council of ministers appointed a new seven-member board of directors for the ASE. The board elected His Excellency Dr. Yusuf Mansur as the chairman.

 

 

The Middle East Investor Relations Association (MEIRA) signed a Memorandum of Understanding (MOU) with the Amman Stock Exchange. Through this agreement, both entities agreed to cooperate to promote IR best practice in Jordan, and to establish more effective communication between listed companies, the exchange, regulators, advisers and the buy and sell side communities.


The agreement will provide new opportunities for both entities and will also pave the way for delivering more value to MEIRA members, including specialised seminars and workshops, joint publications, and the availability of the Certified Investor Relations Officer (CIRO) Programme in Jordan.

Abu Dhabi Securities Exchange (ADX) concluded its awareness campaign on technical short-selling, targeting investors and interested parties in Abu Dhabi, Fujairah, Sharjah, Ras al-Khaimah, and Al-Ain.

The campaign comes as part of ADX’s continuous efforts that started earlier this year, with participation from Securities and Commodities Authority (SCA), targeting investors, brokerage companies, and local funds.

 

Abu Dhabi Securities Exchange (ADX held a conference with the UAE’s top banking institutions to discuss plans for its new electronic Initial Public Offering (IPO) services.
The eKtetab execution plan will be rolled out in two phases - the first of which will focus on the planning process and includes bank and production readiness. The second phase will involve channel integration.

The introduction of eKtetab services will follow the launch of many new innovative digital services developed by ADX, which include blockchain technology for eVoting services – a first for MENA region financial markets. 

 

Abu Dhabi Securities Exchange (ADX) announced today that it has succeeded in achieving a compliance rate of 100% regarding the disclosure of the annual financial statements of its listed public joint stock companies within the deadline of 90 days from the end of the financial period. All public, and private, listed companies listed on ADX disclosed their annual financial statements for 2016 within the 90 days period given. 
Abu Dhabi Securities Exchange (ADX) hosted an event discussing the capital restructuring of United Insurance Company (UIC) – in an effort to maintain the positive links between The Exchange and its listed companies, brokers, and investors.
The event aimed at demonstrating all details related to capital restructuring, special offering for shareholders, and UIC future plans.

