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Amman Stock Exchange Company (ASE) has signed an academic cooperation agreement with the Hashemite University that aims to establish a stock exchange simulation and training room on the ASE electronic trading system. The ASE's Chairman of the Board of Directors, H.E Dr. Jawad Anani and the president of the Hashemite University, Dr. Kamal Al Deen Bani Hani signed the agreement, in the presence of the acting CEO of the ASE, Mr. Bassam Abu Abbas, the Dean of Economics and Administrative Sciences Faculty, Dr. Abdel Al Ghafour Zawahreah besides a number of ASE's Senior officials and the University's Academic staff.
The agreement states that the ASE shall provide a simulation room with the needed equipment, the specialized trading software and connect the technical appliances with the trading system that is used at the ASE. This is to give the students the opportunity to simulate the trading practically
The Amman Stock Exchange (ASE) signed MOU with the University of Jordan that aims to improve the cooperative activities in various academic, professional, scientific, research, training, cultural and developmental areas of mutual interest.
The ASE's Chairman of the Board of Directors Dr. Kamal Al-Qudah, and the President of the University of Jordan Dr. Abdel-Karim Al- Qudah, in the presence of Vice Chairman of ASE's Board of Directors Dr. Ashraf Al-Adwan, Acting CEO Mr. Bassam Abu Abbas and the Director of the Communications and Information Department Mr. Amjad Al-Qudah, and Dean of Business Faculty Fayez Haddad.
The ASE' received graduate studies students delegation from Amman Arab University/ Faculty of Law- Private Law Department in a field visit aimed at linking the theoretical side with the practical one, where the Director of Operations Department presented a live trading session and an explained the trading mechanism and the main features of the applied electronic trading system at the ASE besides the visit recent developments of the Jordan capital market and the future projects during the coming years.
The ASE has launched a new website in Arabic and English, which reflects the full image of the ASE and its huge developments that it witnessed and the advanced level it reached.
The new website features rapid response design that suits all types of screens including laptops, tablets and smartphones that are all easy to be used by researchers and investors".
The new website allows monitoring the market's daily summary, the top gainers, the top losers and the most active companies live during the trading session, however, a range of high charts have been added, so reading and analyzing, finding trading data and any required information will be way easier due to being reclassified and reordered using advanced and smart search methods.
In the aim of raising the awareness among listed companies at the Amman Stock Exchange (ASE) about the importance of sustainability and its benefits that will refer to all the relevant parties, and guiding the listed companies on the steps that follow the disclosure of sustainability reporting for the performance as well as encouraging the listed companies to issue a sustainability report periodically, the ASE issued a guidance on sustainability reporting in both languages Arabic and English, which includes guiding steps for the listed public shareholding companies on sustainability reporting and the information to be included in the guidance, in addition to the importance of sustainability and how the listed companies disclose their sustainability performance and reports besides the most important measures of sustainability with the international standards in this domain.



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.

The Amman Stock Exchange (ASE) and Sustainability Excellence have signed a Memorandum of Understanding (MoU) to promote sustainability in the Jordanian capital market and among the listed companies.
The MoU sets the tone of cooperation between the two organizations and contains several activities that include: conducting training and engagement sessions on sustainability, providing guidance on sustainability disclosure for the listed companies, and developing corporate ESG performance assessments, among other activities.
Amman Stock Exchange (ASE) launched the new official application "ASE NEWS" on the devices that use (IOS) and (Android) operating systems. This application aims to enable investors and those who are interested in securities to follow up all news, circulars and disclosures of listed companies issued by the ASE.
This application provides many benefits and services to interested parties in the market which will help them in taking their investment decision. Also, its sends notifications to the user about the latest news, circulars and disclosures published at the ASE website, in addition to searching capability for historical disclosures, to be saved on the user's mobile device for the ease of use and future reference when needed. Moreover, application will provide the daily market summary and the live prices of traded securities on ASE.
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 ASE started in cooperation with Jordan Securities Commission (JSC) applying the Electronic Disclosure System project using XBRL language in Jordan Capital Market.
The project of "Electronic Disclosure System" in Jordan capital market will make a paradigm shift in the disclosure of financial and nonfinancial data of the companies and it will develop the process of accessing all disclosures, and thus will improve the disclosure and transparency level in the market and increase the speed of access to the required information. The system also provides information in both Arabic and English, note that this project is expected to be applied by the end of the year.
Abu Dhabi Securities Exchange (ADX) announced today that it is reducing its trading commission fees starting 1st of July 2019 thus making ADX among the MENA region’s least expensive stock markets with regards to trading commissions. This initiative is designed to reduce costs on investors, build confidence, increase liquidity, as well as attract more investors into the Exchange.

The new initiative not only reinforces ADX’s competitive position, it is also a key step towards achieving the Ghadan 2021 plan's objective of removing barriers and lowering the cost of doing business in Abu Dhabi. The seeds of the initiative were first sown in June 2018 with the announcement by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces of a three-year, AED 50 billion stimulus package for Abu Dhabi.

ADX continuously seeks to launch new initiatives aimed at persifying investment products available to its stakeholders. This approach helps facilitate the expansion and persification of the Emirate’s economy. It will also allow Abu Dhabi to compete as a primary center for attracting FDI as well as contributing to the Emirate’s sustainable development goals.

Commenting on this initiative, H.E. Khaleefa Al Mansouri - ADX Acting Chief Executive said: “Through this initiative and the introduction of other investment opportunities, the Abu Dhabi Securities Exchange (ADX) is providing additional incentives for both local and international investors to invest on the Exchange providing liquidity into the market and helping to finance listed companies’ projects which will support the of expansion their business.”

The ADX is reducing its trading commission with a range from 50% up to 90%. ADX cost for annual transactions of less than AED 250 million will be 5 basis points (0.05%) of the transaction value. For transactions in excess of AED 1 billion over the period of 1 year, the cost will range to one basis point.

