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The Chairman of the Amman Stock Exchange (ASE) Board of Directors, Dr. Kamal Qudah received the CEO of the Palestine Exchange (PEX), Mr. Ahmad Aweidah with the presence of the CEO of the ASE, Mr. Mazen Wathaifi at the ASE.

Many important issues have been raised during the meeting such as the ways to enhance communication and cooperation between the two entities, as they reiterated on the depth relations between the two countries, and they were looking for enhancing the cooperation between them in the future. On the other hand, they discussed the possible ways to exchange experiences between ASE and PEX.
The ASE Chairman of the Board, Prof. Kamal Al-Qudah in the presence of Mr. Mazen Wathaifi the CEO of the ASE, Mr. Bassam Abu Abbas the Acting CEO of the ASE, and representatives of Syndicate of owners of financial services companies met the Chairman of the Jordan Investment Commission (JIC), Dr. Khaled Wazani.
During the meeting; they discussed the means of communication and cooperation between the two entities, and role of the investment in the development of the national economy, and influencing the economy’s prosperity and enhancing the growth of the economy in all aspects.
The ASE Chairman of the Board, Dr. Kamal Qudah, in the presence of the CEO, Mr. Mazen Wathaifi, received the Chairman of Global Compact Network Jordan, Mr. Raji Hattar and the Vice Chairman, Mr. Jamal Fariz at the Amman Stock exchange(ASE) premises. During the meeting; they discussed the means of cooperation between the two entities to urge the ASE listed companies to join the Global Compact Network Jordan Initiative.

The value of shares that were bought by non-Jordanian investors at the Amman Stock Exchange (ASE) since the beginning of the year until the end of June 2020 was JD 48.9 million, representing 11.4% of the overall trading value, while the value of shares sold by them amounted to JD 99.8 million. As a result, the net of non-Jordanian investments showed a negative value of JD 50.9 million, whereas the net of non-Jordanian investments showed a negative value of JD 40.6 million for the same period of 2019.

The value of shares bought by non-Jordanian investors at the (ASE) in June 2020 was JD 6.7 million, representing 6.6% of the overall trading value, while the value of shares sold by them amounted to JD 14.2 million. As a result, the net of non-Jordanian investments in June 2020 showed a negative value of JD 7.5 million, whereas the net of non-Jordanian investments showed a positive value of JD 0.3 million during the same month of 2019.

Arab investors purchases during June 2020 were JD 6.0 million, or 88.9% of the overall purchases by non-Jordanians, while the value of non-Arab purchases amounted to JD 0.7 million, constituting 11.1% of the overall purchases by non-Jordanians. Arab investors sales amounted to JD 5.0 million, or 35.3% of non-Jordanians total sales, while the value of non-Arab sales amounted to JD 9.2 million, representing 64.7% of the total sales by non-Jordanians.

Non-Jordanian investors' ownership in companies listed on ASE by end of June 2020 represented 50.6% of the total market value, 34.3% for Arab investors and 16.3% for non-Arab investors. At the sector level, the non-Jordanian ownership in the financial sector was 54.9%, in the services sector was 18.3% and 61.8% in the industrial sector. 

The ASE’s CEO, Mr. Mazen Wathaifi, said that we are in the process to finalize the updated electronic trading system Optiq, which will be launched during the last quarter of this year. The new system is characterized by being up to date with the latest developments in electronic trading systems in terms of efficiency, speed in receiving and processing orders, selling and trading in new financial instruments, effectively linking it to trading systems and applications, and the possibility of trading through the application of modern technology for trading activities. The meeting was streamed on the website of the European-Asian Stock Exchange Union (EFAS), which was recently broadcast on their website, as he answered the questions that raised by the Federation Deputy Secretary-General, Arminuhi Hovakimyanyan, and reviewed the most important initiatives, procedures and achievements that the ASE is working on to strengthen the legislative and the technical frameworks, market activity in order to resolve the challenges and mitigate the effects and the consequences of the COVID-19 pandemic.