Dubai Financial Market (DFM) and Hawkamah Institute for Corporate Governance (Hawkamah) hold the first board secretary accreditation workshop designed for DFM listed companies. This course forms a part of Hawkamah’s and DFM’s strategic partnership to further enhance the implementation of corporate governance within listed companies and strengthen the leading position of Dubai as a dynamic capital markets hub and center of excellence.
The Saudi Stock Exchange “Tadawul” announces amending the settlement cycle of listed securities to (T+2) starting from Sunday 23rd of April 2017. This step comes after completing all necessary pilot phases to ensure full technical and functional readiness and connectivity with market participants.
Given the background, on the 3rd of May 2016, Tadawul announced obtaining the CMA’s regulatory approval to amend the settlement cycle of listed securities within two subsequent working days of the trade execution date. Furthermore, Tadawul announced publishing draft rules for the T+2 settlement cycle for public consultation.
Amending the (T+2) settlement cycle of listed securities will increase the level of asset safety for investors by providing enough time to verify trades, and will unify the settlement duration for all types of listed securities.
An equally important consideration is that the T+2 settlement cycle of listed securities will have no impact on traders. It gives sellers purchasing power for the securities they sell, thus, they will be able to buy new securities directly upon executing trades. At the same time, buyers will be able to sell securities directly upon executing trades with no need to wait for completing the settlement of securities.
Implementing the (T+2) settlement cycle of listed securities complies with settlement practices adopted in most international markets. It is also in line with Tadawul’s strategy to support developing the capital market, and Vision 2030 which calls for building a more advanced capital market open to the world.
The Saudi Stock Exchange “Tadawul” and the Japan Exchange Group, Inc. (JPX) signed a Memorandum of Understanding (MoU),on March 14, 2017, that will formalize and develop further cooperation between the two exchanges.
The MoU will provide a framework for understanding and cooperation between Tadawul and JPX. It will work to strengthen the relations between both exchanges to support the development of both capital markets, this initiative resonates with the Vision 2030, that calls for building an advanced capital market that is open to the world.
The Board of Directors of the Saudi Stock Exchange “Tadawul” convened their first meeting in its fourth round today 16 February 2017. The meeting was held at Tadawul’s headquarters and was attended by all Board Members. This meeting followed the restructure of a new Board of Directors under Council of Ministers Resolution No. (273) dated on 6/02/2017.
The Board members nominated Ms. Sarah Al-Suhaimi as Chairman of the Board of Directors, and Mr. Abdulrahman Al Mofadhi, as Vice-Chairman of the Board of Directors. 
The Saudi Stock Exchange “Tadawul” announced that the enhanced framework for trading and subscribing to Rights of listed companies shall be applied in the next batch of offerings to increase capital through rights issue.
The enhanced framework for Tradable Rights includes the following features:
Registered and new investors can subscribe in one period instead of two separated periods.
All investors are allowed to immediately subscribe after settlement of bought Rights without waiting for a new subscription period.
Ability to enter subscription requests through trading platforms by which sell and buy orders are entered. In addition to ability to subscribe through any other channel provided by the broker.
Framework period for Rights shortened to a maximum of (28) days instead of (34) days.
Through applying this new framework, Tadawul aims to safeguard the interest of retail investors by facilitating the process of subscription to Rights, and ensuring that ample time is given to all investors to trade and subscribe in Rights.
It is equally important to note that enhancing the framework for Tradable Rights is part of Tadawul’s efforts to constantly improve products and services provided to investors and market participants. Tadawul also aims to introduce new tradable investment products to persify and further expand available investment channels in the market.
Tadawul announced that the new industry classification shall be effective starting from Sunday January 8, 2017. This step is in line with Tadawul’s strategy to support the development of the Saudi capital market, and aims to enhance transparency and provide more reliable information on sector performance.
Tadawul has already communicated to all listed companies the new sectors to which they belong according to GICS. The companies have also been briefed on the classification methodology, including the company’s business activity and revenue as the two main factors of classification. Moreover, the new industry classification consists of 20 industry groups representing the second level of GICS.
The calculation of New Sector Indices will start on January 8, 2017, at 5,000 points (Base Values). This will allow better sector performance comparability, given one unified starting point. Moreover, historic data for these new indices will be calculated dating back for 1 year and will be published on Tadawul’s website to make information available for any historical analysis requirements. As they are new indices, it is equally important to mention that their change and change percentage values will begin publication on the second day of the launch.
Furthermore, current sector indices will no longer be calculated, however their historical values will continue to be available on Tadawul’s website. 

Tadawul has been named by MSCI to the organization’s Emerging Market Index Watch List. The announcement comes on the heels of a series of market reforms that the Saudi Capital Market has undertaken as part of the Kingdom of Saudi Arabia’s Vision 2030 economic transformation program, which in part seeks to bring the Saudi market into alignment with its emerging and developed market peers and gain recognition for the country as an indexed emerging market.

 

The Kingdom’s addition to the Watch List and anticipated inclusion in the MSCI Emerging Market Index will ultimately make Tadawul, its constituent listed companies and investors who trade on it, benefit from what is anticipated to be a greater allocation of weighting of global emerging market funds to the Exchange. Overall, growth in emerging markets globally is expected by the International Monetary Fund to improve for the second consecutive year, rising to a projected 4.5 percent in 2017, compared to 4 and 4.1 percent in 2015 and 2016 respectively.