In other words, an investor who trades AED 500 million a year will be charged 5 basis points over the first 250 million and then a commission lower than 250 million during the year. The Exchange’s trading commission has also been reduced for transactions exceeding AED 1 billion by 90% from the previously implemented transaction fees which makes ADX one of the region's least expensive stock markets in terms of trading commission. Prior to the implementation of this new initiative, ADX has set up a number of awareness sessions for the stakeholders in order to familiarize them with the new mechanism.

The number of institutional investors in the Abu Dhabi Securities Exchanges (ADX) at the end of May 2019 was 8395, including 6318 foreign investors. During the first five months of this year, institutional investors traded AED 1.5 billion compared to AED 890 million in the same period of 2018, an increase of 73%. This shows a positive trend on a medium to long term basis.
Abu Dhabi Securities Exchange (ADX), the region's leading financial market, recently held a workshop on Corporate Governance and Board of Directors’ Role at its headquarters. Senior executives from relevant departments responsible for the application of corporate governance in public shareholding companies listed on the Exchange attended the workshop.

During the workshop the concept and principles of corporate governance, the reasons behind its emergence and its growing importance amongst companies and investors, as well as the expansion of the concept of a free market economy worldwide were discussed. The discussions focused on the benefits of implementing the principles of corporate governance in listed companies and their positive impact on enhancing the efficiency of the economy, bolstering the stability of financial markets, achieving transparency, attracting internal and external investments, and creating a business environment that enables companies achieve better performance and returns and protect the shareholders’ investments.

Also discussed at the workshop were the Organization of Economic Cooperation and Development (OECD)’s six principles in corporate governance, which focus on ensuring the basis of an effective corporate governance framework, the rights of shareholders and key ownership functions, the equitable treatment of shareholders, the role of stakeholders in corporate governance, as well as disclosure and transparency.
Abu Dhabi Securities Exchange (ADX) has organized two workshops on sustainability for its listed companies under the title “Accelerating Sustainability in Listed Companies. Meeting Investor Needs on Environmental, Social, and Governance (ESG) information”.

Representatives of various ADX departments and representatives of listed companies attended the two workshops. Both workshops reviewed practical applications that explain the strategic importance of including sustainable practices in business operations, especially as investments are increasing into companies that apply environmental, social, and corporate governance standards. The workshops highlighted the environmental, social and governance criteria (ESG) of listed companies and how investors can benefit from disclosure and reporting standards of these criteria.

These workshops are part of the Exchange’s initiatives in 2019 to continue its efforts to encourage listed companies to adhere to sustainability standards. During the coming period, ADX will organize more events, interactive workshops, and lectures on the same subject. The Exchange is currently working on developing optional environmental, social, governance, and sustainability ESG guidelines to be applied by listed companies.

The two workshops highlighted the growing number of signatory members of The United Nations-supported Principles for Responsible Investment (PRI) that was launched in 2006. 
Abu Dhabi Securities Exchange signed a Memorandum of Understanding (MoU) with the Securities Depository Center Company (Edaa), which is wholly-owned by the Saudi Stock Exchange (Tadawul) and the sole entity responsible for providing custody, registration, clearing and settlement services for securities traded on the Saudi Stock Exchange. The MoU was signed in the Saudi capital Riyadh with the aim to strengthen bilateral cooperation in the dual listing of securities in Saudi and UAE financial markets.

The agreement falls within the framework of cooperation between the two countries, and the Saudi-Emirati Coordination Council, which seeks to achieve a common vision of integration between the two countries and bolster bilateral cooperation on key issues and common concerns. The agreement is part of ADX and EDAA continuous efforts to enhance their regional standing and implement the highest standards of governance and transparency in the listing process.

The agreement aims to identify and standardise the operational, administrative and technical procedures between the two countries, and establish effective cooperation on dual listing of securities in their financial markets. This will be achieved through the exchange of information and data included in the ownership register or relevant to transactions carried out by brokers, members, or investors. Additionally, this agreement allows for the transfer of securities, and updating the securities ownership registers in each country.

The agreement between the Abu Dhabi Securities Exchange and EDAA will enable each party to open a deposit account with the other party to deposit and transfer securities in accordance with their procedures. In addition, it will enable holding and maintaining securities ownership registers of the deposited securities within each party and managing them , as well as effective exchange of information, data and records related to the ownership registers or the transactions executed or to be executed by brokers, members or Clients or any information and data that both Parties deem necessary.

ADX had previously signed an MoU with the Saudi Stock Exchange Tadawul to enhance mutual cooperation and bilateral relations between the two parties through the exchange of information and expertise. The MoU facilitates knowledge exchange programmes, possibility of utilizing the expertise that both stock exchanges have, interchange of financial market data and dual listing opportunities as well as cooperation in market-development initiatives.
Abu Dhabi Securities Exchange (ADX), chaired the 43rd session of Arab Federation of Exchanges (AFE) meeting. The annual meeting of the AFE in its 43rd session took place in Abu Dhabi and was attended a number of CEOs of Arab stock exchanges and chairmen of clearing and depository companies from all over the Arab world..

The meeting discussed a number of issues and topics relevant to the overall development of Arab stock exchanges, how to promote and encourage Arab securities markets to follow and adopt the best international standards in this regard, and how to make use of the experiences offered by the AFE's member exchanges.
Equichain announced the signing of a partnership agreement with the Abu Dhabi Securities Exchange (ADX) to join its working community, which aims to bring efficiencies to capital markets.
ADX is one of four financial market infrastructures from the MENA region to join the working community. This reflects Equichain’s specialism in emerging markets as well as the region’s eagerness to innovate and adopt disruptive technologies such as blockchain.
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.