He pointed out that in addition to the aforementioned electronic trading project, the ASE has worked during this stage on developing its electronic systems according to the latest international practices and standards. The project of the electronic disclosure system is being completed in cooperation with the Jordan Securities Commission (JSC) through the XBRL language expected to be launched in the last quarter of this year. Worth mentioning that XBRL is a typical international language, where information, critical disclosures, analytical ratios and numbers necessary for investors will be published through the system in Arabic and English and will enable investors to access disclosure the of listed companies through the JSC and ASE websites. Therefore, this will save time and effort, enhance transparency, and increase market efficiency and timely information disclosure.

He stressed that the ASE has developed the VMware system, to modernize and ensure the security and safety of the technical infrastructure of the ASE to enable the ASE to implement new technologies in the national capital market, and to prepare for the future in the light of technological and technological advances and successive developments. The ASE website has also been updated, to be an interactive site eventually enabling investors to see the disclosures and information necessary to make their investment decisions based on such information, the website is also linked to the official ASE social media accounts on Twitter, Facebook, Instagram, YouTube, LinkedIn.

On the other hand, the ASE’s CEO Mr. Wathaifi pointed out that the ASE implements the Road map strategy recommendations reached by capital market institutions in cooperation with the European Bank for Reconstruction and Development (EBRD), which aims at reinforcing the investment climate in the market through applying the latest international standards and practices. Making the market more attractive to investors and exporters of securities and promoting awareness and a culture of investment in the market. The ASE will work in cooperation with relevant government agencies, public shareholding companies and related parties to promote market investment through promotions of Roadshows and internal and external stock market marketing

In collaboration with regulators and market institutions, it will also create technical and legislative frameworks for new products such as Exchange-Traded Fund (ETFs) and real estate funds (REITS), and will hold meetings with stakeholders to promote the establishment of such funds. One of the most important steps taken by the ASE to prepare and enable the creation of these funds is the launch of the ASE20 index, which consists of the shares of the 20 most active companies in the market.

“One of the most important initiatives and projects ahead is to promote the commitment of listed companies to governance rules through balanced Scorecards”, he added. Jordan's ranking in its Doing Business Report and the World Bank's doing Business report was raised by 60 centers in two years in light of the implementation of governance instructions for listed companies.

In response to how the ASE will continue its work during the curfew period in the country and with trading suspension couple of times. How the ASE contact the relevant parties and listed companies during this period in order to provide the ASE with needed reports and disclosures he commented, “regarding to the disclosures of these companies' annual reports, which, in these circumstances, reached 97%, despite the circumstances of that period, and the suspension of trading and closing, as even when trading was suspended, the ASE did not stop following other day-to-day work, and an emergency plan for remote work was set up before closing and equipping the technical infrastructure needed to launch the remote work”, also he added, “various departments in the ASE have been directed to follow specific steps to continue working remotely. The relevant authorities have been contacted during this period and the ASE has completed its work in its field according to a previously developed plan, which is constantly updated with all other plans and strategies, in light of developments in the market and local and international trends.

During the meeting, Mr. Wathaifi stressed out that the ASE is keen to continue its efforts to strengthen cooperation and partnership relations and exchange experiences with the other Arab and international stock exchanges and international capital markets institutions in a way that achieves the common interests of the ASE and these parties. In response to Ms. Arminuhi's question about his expectations about what kind of a world will be after COVID-19, he said that there was no specific answer at present in the light of the current state of no clarity and uncertainty, particularly that the world economy is still suffering. Neither the global economy expected to return to normal soon in this uncertainty. He stressed that cooperation among the world countries should be strengthened to confront this pandemic and its consequences that hit the whole world and to repair the damages caused by it, according to clear cooperation policies that achieve common interests and help to overcome the challenges facing the whole world.

He cited with His Majesty the King Abdullah II saying “we must return to the right globalization that leads to close cooperation between States and societies”, noting that Mr. Wathaifi stated, “Economies would be restructured and new features would be found in the financial sector in particular, where the focus would be on the use of modern technology systems and means (Digitalization), and the financial technology (Fintech), and using applications and smartphones, especially in terms of trading, dealing, transferring money and the payments system. This is why we must prepare well for this stage, mentioning that Jordan has achieved a success story that the world witnessed in confronting this pandemic.