 

Over the past year, Tadawul and the Capital Market Authority (CMA) have worked closely with Saudi government bodies and leading emerging market investors to introduce Vision 2030 capital market reforms, and these have in turn helped move the needle further on achieving Watch List status. Key reforms to date have, among others, included:
• The introduction of T+2 settlement and securities borrowing and lending, which have significantly enhanced the ease of trading and created new opportunities for market participants.
• Adoption this past January of the Global Industry Classification Standard (GICS) which enhances comparability of corporates across markets and enables easier analysis of sector performance.
• A Delivery versus Payment Model (DvP) to comply with the principle of DvP, to provide an extra layer of trade execution security to investors that trade securities on Tadawul.
• Adoption of new corporate governance rules issued by the Saudi Capital Market Authority (CMA) in February to enhance the rights of shareholders and board members and provide greater clarity and more transparency around determining commercial strategic planning, and roles, responsibilities and oversight of corporate entities and third parties.
• Investor relations training for Tadawul’s 24 corporates with the most international exposure and liquidity to enhance transparency and disclosure and enhance investor relations capabilities within Saudi listed companies.
• Enabling foreign participation in Saudi IPOs.
• Introduction of Nomu, a parallel equity market for Qualified Investors that offers lighter listing requirements and serves as an alternative platform for companies to go public.
• Launch of a Real Estate Investment Trusts’ (REITs) market to further broaden and persify investment opportunities.
• Enhancements to the Independent Custody Model which enable custodians to reject the settlement of unconfirmed trades executed by the executing brokers.
• Dropping the Exchange requirement of cash prefunding for specific investors to align trading practices with international standards and standardize institutional investors’ trading processes.
• Spin-off of the Securities Depository Center (SDC) to enhance the efficiency of deposit and registration services offered by the depositary center.
The Saudi Stock Exchange announced the launch of a new suite of market information products and licenses, as part of Tadawul’ s pursuit to provide state-of-the-art products and services to all market participants.

The new market information products include Analytics, Tick Data, and Non-Display license, which are designed to enhance transparency through fulfilling investors needs by offering deeper insight and additional detailed analysis. 

 

The Saudi Stock Exchange announced the issuance of its Board resolution amending (The Exchange and Centre Procedures) which describes the procedures to be followed in light of the provisions of the Exchange Rules mentioned below:
1. Securities Depository Centre Rules.
2. Glossary of Defined Terms Used in the Exchange Rules.
3. Short Selling Regulations.
4. Securities Borrowing and Lending Regulations.
5. Trading Procedures. 
Damascus Securities Exchange conducts the third training course for the year 2017 on Sunday 26/03/2017 and for one week. The training course targeted (20) students from Al-Sham higher institute. The course aimed for providing introductory lectures of DSE regulations and rules in addition to the mechanism of investment in order to increase the awareness related to the culture of investment in Syria.

Damascus Securities Exchange hosted a group of Master’s degree students from Damascus University - political science faculty -International economic relations specialist in the trading hall. The students were briefed on procedures, trading mechanism and the surveillance instructions in addition to the establishment of DSE.

 

Damascus Securities Exchange organized a workshop for the employees of Syrian insurance Supervisory Commission, the training aimed for providing introductory lectures of DSE regulations and rules in addition to the mechanism of investment.

 

PEX launched the English version of its disclosure system "IFSAH", the aim of this development is to make the listed companies financial performance available to foreign investors
PEX concluded the Tenth round of the stock simulation contest with a special award ceremony organized in Ramallah and Gaza. Deans, professors, and students of faculties of economy and commerce of the participating universities attended the ceremony in addition to representatives of the Arab Palestinian Investment Company-APIC, the exclusive sponsor for the third consecutive year.

The Tenth round began with the participation of 280 students from 12 national universities and lasted for 6 weeks. 

 

QSE announces changes to the index methodology of QE Index following a decision by QSE Index Committee and the approval of the Qatar Financial Markets Authority. The decision by the Index Committee is designed to enhance the tradability of the index and ensure that consistent liquidity is a determinant of index inclusion.

The following changes will be effective from the upcoming semi-annual index review (April 2017):

• Constituent Short Term Velocity:

Existing QE Index constituents must have recorded annualized share velocity greater than 5% during the final quarter of the 12 Months Review Period.
For a stock to enter the QE Index it must have recorded annualized share velocity greater than 5% for each of the 4 quarters of the 12 Months Review Period.