Abu Dhabi Securities Exchange (ADX) announced that it has joined The International Securities Services Association (ISSA), thus becoming the first financial market in the MENA region to become a member of the renowned organization. This new membership affirms ADX keenness to align its regulatory practices with those of international financial markets. It also assures ADX’s commitment to promote financial stability and growth in the emirate by maintaining the highest standards of practice in financial services as part of its commitment to Abu Dhabi Plan and towards the continuous development of financial performance
The ISSA membership will provide ADX with the opportunity to benefit from the economic and financial research and analysis provided by the renowned organization to its members as it offers comprehensive assessment of the global outlook with a focus on key emerging economies, timely analysis of capital flows to emerging markets and developments in international financial markets. Consequently allowing ADX to achieve one of its main priorities in the Abu Dhabi Plan, which is contributing to the development of the financial services sector in the emirate. It will also enable ADX to promote the investment opportunities available in the emirate in general and ADX in particular at the international level through continuous communication with members of the Institute of asset managers and investment funds.
Abu Dhabi Securities Exchange (ADX) announced the launch of its latest investment service ‘Technical Short Selling’ (TSS), an addition to the existing suite of services and products provided by ADX to investors through brokerage firms. The TSS service allows the investor to sell stocks that they don’t own, but can afford within the applicable settlement period (T + 2), in order to achieve profit buying the stock back if the value goes down.


As part of efforts to strengthen its legal, economic and legislative environment, the Abu Dhabi Securities Exchange (ADX) has implemented measures to regulate the short sell service including, trade suspensions for a 5% drop in the reference price of a given stock or if short sold securities reach 10% of the total capital issued. The Exchange has also implemented a clear framework under which trades should take place, which specifies the obligation of the broker to disclose short dated trades, this comes in addition to the existing approval frameworks utilized by both the lending and borrowing agent.

The Dubai Financial Market (DFM) launched the enhanced Foreign Ownership limits (FOL) webpage, providing market participants with real time FOL info every two minutes during the trading session about the “Actual” and a new column for “Available” ownership limits to own or to trade.

Key features of the new Foreign Ownership limit (FOL) webpage:
• Ownership percentages for the columns of Actual and Available are updated every two minutes during trading hours. The ownership percentages are also updated every one-hour after trading hours on each business day to reflect changes not associated with trading (if any).
• New column added showing the “Available” ownership percentage to own or allowed to trade apart from the Actual ownership percentage.
• Reclassification of investors’ categories to three nationality types: ‘Nationals’, ‘GCC’ and ‘Foreign’; as such the ‘Arab’ category is now included within the ‘Foreign’
• Search by company and date for historical information.
Dubai Financial Market (DFM) signed Memorandum of Understanding (MoU) with the judicial arm of the Dubai Land Department (DLD), the Rental Disputes Center (RDC). The agreement aims to reinforce cooperation between both sides as well as to streamline joint procedures by directly linking RDC with DFM’s electronic services platform, as the official channel for applications related to any judicial measures relevant to market participants.