In turn, Mrs. Arminuhi, Deputy Secretary General of the Federation of Eurasian Exchanges, praised the measures taken by the ASE since the beginning of the pandemic and the projects that the ASE has pursued to complete despite the COVID-19 and its repercussions and the conditions created by the pandemic. 

Mr. Mazen Wathaifi, the CEO of the ASE, participated in the webinar “Central Banks Support to Financial Markets in the COVID- 19 Pandemic”, which was organized by the Arab Banking Union (UAB) in cooperation with the Arab Stock Exchange Union (AFE), via Zoom Application, in the presence of the Secretary General, Union of Arab Banks Mr. Wissam Fattouh, and chairman of Arab stock exchanges Union Mr.Mohamed Farid, and the General Secretary of the Arab Federation of Exchanges Mr. Rami Al-Dakani, and a number of senior officials in Arab and foreign central banks, International Monetary Fund (IMF) , and a group of decision makers and banking and financial leaders, and the CEOs of Arab Stock Exchanges. The conference has discussed over two days the role of central banks in developing capital markets and the long-term financing mechanisms offered by capital markets to Arab economies and the reality of Arab capital markets.

Mr. Al Wathaifi also emphasized on "the role of Arab banks in developing capital markets" and the importance of banks' role in supporting capital markets and The importance of these sectors in providing the necessary finance in the economy, pushing the economic growth, and strengthening the economy, especially in the difficult circumstances of the Arab economies in the light of the consequences of Corona virus.

Mr. Al Wathaifi added “The banking sector and the stock market sector do not compete, but complement each other”. The presence of a strong, stable and reliable banking sector is considered a major factor in the success and stability of the capital market. In addition to its traditional role in providing financing, it also contributes in providing many financial services in the market by establishing units or subsidiary companies that provide brokerage firms services., financial advice, and investment management etc…, and establishing investment portfolios for investment through mutual funds and market maker, and its role in the settlement and clearing process.

Mr. Al Wathaifi reviewed the procedures that are adopted by the ASE in coordination with the JSC to face the effects of this pandemic, which were mainly represented by the ASE’s emergency plan and preparing the technical infrastructure to work remotely to ensure the continuity of work and trading, and provide the necessary services to dealers, in addition to reduce the trading hours and the daily price limits, the maintenance margin and the initial margin, the restrictions related to the permitted financial limits that related to the broker's net equity, wishing to buy the shares issued by them (treasury shares),

Also, extending the legal deadline for the disclosure of the annual reports for the year ended on 31/12/2019 and quarterly reports for the period ended on 3/31/2020

He concluded that there are a number of learned lessons from this crisis, especially in light of uncertainty; one of the most important is the emergency plan, and the risk management procedures to ensure the continuity of work. and the continuation of the payment system and the financial services mainly through the new technological applications, to find out adequate ways and innovative ideas to overcome the effects of the epidemic and reduce its impact and challenges

He also stressed on the importance of the role of central banks to protect, and support the financial sector, and the role of other supervisory authorities, and the importance of their decisions and supervisory and regulatory procedures in these circumstances, Mr. Al Wathaifi referred in this regard to the procedures taken by the Central Bank to face the effects of Corona virus on the national economy.

It is noteworthy that the webinar was the first cooperation between the Arab Banking Union (UAB), Arab Stock Exchange Union (AFE), the International Monetary Fund (IMF) in Washington/USA, and the Frankfurt Financial Center with the participation of the United States through American banks including Wells Fargo: JP Morgan Chase, Mufg, BNY Mellon; In addition to, the London-based capital markets Union in Europe. 

The ASE has started to hold a series of virtual training workshops for the employees of the certified brokerage companies at the ASE through the online communication applications. The ASE’s CEO, Mr. Mazen Wathaifi pointed out that these workshops come within the ASE efforts to prepare for launching the new version of the electronic trading system of Optiq, which is expected to be ready before the end of this year 2020.

The workshops aim to introduce the employees of the brokerage companies to the most important features of this new version and to prepare them to work on the new version of the modified PAM trading stations to match the new system. The first training workshop was held on Thursday; 17/9/2020 with the participation of 11 brokerage firms, and attended by 35 participants from their employees. The ASE will continue holding such training workshops for other brokerage companies, in preparation for holding pilot trading sessions for the new electronic trading system Optiq with the participation of all brokerage companies.