• Constituent Trading Activity:
Existing QE index constituents must have traded during at least 80% of the trading days during the final quarter of the 12 Months Review Period.
For a stock to enter the QE Index it must have traded at least 80% of the trading days of each of the 4 quarters of the 12 Months Review Period.

As a result of the above changes, the methodology document will be updated to reflect these changes.

Qatar Stock Exchange (QSE) and Stenden University in Qatar (SUQ) today signed a Memorandum of Understanding (MoU) to promote collaboration between the two sides. The two parties have pledged to work together to collaborate in the fields of education, training, capacity building and community development.

 

The MoU recognizes the value of educational cooperation and practical training for the purposes of knowledge sharing and exploring placement opportunities during the summer season for SUQ students within the 4th and final year of their studies. The MoU also aims to explore volunteership opportunities to have SUQ students participate and volunteer in events and activities hosted by QSE. According to the MoU, the parties will engage in developing training programs/workshops to be provided by QSE to SUQ Students pertaining to the Qatar stock market during the 1st and 2nd year of their studies.

 

This is the fifth MoU signed by Qatar Stock Exchange with a national educational institution, as they signed similar memorandums of understanding with Qatar Finance and Business Academy (QFBA), Faculty of Islamic Studies at Hamad bin Khalifa University, Qatar University, and Carnegie Mellon University in Qatar. 
In cooperation between QSE and Pillsbury Law Firm, the informative event: “Going Public: Readiness and Success” was held to focus on important questions and issues facing companies intending to go public and how to prepare for.
A delegation from the Khartoum Stock Exchange visited Qatar Stock Exchange through which the delegation received clarifications on the Stock Exchange procedures regarding trading, listing and information technology.

They also visited the Qatar Central Securitas Depository Company and were acquainted with clearing, settlement and opening of investment accounts procedures. The visit also included meetings with the Gulf Investment Group licensed to carry on brokerage activities in the market.

Qatar Stock Exchange and Qatar Financial Markets’ Authority are currently putting the final touches on market making rules activities intended to be carried out by the financial services companies, members in the market after obtaining the necessary licenses from the QFMA to practice such activities in accordance with the rules set by the QFMA within the framework of its efforts to develop the activities and financial services relating to Qatar’s capital market, and implement the strategic targets aimed at promoting the Qatari capital market to be an ideal model of providing financial services according to the best international standards along with enhancing liquidity for support and development of the stock exchange.

During the 2017 Annual Meetings held in Bangkok, Mr. Rashid bin Ali Al-Mansoori, CEO of Qatar Stock Exchange, was reelected as a Board Member of the World Federation of Exchanges (WFE). The meetings also resulted in the election of a number of Board Members representing the world's different regions; the Americas, Asia-Pacific, and Europe-Middle East-Africa. Mr. Al-Mansoori was elected by the WFE General Assembly to represent Europe-Middle East-Africa region for three-year term.

 

Boursa Kuwait has signed a Memorandum of Understanding (MOU) with the Middle East Investor Relation Association at Boursa Kuwait Headquarters.
MEIRA is a non-profit organisation that aims to promote investor relations best practice throughout the Middle East. Through this partnership, Boursa Kuwait will be playing a leading role in the support of the ‘MEIRA Kuwait Chapter’ in an effort to raise the standards of the Investor Relations role by rolling out specialized awareness and training programs.
Boursa Kuwait announced today that it is officially joining the United Nations Sustainable Stock Exchanges (SSE) initiative, which is a peer-to-peer learning platform for exploring how exchanges, in collaboration with investors, regulators, and companies, can enhance corporate transparency – and ultimately performance – on ESG (environmental, social and corporate governance) issues and encourage sustainable investment. This announcement marks the 63rd Partner Exchange to join the SSE.
Boursa Kuwait recently announced that it has published a draft copy of the official Over The Counter (OTC) Trading Rulebook on its website for public consultation.
The OTC draft Trading Rulebook will act as a tool to regulate deals and transactions of unlisted shares outside of the exchange.
The draft book, which was developed by the Boursa Kuwait team, lays out the proposed procedures and rules for future OTC trading in Kuwait, whether for unlisted shares or for Islamic bonds and sukuk.
EGX had finished the preparation of the second version of the manual of procedures and rules of trading which includes the changes and amendments in the trading system during the past years.