This step clearly indicates the deep belief of both the DFM and the DLD, represented by the RDC, in the importance of coordination and cooperation in further reinforcing the efficiency of their activities as well as reinforcing efforts to strengthen the leading position of Dubai and the UAE in terms of business excellence and quality of services.
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) announced the commencement of the Central Counterparty Clearing House (“CCP”) for clearing of securities in the Saudi capital market as a closed joint stock company with a capital of (SAR 600,000,000). The CCP will be responsible for developing future clearing services in accordance with the best international risk management practices and standards.
An independent clearinghouse will help to persify investment opportunities in the market by enabling the introduction of new asset classes such as derivatives and others that will allow investors to persify their trading strategies and enable Saudi companies to hedge against risks, which will enhance the attractiveness of the Saudi capital market to all investors.
In addition, CCP will improve risk management of the market by introducing new mechanisms to ensure that the settlement is complete and that all parties meet their obligations when settling trades in the market. This will further strengthen the current market infrastructure and increase its operational efficiency.
The Saudi Stock Exchange (Tadawul) is pleased to announce today that S&P Dow Jones Indices (S&P DJI), a leading provider of global equity indexes, upgraded the Kingdom of Saudi Arabia to “Emerging Market” from its previous “Standalone Market” country classification. The move by S&P DJI follows the recent decisions by MSCI and FTSE Russell to add Saudi Arabia to their respective emerging market indexes. The Kingdom will become eligible for inclusion in certain S&P DJI’s global benchmark index families in two phases concurring with the March 2019 quarterly rebalancing and the September 2019 annual reconstitution.  
The Saudi Stock Exchange (Tadawul) launched its 2017 annual report under the theme "Expansion and Diversification" to provide a comprehensive review of the company's performance and achievements during the financial year ended on 31 December 2017.
The report provides details on Tadawul’s performance during 2017, during which Tadawul ranked as the 25th largest stock market of the World Federation of Exchanges, with a market capitalization of $451 billion at the end of 2017. Furthermore, the report reveals Tadawul's significant growth in net income reaching 129.8 million SAR by 31 December 2017, with an increase of 543% over the previous year and a 74% increase in revenues totaling 545.4 million SAR compared to 2016.
The report elaborates on Tadawul’s strategy and its role in realizing the Saudi Vision 2030 and what has been achieved on a strategic level, most notably, launching of Nomu - the parallel market as a step to support the national economy, persification of products and services provided to market participants, persifying sources of income as well as developing the necessary infrastructure to support the requirements of transitioning into a global market. The report also sheds light on the marketplace and corporate governance frameworks adopted by Tadawul.
Furthermore, the report highlights Tadawul’s most notable operational achievements in line with best practices, including implementing the Global Industry Classification Standard (GICS), rolling out the T+2 settlement cycle, introducing securities borrowing and lending and covered short-selling frameworks for the first time in the region, the spin-off of the Securities Depository Center (Edaa), and well signing the post-trade agreement with NASDAQ.
MSCI Inc., a leading provider of indexes and portfolio construction and risk management tools and services for global investors, today announced the signing of an agreement with the Saudi Stock Exchange Co. (Tadawul), the largest stock exchange in the region in terms of market capitalization and turnover, to create a joint tradeable index that can serve as the basis for investment instruments including derivatives and ETFs.
In June 2018, MSCI announced the classification of the Saudi Arabian equity market as an Emerging Market as part of their annual global market classification review. The Index will be based on the broader MSCI Saudi Arabia index series that will be part of the MSCI Emerging Markets Index. The joint tradeable index will be available in Q4 2018.
The Saudi Stock Exchange (Tadawul) will introduce exchange-traded derivatives in the first half of 2019. Tadawul will launch an index futures contract based on the tradeable index jointly developed with MSCI. Saudi Arabia’s inclusion into the major emerging markets indices further validates the need for this market. Tadawul is planning to launch additional derivative products gradually as part of its strategy to persify its product offering and provide more investment opportunities for market participants. 
The Saudi Stock Exchange (Tadawul) announced that MSCI, a leading provider of global equity indexes, upgraded the Kingdom of Saudi Arabia to “Emerging Market” from its previous “Standalone Market” status in its Annual Market Classification Review. The Kingdom, which was also recently added to the FTSE Russell as a “Secondary Emerging” market in March 2018, will be included in MSCI’s Emerging Market Index in two phases concurring with the May 2019 Semi Annual Index Review and the August 2019 Quarterly Index Review. 
The Saudi Stock Exchange (Tadawul) is to adjust the price limit validation on incoming orders for shares starting from January 21, 2018.
Once this adjustment becomes effective, investors will be able to reach the order book with buy orders below the lower fluctuation limit, and sell orders above the upper fluctuation limit.
Captured orders will be stored in the order book until they are eventually matched. The current fluctuation limits are not affected by this adjustment.
FTSE Russell announced that Tadawul will be classified as a “Secondary Emerging” market in the FTSE Global Equity Index Series from its previous status as “Unclassified”. This decision was issued following a series of market enhancements introduced by Tadawul and the Capital Market Authority (CMA) over the past two years. Many of those developments have fulfilled market quality criteria set by FTSE Russell that must be met in order for a market to be classified as Emerging in its indices.
“FTSE’s announcement is significant for Tadawul in that it indicates growing investor confidence in the Saudi capital market and recognition that we are among the largest and most liquid emerging markets in the world,” said Khalid Al Hussan, Chief Executive Officer of Tadawul. “Guided by Vision 2030, we remain steadfast in our commitment to the reforms already introduced and in the pipeline so that we may continue to grow investor confidence worldwide and further strengthen the Saudi market.”
The Saudi Stock Exchange (Tadawul) announced that the new amendment are effective as of Sunday 21/01/2018.
For more information on the amended price limit validation on incoming orders and FAQ’s, please Tadawul’s official website.
The Saudi Stock Exchange (Tadawul) and NASDAQ have officially signed an agreement to transform Tadawul’s Post-Trade technology infrastructure, that includes registry, depository and risk management technologies. In addition to the Post-Trade area, NASDAQ will continue to support the existing trading and market surveillance technology at Tadawul.
The new Post-Trade technology, will replace Tadawul’s current registry, depository and settlement solution, which was implemented in 2001. In addition to introducing a new central counterparty clearing solution, this transformation will enable both Tadawul and market participants to introduce new asset classes to the market and offer new services to the investors. Furthermore, these changes will increase efficiency, effectiveness and further growth of the market, supported by a modern flexible and efficient technology that reduce risks in the Post-Trade area in compliance with international best practices and standards.
This transformation is expected to complete during second half of 2020.
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 (DSE) organized ,in cooperation with Al Wadi International Private University in governorate of Homs and Al Manara University in Latakia, two seminars entitled (The investment and trading mechanism at Damascus Securities Exchange) on April 29 and 30, 2019 at the Universities headquarter.

The lectures were given by Dr. Abdul Razak Kassem CEO of DSE in which he discussed the concept of financial market and the mechanism of investment and trading at the market.
Damascus Securities Exchange (DSE) organized a seminar in cooperation with Association of Syrian Financial Analysts at the Exchange in the trading hall. During the lectures, the basic concepts at the market were explained in addition to the regulations and the trading mechanism.
Damascus Securities Exchange (DSE) launches a new index DLX . The DSE Leaders Index has been created to resent the leaders companies in the market which is considered more accurate in reflecting the real market status. Where these companies shall be selected upon fulfilling at least four of the following parameters: Company Market Capitalization - Liquidity: will be measured by (Number of trading days - Trading Volume - Free float turnover Ratio) - Profitability Parameter - Free Float Shares Percentage. Those parameters are specified in detail in "index Sample" tab. It is based on weighting with the free float shares of the companies involved in the calculation of the equation, where each company is given a weight as much as its free float shares represent from the market value of the included company. The index sample consists of the listed companies that meet certain conditions to enter the index equation. Taking into consideration that those parameters will be recalculated at the 10th day of the end of each quarter of the year.
Damascus Stock Exchange organized a specialized training course for brokers in coordination with Syrian Commission on Financial Markets and Securities. The course aimed at preparing licensed brokers in order to work later in financial services companies after obtaining a license from the Commission, which considers success in the course a prerequisite for obtaining the license.
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.


MSM manage to renew ISO/27001 certification for quality of information security for the third time.

MSM has renewed the ISO/27001 certificate for the quality of information security for the third time in a row after having succeeded in complying with all the requirements and standards of the ISO/27001 certificate to include all pisions of the Information Technology infrastructure Department and the Systems and Development Department.