Noting that the new Optiq version is up to date with the latest improvements in terms of efficiency, speed in receiving and processing selling and buying orders, and the possibility of using new financial instruments in trading, and effectively linking them to trading systems and applications. It also provides trading capability through the application of new technology for trading activities. 

The Amman Stock Exchange (ASE) signed a joint cooperation agreement with the Amman Arab University (AAU) aiming at establishing a simulation and training room on the ASE’s electronic trading system. Where the ASE’s CEO Mr. Mazen Wathaifi and the Acting President of Amman Arab University professor Khaled Al Tarawneh signed the agreement, the Chairman of the Board of Directors of the Securities Depository Center (SDC), Ismail Hajajj, the Deputy CEO of the ASE, Mr. Bassam Abu Abbas, the Dean of the Faculty of Business, Dr. Hassan Al-Zou’bi, and the Dean of the Aviation faculty, Dr. Anwar Al-Assaf; In addition to a number of ASE officials and the university academic staff.

The ASE’s CEO, Mr. Mazen Wathaifi said that signing the agreement comes within the framework of the implementation of the ASE’s policy under its social responsibility and its keen on deepening its relation with the national universities, and the importance of this relation between the two parties. As well as promoting knowledge in everything related to national capital market and investment in securities among the society, particularly among students of the financial faculties in the national universities, to train them and qualify them for the labor market, given the importance of the capital market in economy and enhancing the development.

In this regard, the Acting President of Amman Arab University professor Khaled Al Tarawneh, said that this agreement is part of a series of agreements through which the university is connected to a network of relations to provide the necessary and needed experiences for the refine the students’ skills and the improve the outcomes. looking forward to creating a simulation room to empower students and enhance their knowledge and skills in the field of stock exchange and e-trading.

Accordingly, the university will provide a place for the simulation trading and its technical devices, and the ASE will provide the university with the trading software and link the university with the electronic trading system used in the ASE in order to allow students at the AAU to simulate trading at the ASE.

On the sidelines of signing the agreement, Dr. Khaled Al Tarawneh has rang the bell to start the trading session on Tuesday, 29/9/2020, and the two parties exchanged memorial shields. 

In line with the instructions of the official and government authorities, which include the tightening of public safety measures, in light of the Corona pandemic to reduce the number of employees working on the site, and in continuation to work with the emergency plan at the Amman Stock Exchange (ASE) by activating the mechanisms of remote work.

The ASE administration is requesting all entities, authorities and stakeholders to communicate with the ASE by calling (065664109), and providing it only with all correspondence via the two e-mails shown below:



We wish to assure everyone of the necessity to adhere to the procedures and instructions followed by the Stock Exchange, wishing everyone good health and safety.

On Sunday, 11 October 2020, the Amman Stock Exchange (ASE) hosted the celebration of “Ring the Bell” for Financial Literacy initiative along with a number of global financial markets, to celebrate the World Investor Week, launched by the International Organization of Securities Commission (IOSCO) and the World Federation of Exchanges (WFE) with the aim of promoting investment awareness efforts and protecting Investors' rights.

The CEO of the ASE, Mazen Al-Wathaifi said that the Stock Exchange always pays much attention to extend bridges of cooperation with all local and international institutions to enhance investment awareness activities and spread financial knowledge and awareness. Mr. Wathaifi pointed out that this occasion coincided along with the ASE initiatives and events aimed at enhancing the financial culture and investors awareness on all matters related to investment in securities and the capital market, as ASE finished on Thursday 10/1/2020 a series of virtual training and introductory workshops for employees of brokerage member companies at ASE with the aim of clarifying the most important features of the new version of the trading system for financial brokerage firms and preparing them to work on the new version of the modified PAM. This event also came as part of the exchange's efforts for preparations to launch the new version of the electronic trading system Optiq which is expected to be launched before the end of the year.

Mr. Wathaifi added that ASE is working within this framework and within its social responsibility to deepen its relationship with national universities, as recently a cooperation agreement has been signed with Amman Arab University, which aims to establish a simulation room and training on the electronic trading system of the ASE at the university.