The new version of the manual includes fourteen chapters on the aspects of the client's coding, the organizing procedures of the trading session , the specialized activities, the rules and mechanisms of unrestricted securities, as well as the regulations of special operations related to the decisions affecting the stocks market prices. This version of trading manual also reviews the mechanism of trading on local and foreign GDRs, treasury bills and index funds, in addition to the rules of treasury shares and IPOs. Finally, the manual concludes with a review of illegal trading practices.

 

The Egyptian Exchange (EGX) and Bombay Stock Exchange (BSE) signed a Memorandum of Understanding (MOU) that includes mutual cooperation and the exchange of information across both Exchanges’ business areas.
Through this MOU the two exchanges have created possibilities for a range of opportunities to be studied and explored for the development of their businesses, products, and markets, and to share knowledge and build on both exchanges' strategies of strengthening international connectivity.

EGX met a number of specialized exchanges in the circulation of commodities and contracts on the sidelines of the annual conference of the WFE in Bangkok.

The bilateral meetings included officials from NASDAQ, Johannesburg, Moscow and India exchanges, as well as representatives of both Chinese exchanges Dalian and Zhengzhou, which specialize in commodities and contracts only. During the meetings, a clarification was made about the requirements for establishing stock exchanges specialized in trading of financial instruments or commodities, and the importance of existence of commodity settlement for contracts, like for example ,the existence delivery depositories for goods traded on the market.

On the other hand, a discussion was made about the types of contracts that can be traded on various types of goods, ranging from general contracts without specific depositories for delivery of commodities, to the contracts where the goods have specific delivery places ,and also the determination of goods that can be are traded, the maturity and value dates , the primary price and other technical matters. As well as the technological structure required for the development of such contracts, where the most important of which is how to obtain prices of goods in the current market for trading, on which the future price stipulated in the contracts.

Noting that there are proposed amendments to the Egyptian Capital Market Law and that these amendments will establish the legislative and regulatory framework for the Egyptian contracts exchanges and markets. The proposed legislation also allows for the large circulation of contracts based on financial instruments such as shares, bonds, agricultural commodities and other identifiable goods.

 

\EGX Board decided to reduce the period of temporary suspension of trading on a security during the session as a result of the price change to 15 minutes instead of 30 minutes, EFSA also provided the flexibility for EGX management to increase or decrease this period between its minimum time which is 15 minutes and its maximum time which is 30 minutes according to market conditions.

 

 

 

According to a decision by Prime Minister, Mohamed Farid Saleh has been named as the new head of the Egyptian Exchange (EGX), Saleh will assume the post for four years. 

The Disclosure Department held an extensive meeting with a number of listed companies in the Egyptian Exchange for training on transforming to the electronic disclosure system entirely, after it was implemented tentatively since 2015 .EGX's management is targeting obliging all listed companies to use the electronic disclosure system before the end of the current year.

In an important step of EGX management towards achieving its strategy of becoming a sustainable institution and leading the listed companies and the various market participants for accomplishing the objectives of sustainable development, EGX has issued the first Annual Sustainability Report at the level of the Egyptian public institutions.

Worth mentioning that EGX has issued in October last year "The Guidance Manual Of ESG of Listed Companies" as the first guide of its kind regionally. It aims at helping the listed companies to apply the principles of sustainability in their activities and in the issuance of their reports; EGX held a training for the management of these companies to apply the principles which reflects positively on their performance and enhances the transparency and efficiency of the market as a whole.