The ISO Quality Assurance Certificate is renewed every three years and verified by Bureau Veritas (BV) each year to ensure that best practices consistent with ISO standards are maintained.
Muscat Securities Market (MSM) has been awarded the ISO certificate for the quality of information security in 2011 as the second stock market in the region at the time, where the scope of the certificate was limited to the network and technical support, while the company audited the ISO certificate is the British company BSI.
After 3 years, the certificate was renewed in 2014 with the same scope as the certificate (Network and Technical Support Section) but with the new ISO/IEC 27001:2013. After completing all ISO/27001 certification requirements, MSM expanded the scope of the certificate to include all sections IT infrastructure, systems and development.
Muscat Securities Market (MSM) organized a specialized seminar on "The performance of the global economy and its impact on the financial markets". The seminar highlighted the reality of the performance of the global economy according to the prevailing economic and political conditions in the world. The world economy witnessed a decline in its growth rate during 2018 compared to 2017, contrary to the expectations of analysts, which came at the beginning of 2018.

The seminar highlighted the economic and political factors that affected the performance of the global economy. It touched on the most negative phenomena facing the global economy and the performance of the US economy in the context of the performance of the global economy and its impact on the financial markets, as well as important subjects that address global indebtedness and the performance of global financial markets. As well as the performance of the Arab financial markets, with an explanation of the indicators of the performance of the global economy and where the Arabs stand in the global economy.
Palestine Exchange (PEX) launched its new website on June 2019. The new website is an effective link that allows stakeholders to access the required information smoothly and easily. The website is an integrated platform with modern design and programing built in such a way that makes browsing an enjoyable experience in terms of speed and classified information which appear according to stakeholders’ preferences such as investors, member firms and listed companies.
The launch of the new website aims to enhance the electronic services of PEX, its part of the strategic project of automating PEX operations”. He added that “the website contains a lot of important information about PEX, listed companies and member firms including market watch, financial and non-financial data, news and statistics. It will allow the investor to follow up his investment portfolio and provides him with other services. 
The Palestine Exchange (PEX) announced the new composition of Al-QUDS INDEX for the year 2019. The index includes 15 out of 48 listed companies. The selected companies present 75.90% of total Market Cap as of the 18th of December 2018.
Nasdaq Inc. and Palestine Exchange (PEX) have signed a new market technology agreement for Nasdaq to deliver new matching engine technology via the Nasdaq Financial Framework architecture to Palestine’s stock exchange. PEX, which will also continue to use Nasdaq’s SMARTS surveillance technology for monitoring its market, will leverage the modular functionality of the Nasdaq Financial Framework to offer additional services to their members and clients. This new agreement marks the next chapter in a 10-year technology partnership between Nasdaq and PEX.
The Palestine Exchange (PEX) held a workshop titled "Asset Management ... A Look at Investment Funds", the workshop was attended by representatives of the Capital Market Authority, listed companies and members, as well as representatives of the Pension Authority, the Social Security Fund, academics, experts and interested parties.
The workshop was within the framework of a series of workshops and seminars aimed at identifying the most important issues and ideas aimed at enhancing the securities sector and pushing forward the joint work of stakeholders to create a competitive and an appealing financial market that attracts more local and foreign investment.
In this context, speakers and participants stressed on the importance of asset management and investment funds in the securities sector and its impact on both the exchange and the economy at large. Participants also discussed the potentials and opportunities in the market, taking into account the global and regional trend on these new financial instruments.
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.


MSCI Inc., a leading provider of critical decision support tools and services for the global investment community, announced the reclassification of Kuwait to ‘Emerging Market’ from its previous ‘Frontier Market’ status in its 2019 Annual Market Classification Review. The reclassification is subject to omnibus account structures and same National Investor Number (NIN) cross trades being made available for international institutional investors before the end of November 2019.
The reclassification, which is expected to lead to significant foreign capital flows to country’s equities, will take effect in one step coinciding with MSCI’s May 2020 Semi‐Annual Index Review. This would lead to an inclusion of nine stocks in the MSCI Emerging Market Index having a pro forma index weight of approximately 0.5%. The MSCI status upgrade follows Kuwait’s inclusion in S&P Dow Jones Indices’ (S&P DJI), Global Equity Indices, with Emerging Markets classification in December 2018 and in the FTSE Russell Emerging Markets Index in September 2017. The global index compiler’s decision to include Kuwait in its Emerging Markets benchmarks comes in response to the country results in the 2019 Annual Market Classification Review. Announcing the reclassification, MSCI noted that Kuwait’s Market Development Project has set the path for the seamless implementation of numerous regulatory and operational enhancements in the Kuwaiti equity market. These enhancements have significantly increased the accessibility level of the Kuwaiti equity market for international institutional investors and resulted in broad positive feedback from these investors on the MSCI reclassification proposal. 
Boursa Kuwait has participated in the first ever ‘Stock Exchange Week’ program organized by Kuwait University’s College of Business Administration (CBA).

As part of its participation in the program, Boursa Kuwait set up a booth at the CBA premises to promote its digital education portal, Boursa Academy Online, which aims to create greater stock market awareness among new and professional retail investors. The company also distributed brochures and promotional materials among university students to encourage them to gain a basic understanding of trading as well as about various investment instruments available in the capital market.

In addition, a number of experts from Boursa Kuwait conducted workshops to offer students deep insights into a wide range of relevant topics, ranging from the know-how of trading to risks of investing, to help them make informed investment decisions.