In order to develop investment culture in general and educate investors about its products and services in particular, the ASE held a workshop entitled "The Road to Listing on Amman Stock Exchange" in cooperation with the Jordan Securities Commission (JSC) and the European Bank for Reconstruction and Development (EBRD), through visual and electronic communication technology ZOOM, in which a detailed explanation of the most important developments in the national capital market and the development plans implemented by market institutions has been provided, clarifying the concept of the initial public offering (IPO) and its basic requirements, in addition to introducing the benefits and advantages of listing on ASE. It was also announced during the workshop that there will be a technical and advisory support provided by EBRD for companies wishing to be listed on ASE.

Mr. Wathaifi indicated that ASE’s working through various media channels, to introduce and raise awareness of the latest legislative and technical developments in the capital market and its institutions, and to publish trading data related to listed companies. He also indicated that ASE has prepared a number of educational materials that will be placed on the ASE's website under the title of “Investor Education”. 

Refinitiv and the Arab Federation of Exchanges (AFE) within the contribution in promoting the concept of sustainability launched the Refinitiv AFE Low Carbon Select Index in the Middle East and North Africa (MENA). The CEO of Amman Stock Exchange, Mr. Mazen Wathaifi, said that this index consists of 9 markets achieved the index requirements and criteria. ASE represented by the Arab bank is one component of it of a 3.8%, Also, Saudi Arabia holds the largest weight in the Index with 39.5%, followed by Kuwait 22.15%, UAE 14.65%, Qatar 12.24%, Egypt 4.21%, Morocco 1.69%, Oman 0.87%, and Bahrain 0.85%.

Al-Wathaifi added that Refinitiv AFE Low Carbon Select Index offers an innovative benchmark for measuring the corporate governance sustainability practices that are concerned with environmental and social contributions in companies listed in the markets, and provides the required information for investors wishing to commit capital to companies that actively invest in companies that invest in activities that are concerned with governance applications and promote low carbon activities in the running of their businesses. The environment is concerned with managing its business in light of the importance of the escalating importance of this information, data, environmental and social analyzes and corporate governance on the financial markets in the MENA region, as the index includes those companies as basic components in it. These companies work to reduce energy consumption and hence contributing to lower the carbon footprint of the region.

The entry of the Amman Stock Exchange represented by the Arab Bank in this index is a positive sign, and the launch of this index will pave the way for the creation of investible products in MENA including Equity Traded Funds. It will also contribute to attract asset managers and investment into MENA markets in light of increasing the importance of the governance and sustainability in the world.

Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, in addition to providing trading platforms that connects global financial markets. It works also in providing financial services, investment management and risk management. It provides its services to more than 40 thousand institution around the world. 

The Amman Stock Exchange (ASE), represented by the Chief Executive officer of the ASE, Mazen Wathaifi, participated in the meeting of the General Assembly of the Arab Federation of Exchanges (AFE), which was held this morning, Tuesday, 11/3/2020, virtually through Zoom application, where the meeting was chaired by the Chairman of the Board of Directors of the Egyptian Stock Exchange, Dr. Mohamed Farid Saleh as President of the Union in its current session and in the presence of Secretary General of the AFE Rami Al-Dukkani, and with the participation of heads of stock exchanges and Arab clearing and depository companies.

Whereas, during the meeting, the ASE was elected by the consensus of the members, in addition to the Beirut Stock Exchange, as members of the Federation’s Board of Directors, representing Levant region, the Tadawul Market - Saudi Arabia and the Bahrain Stock Exchange, representing Arab Gulf region, the Egyptian Exchange and the Casablanca Stock Exchange, representing the Arab African countries, Misr for Central Clearing, Depository and Registry and Kuwait Clearing Company representing Arab clearing houses.

During the meeting, Damascus Securities Exchange, Muscat Clearing and Depository, and the Khartoum Stock Exchange were also elected as members of the Audit and Governance Committee.

Mr. Wathaifi added that this is an indication of the members' appreciation of the important role played by the ASE in the federation during the previous years and its active participation in its activities and committees, and in recognition of the recent development of the Jordanian capital market and the modernization of its legislative and technical frameworks within a strategic plan that seeks to upgrade the capital market and improve the investment climate in accordance with the latest international standards and practices.