 

The Egyptian Cabinet approved the proposed amendments submitted by EGX regarding the duration of the chairmanship of EGX to be 4 years non-renewable. Due to EGX's regulatory and supervisory dimension, also compared to regulations of other supervisory authorities like the Egyptian Financial Supervisory Authority (EFSA), this is the highest supervisory authority in the capital market.

The Cabinet also approved some amendments to the law regulating the nomination of members of EGX Board of Directors, which includes amending the regulations of selecting the seat representing small and medium-sized companies which are listed on Nilex. This amendment is actually deleting the maximum capital of the company that was EGP 25 million stipulated in the previous organizing regulations.

 

The Casablanca Stock Exchange and the Ghana Stock Exchange have signed a Memorandum of Understanding (MOU) to exchange experience and expertise. The objective of this partnership is to bring capital markets closer to both countries. 
The APSB (Professional Association for Brokerage firms (APSB) and the Moroccan Association for Participating Finance Professionals - Sharia Compliant (AMFP) organized, in partnership with the Casablanca Stock Exchange, a workshop entitled "Mechanisms for financing The ecosystem of participatory finance - Sharia Compliant through the capital market "

The Casablanca Stock Exchange (CSE), jointly with the African Securities Exchanges Association (ASEA), organized for the first time in North Africa, the 6th edition of the Building African Financial Markets (BAFM) Capacity Building Seminar.

 

 

 

Bahrain Bourse (BHB) held the official opening ceremony of Bahrain Clear at the Bourse’s premises, Bahrain Clear has been recently licensed by the Central Bank of Bahrain. It is worth mentioning that Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of 5 million Dinars, and a paid up capital of 1 million Dinars.

 

 

 

Bahrain Bourse and the Ministry of Education signed a cooperation agreement that aims at enhancing the areas of joint cooperation between Bahrain Bourse and the Ministry of Education in areas related to spreading investment awareness among students such as the launch of a new initiative called the Smart Investor Program. The Smart Investor Program aims at raising awareness on the concepts of saving and investment among students.

The Smart Investor is an awareness program targeted towards elementary and secondary school students with the objective of introducing the concept of saving & investment among students by using various tools to emphasize the importance of the concept to them as inpiduals, their families, and their country in a very simple module that suits their respective age group.

The program is also meant to prepare students to interact positively with the environment when it comes to understanding financial matters and the fundamentals of saving, investment, and the foundations of money management. In addition, the program introduces students to financial institutions and other parties related to financial matters and develops their skills in buying, selling, and consuming.

 

The Board of Directors of Bahrain Bourse issued a resolution to establish Bahrain Clear Company with an issued capital of BD 5 million and paid-up capital of BD1 million. The Board also nominated the Board Members and Executive Management of the company.
Bahrain Clear will provide services in the areas of settlement, depository of securities, custodians, and other services to companies, investors, and other related parties.
Bahrain Bourse recently launched its electronic services on Bahrain eGovernment portal to all investors and stakeholders, allowing registered investors to view their investment portfolios and details of their securities’ transactions in a timely and easy manner.
The electronic services also provide the registered investors with the details of the ownership resulting from buying or selling their securities which include but are not limited to shares, bonds, Sukuk and REITs through brokerage firms. Details such as the number of owned shares, the number of available shares and the number of pledged shares, if any, can be displayed in addition to details of all types of securities transactions that include, but are not limited to, ownership entitlements such as bonus shares details.
In addition, the electronic services, page on the eGovernment portal includes the contact details of the Bourse, a location map, addresses of the different social media channels of the bourse and the bourse’s website.
The General manager of Khartoum Stock Exchange D.Azahari AlTayeb AlFaki Ahmed has announced that the market had entered in full electronic trading stage and said that now it is possible to trade from a distance, also revealed that the opening of the new headquarter of Khartoum Stock Exchange and the launch of electronic trading by the Presidency will be in the twenty-eighth of this month, praising the great support provided by the Ministry of Finance and economic planning.

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