Boursa Kuwait’s participation in this week-long program is closely aligned with its corporate social responsibility (CSR) strategy, which sets out the framework for the company’s capital market education initiatives. It also comes in line with Boursa Kuwait’s long-term market development plan that aims at transforming the company into a leading regional stock exchange and an attractive destination for foreign investment by implementing best practices and increasing transparency for the benefit of its stakeholders.
Boursa Kuwait has conducted the second workshop on ‘Corporate Actions’, the session was held at the company’s premises and has witnessed the participation of listed companies’.
The awareness session included a brief on the settlement cycle T+3 and equity benefits considering Capital Market Authority’s Law No. 63 of 2017, which obliges listed companies to fulfil new requirements including the announcement of the board meeting to discuss annual financial results and pidends distribution to shareholders. A Q&A session was allowed for attendance to propose any questions or queries they have or clarifications they entail.
The workshop comes in line with Boursa Kuwait’s main objective to maintain the maximum level of transparency and offer financial services and products that meet international standards, and holding on going workshops and sessions to achieve the maximum level of awareness and benefit for stakeholders.
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.
Boursa Kuwait has announced that it has become a member of International Organization of Securities Commissions (IOSCO), a major achievement to be added to the company’s track of records and a testimony for its clear vision and successful strategy. The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda. Through this membership, Boursa Kuwait will get the necessary support for developing, implementing and promoting adherence to internationally recognized and consistent standards of regulations to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks. The membership will also allow exchanging information at both global and regional levels on experiences, to help developing the market, strengthening infrastructure and implementing appropriate regulations. IOSCO categorizes members of its organization.
The Egyptian Exchange (EGX) completed the development of its main index EGX30 methodology to have a more reflective index of the market performance. This comes within the framework of the development program adopted by EGX management from “the value-added chain” perspective, to raise the efficiency and competitiveness of EGX.
EGX issued a decision for the activation of market maker in the Egyptian market. EGX set the criteria for brokerage firms allowing them to act as market makers and was approved by the Egyptian Financial Regulatory Authority (FRA). The decision states the criteria, registration steps, technical requirements, experience and competence required for applying for this activity along with EGX’s membership rules.  
The Egyptian Exchange started its introductory program to Judges in Economic Courts, which aims at reviewing the most important mechanisms and frameworks governing the capital market in terms of trading inside and outside the cabin. This comes in cooperation with the German Foundation for International Cooperation (GIZ).

It is worth mentioning that EGX had signed an MOU with the German Foundation for International Cooperation last week, which aimed at organizing awareness programs of the mechanisms and frameworks governing the capital market, which will be presented to the new judges in the Economic Courts.

The World Federation of Exchanges (WFE) selected The Egyptian Exchange (EGX) to be the head of the Emerging Markets Committee of the federation for the coming two years. Argentina and Thailand stock exchanges were selected as deputy head of the Committee. This Committee includes 27 stock exchanges representing 21 countries out of the 66 WFE member countries.


The Egyptian Exchange (EGX), in collaboration with the European Bank for Reconstruction and Development (EBRD), held a workshop to strengthen and enhance the small and medium-sized companies that are listed on the NILEX at the administrative, technical, governance and sustainability levels.

The Egyptian Exchange (EGX) completed during a week a workshop whose focus was to develop skills and proficiencies of 20 employees in the different departments of 10 member exchanges of the Federation of the Euro-Asian Stock Exchanges; that workshop was held in Cairo.
The exchanges representatives who attended the training program included the stock exchanges of the following countries of the following countries Amman, Iraq, Switzerland, Iran, Kazakhstan, Armenia, Kuwait, Oman, Uzbekistan and Palestine.
The training program held at EGX headquarters in the Smart Village that was presented by EGX senior management includes the following topics such as risk management, membership and surveillance.
The step affirms the EGX is keen to activate the relations with various financial markets to enhance cooperation and exchange of experiences as this contributes in capital markets’ role in achieving economic development.
The Egyptian Exchange (EGX) has launched a training program on "Risk Management" in cooperation with the Investor Protection Fund. The training aims at developing the competences of the risk management departments’ employees of the brokerage firms to enable them to design effective policies that strengthen their companies’ in this regard for more stability in the securities industry.
The training program includes two rounds each is four-days. Approximately 70 brokerage firms attend each round from Cairo and Alexandria.
Continuing EGX Board aim to improve trading environment of The Egyptian Market; a more dynamic with better control market, EGX, issued a decision on the determinants of closing price calculation and the subsequent move controls within price limits and pause. EGX issued another one on closing rate calculation parameters.
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 also organized on April 15 and 16, 2019, in London, the 4th Edition of Morocco Capital Markets Day. The goal of this event, held in partnership with the London Stock Exchange Group, was to promote the Moroccan financial marketplace on the international scene.

In this respect, a presentation on the economic and financial environment in Morocco was made in the presence of an array of personalities, speakers and experts from both private and public financial sectors. One-to-one meetings between Moroccan publicly traded companies and international investors were also organized on this occasion.

This edition was a great success with more than 200 participants. Besides, this event allowed participating Moroccan issuers to hold over 244 meetings with international investors.
IFC, a member of the World Bank Group, and the Casablanca Stock Exchange are partnering to help companies in Morocco attract investment, part of an effort by IFC to support job creation and economic growth in the kingdom.
IFC will advise officials at the exchange, the second-largest in Africa by capitalization, as it offers small and medium enterprises advice on corporate governance and financial reporting. The program is designed to help smaller companies, a key part of Morocco’s economy and major source of jobs, eventually list on the exchange. That would give them crucial access to capital from both foreign and local investors, allowing them to expand and create jobs.
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.


The Order of Chartered Accountants has organized, jointly with the Casablanca Stock Exchange, the national finals of the 9th edition of the management tournament. Several business schools and Universities of Morocco took part in this event.

In accordance to the best international standards & global practice, and as part of its efforts to enhance market liquidity, Bahrain Bourse announced the implementation of a new tick size framework which aims to unify all categories of listed financial instruments (excluding Debt and T-bill securities) at BD 0.001 & USD 0.001.

The new tick size framework has been designed to mitigate investors risk in the event of price drops and limit excessive disruption to the market. The new tick size aims to revitalize companies with lower market capitalization and help incentivize investors due to narrower market spreads. Investors will also be able to place orders with smaller fractions, which will enable investors to mitigate risks.

Commenting on this occasion, Abdulla Janahi- Director of Trading Operations stated, “The new tick size which came into effect on the 19th of May 2019 will allow the unification of the security tick size movements for all the securities traded in BHB’s market (excluding Debt and T-bill securities). The change of the tick size follows best practice on international trading venues and aligns our market with those standards to ensure its continued competitiveness.”

With the change of the tick size, prices of financial instruments (excluding Debt and T-bill securities) traded on Bahrain Bourse will be determined with a greater precision. This would help narrow market spreads (the difference between the ask price and the bid price) and ensure a more precise market valuation of the instruments. The change will be particularly relevant for companies with lower market capitalization, for which a price change by BD 0.001 (or US$ 0.001 for companies traded in USD) represents a major percentage change in value.
Bahrain Bourse announced conducting its second roundtable discussion with the CEOs of listed companies. The discussion addressed various topics including Bahrain Bourse’s performance during 2018 and its recent plans and projects. The discussion also highlighted the recent developments in the capital market in the region along with the opportunities and challenges occurring in light of the current economic changes.

It is worth to mention that Bahrain Bourse began the Roundtable discussions last year, where the first session was held on the 22nd of October 2018. The discussions are part of a series of discussions conducted with CEOs of other listed companies. The discussions aim at offering a platform of open discussion and encourages exchange of ideas, recommendations and opinions on developing the capital market in the Kingdom of Bahrain in a way that serves and benefits listed companies on one hand, and contributes to enhancing investors’ confidence in the market on the other hand. 
In line with Bahrain Bourse’s efforts to enhance investment awareness, Bahrain Bourse (BHB) in collaboration with the Bahrain Institute of Banking and Finance (BIBF) held the seventh “Investments and Saving Seminar”.

The seminar that was being offered on a monthly basis covered various topics including types of investment products, concepts of risk and return, and how to build an investment portfolio. The seminar concludes with a brief about Bahrain Bourse and the different sectors of the market.

The Investment and Saving Seminar is one of the investment awareness initiatives offered by the Investment Academy targeting a broad spectrum of audiences from students to inpiduals and small business investors providing them with the knowledge of financial products and investment strategies.

It is worth mentioning that Bahrain Bourse (BHB) in collaboration with Bahrain Institute of Banking and Finance (BIBF) launched “The Investment Academy”, an investor education training provider within the Capital Markets, in November 2017 with the aim of offering technical market know-how targeted towards beginner, intermediate, and professional investors to enhance their capital markets knowledge with innovative teaching methods and technologies.
Bahrain Bourse (BHB) & INJAZ Bahrain signed a Memorandum of Understanding (MoU) to enhance joint cooperation between the two parties, and to specifically deliver a specialized business-educational program “Smart Investor” targeted towards elementary-level students to educate and empower them with basic financial literacy concepts.

Based on the MoU, Bahrain Bourse in cooperation with INJAZ Bahrain will deliver and implement the Smart Investor Program by penetrating all primary government schools, to have approximately 5,000 students benefiting from the program on an annual basis.”

The Smart Investor program aims to introduce to students the concept of smart investing, saving, and planning for their financial future through hands on learning & interactive activities. Some of the topics covered during the sessions include: how to use ATM machines, earning money from various resources, financial services offered through banks, and how to be empowered for financial decision making.   
Bahrain Clear, a wholly-owned subsidiary of Bahrain Bourse, announced the issuance of 140,000 “myShare” cards at no additional charge to all Bahrain Bourse’s registered investors with a valid Investor Number (NIN) (an account at Bahrain Clear) and with updated Know Your Customer (KYC) requirements.

With “myShare” card, Bahrain Clear will now be able to automatically transfer future cash pidends instantly to the shareholder’s card balance within 10 days from the announcement of the cash pidends distribution by the listed companies. The card features an easy-to-use, secured with EMV chip-enabled and widely accepted at over 35 million outlets and over 2 million ATMs across the globe, wherever the “Visa” sign is displayed. Besides the value-added benefits of “myShare” card, investors will also receive free SMS alerts, monthly electronic statements sent to their registered email address to manage their financial accounts and keep track of their card transactions in addition to a secured online shopping features through “Verified by Visa”.
Bahrain Bourse (BHB) and the Bahrain Institute of Banking and Finance (BIBF) have collaborated to jointly launch the “Investments and Saving Seminar” to build and expand on fundamental knowledge of financial products, investment selection techniques, and investment strategies available to inpiduals and their companies. This informative seminar is to be held monthly at the Auditorium of Bahrain Bourse.

This Public Awareness Seminar Series aims to target a broad spectrum of audiences from Students to Inpidual Investors and Small Business Investors providing them with the basic knowledge of financial products and investment strategies.

Khaleeji Commercial Bank (KHCB) and Mubasher signed an agreement to launch “Bahrain Trade”, an innovative trading solution that enables investors to trade on Bahrain Bourse (BHB) online via this service platform. The solution is being powered by Mubasher, endorsed by Bahrain Bourse and KHCB is the first participating financial institution to offer this unique service to their client base.


Bahrain Bourse (BHB) in collaboration with Bahrain Institute of Banking and Finance (BIBF) announced the official launch of “The Investment Academy” which is an investor education training provider within the Capital Markets ( aims at offering technical market know-how targeted towards beginner, intermediate, and professional investors to enhance their capital markets knowledge with innovative teaching methods and technologies.

The Investment Academy aims at capacity building and further bolstering Bahrain’s position as a financial center for banking. This milestone aims at further expanding Bahrain’s horizon and market positioning to also become an intellectual hub for capital markets training and knowledge. The Investment Academy’s offering mandate will cover public awareness sessions, professional certifications as well as key trending topics in capital markets.
The Investment Academy targets a broad spectrum of audiences from students to inpidual investors and small business investors providing them with the basic knowledge of financial products and investment strategies. The Investment Academy will cover both professional certifications (including Series 7, Series 79) as well as general Capital Markets focused programmes.
The Investment Academy will help develop the critical skills and capacity of the investment industry to harness the potential of the capital markets. With this, the BIBF aims to train an immense number of participants and become a trusted partner with delivering a range of programmes that meet various levels of investing and trading knowledge to broaden the range of investment awareness and know-how across the Kingdom for seasoned and amateur investors.
Bahrain Bourse (BHB) has unveiled its new Mobile App “Bahrain Bourse” available for both iOS and Android operating systems. The aim of the app is to offer investors an easily accessible platform in their pocket to assist them in making investment decisions according to the latest market news & company disclosure.
The newly launched app offers a number of features that enables investors to: monitor real-time stock prices, view depth and volume information, time & sales, view company announcement & market messages, and a summary of the daily transactions.
The mobile application has been built to facilitate easy and informed stock trading information and deliver unique market insights for informed trading decisions for the investors community at large. The App can be found on Apple Store or Google Play by searching the keyword "Bahrain Bourse.”



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.
After FTSE Russell had improved in September 2017 the classification of Tunisia on basis of two criteria, it is the case of MSCI to improve in June 2018 its appreciation on two criteria too.
FTSE improved its appreciation of the criterion of efficiency of the mechanism of negotiation which passes from “restricted” to “respected” as from the criterion of liquidity which passes from “not respected” to “restricted”. The passage of this last criterion with “respected” would make the Tunisian market eligible to the higher statute of “Secondary Emerging”. What would more reinforce the attraction of Tunisia near the international investors.
In his last report on accessibility of markets, published in June 2018, MSCI compares the regulation and practices by countries to international standards, and indicates the tracks of improvement likely to be appreciated by the foreign institutional investors.
This report, which reflects the perceptions and the experiences lived by foreign institutional investors, provides a detailed evaluation of the 5 criteria of accessibility to the market :
1.Access of the foreign participation (restrictions on the foreign investment, equal rights for the foreign investors…)
2.Facility of exchange of the entering/outgoing capital (gone of exchanges developed…)
3.Efficiency of the operational framework (accessibility of the foreign investors to the market, infrastructure and market organisation…)
4. Competitiveness (access of investors to the derived stock market information, the data and the products of investment…)
5.Stability of the institutional framework (stability of the economic system of the country…).
MSCI, like FTSE Russell, maintained the Frontier statute of the Tunisian market, mainly because of a capitalization considered to be insufficient, but was based on the coming into effect of the new law of investment 2016-71 to improve its appreciation of two criteria which pass from “Improvement necessary (-/?)” to “Any problem (++)”. These criteria are “Restrictions on the foreign investment” and “Problems related to the limitation of the foreign participation”.
It is to be announced that a working group was created at the start of 2018 under the support of Finance Minister and the collaboration of many official representatives from the Financial Council Market, the Tunisia Central Bank, the Investment Tunisian Authority (foreign promote Agency), Tunisia Clearing Company, Brokerage Association, the Tunisian Banks and Financial institutions Association and the Tunis Stock exchange. This working group has treated the impediments with the respect of quality market criteria required by the providers of international indices, like MSCI, Standard and Poors (S&P) or FTSE Russell, in order to improve the visibility of Tunisia to foreign investors.
The Ministry of Industry and Small and Medium Enterprises and the Tunis Stock Exchange signed a partnership agreement to promote and facilitate SME access to direct financing by the financial market to improve their competitiveness and ensure their sustainability.

The two parties have set the main lines of cooperation, including support and support measures for SMEs with significant potential for growth and job creation to enable them to strengthen their own funds and benefit in general. benefits of the use of the market.

The agreement also covers an exchange of information promoting the establishment of common databases to identify candidates eligible for financing by the market.
The Tunis Stock Exchange organized a stock market training session for Chartered Accountants. More than 70 experts participated in this training cycle. This action is part of the partnership agreement concluded between the Tunis Stock Exchange (BVMT) and the Association of Chartered Accountants of Tunisia in September 2017.
The training sessions focused on the regulatory framework governing the stock market, the procedures for introducing companies on the stock market, stock market transactions, investor protection mechanisms, etc. 
The performance and sustainability of the activities of the companies are more and more dependent on their information systems. This dependence requires the implementation of an effective management device that guarantees the continuity of the activity of the company and the control of the risks by the permanent respect for the basic principles of information security: the availability, confidentiality, integrity and traceability of the information.
The Tunis stock exchange in collaboration with its partner - the Konrad-Adenauer-Stiftung Foundation - organized a meeting on that matter for listed companies, stock brokers, various stakeholders from the place of Tunis.
On This occasion, experts in the information security audit chain addressed the various facets of the management of the WSIS and three business representatives who have implemented the systems of information security management systems -certified ISO 27001 presented their experiences.
The main recommendations for obtaining an acceptable level of control of the security of the information of the company:
(i) positioning of the safety requirements of the company in relation to security measures available to it, (ii) the systematic use of a security audit, (iii) the implementation of the recommendations of the audit allowing the implementation of policies of risk management and information security management.
In addition to this meeting, the Tunis Stock Exchange rewarded, the winners of the 5th edition of the "my investia" challenge.
The ministry of justice and Tunis Stock Exchange concluded a partnership agreement aiming at reinforcing competences of the various professional bodies attached to the ministry in the field of the financial market.
After a first training cycle carried out with the profit of the judges members of the Legal and Judicial Studies Center (CEJJ), Tunis Stock Exchange launched a second formation for submission to the judges. These training courses will relate to the legal framework of the financial market, the legal and technical aspects of listing of the companies in stock market, the various stock exchange transactions and the characteristics of the stock exchange products and of their taxation.
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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