It is worth mentioning that the AFE was established in 1978 upon the recommendation of the Central Bank Governors under the auspices of the League of Arab States in 1978, with membership of 4 Arab stock exchanges including Amman Financial Market at that time, with the aim of facilitating the exchange of technical aid between members, harmonizing laws and regulations in force and overcoming the difficulties that face Arab investment. The federation has currently 21 members representing about 17 stock exchanges and 4 clearing companies, in addition to a number of financial intermediation companies in the Arab region. 

The Amman Stock Exchange (ASE) represented by Mr. Amjad Alqudah, the Director of Communications and Media department and Dr. Rasha Dayyat the Director of Planning and Institutional Development Department participated in the 30th Annual General Assembly and 81st Working Committee Meetings of the Federation of Euro-Asian Stock Exchanges (FEAS) on November 18, 2020 with the participation of more than 20 CEOs for the stock exchanges of the members of the federation virtually through zoom application.

During the General Assembly meeting, Sydney Stock Exchange has been approved as a Full member of the federation, and Iranian Institutional Investors Association as an Affiliate member.

The 2020 action plan performance was presented by FEAS Secretariat to FEAS Members, followed by the thorough discussion of previous projects and initiatives; the 2021 action plan and budget were also approved by the General Assembly.

The General Assembly meeting was followed by a Working Committee meeting. During the meeting members discussed and accepted the results of ongoing Task Forces and planned Task Forces for 2021.

For the fourth consecutive year, FEAS Secretariat prepared and presented a specially designed Business Effectiveness Report (BER), comprehensive research about financial and operational activities of FEAS member exchanges, and their comparison in terms of efficiency.

It is worth mentioning that he Federation of Euro-Asian Stock Exchanges (FEAS) was established on 16 May 1995 with 12 founding members. Currently there are 37 members. 

Amman Stock Exchange revealed that the value of shares bought by non-Jordanian investors at the ASE in December 2020 was JD9.9 million, representing 5.3% of the overall trading value, while the value of shares sold by them amounted to JD11.7 million. As a result, the net of non-Jordanian investments in December 2020 showed a negative value of JD1.8 million, whereas the net of non-Jordanian investments showed a negative value of JD6.6 million during the same month of 2019.

The value of shares that were bought by non-Jordanian investors during 2020 was JD96.9 million, representing 8.9% of the overall trading value, while the value of shares sold by them amounted to JD164.4 million. As a result, the net of non-Jordanian investments showed a negative value of JD67.5 million, whereas the net of non-Jordanian investments showed a positive value of JD114.1 million for the same period of 2019.

Arab investors purchases during December 2020 were JD7.9 million, or 80.1% of the overall purchases by non-Jordanians, while the value of non-Arab purchases amounted to JD2.0 million, constituting 19.9% of the overall purchases by non-Jordanians. Arab investors sales amounted to JD7.7 million, or 65.9% of non-Jordanians total sales, while the value of non-Arab sales amounted to JD4.0 million, representing 34.1% of the total sales by non-Jordanians, As a result, the net of Arab investments showed a positive value of JD0.2 million, whereas the net of non-Arab investments showed a negative value of JD2.0 million in December 2020.

Non-Jordanian investors' ownership in companies listed on ASE by end of December 2020 represented 51.1% of the total market value, 32.5% for Arab investors and 18.6% for non-Arab investors. At the sector level, the non-Jordanian ownership in the financial sector was 53.0%, in the services sector was 19.3% and 64.9% in the industrial sector. 

The Chief Executive officer of the Amman Stock Exchange (ASE), Mr. Mazen Wathaifi, said that the repercussions of the spread of the Coronavirus had a clear impact on the performance of the ASE and on the listed companies, like other Arab and International stock exchanges, which were affected in varying degrees. He also said that the repercussions of the spread of the virus, the closure of the economic sectors, and the procedures that were taken as a precautionary measures to limit the spread of the pandemic formed pressure on the world's economies and on companies’ activity, same situation for national economy and Jordanian companies. The trading value at the ASE decreased during 2020 reaching JD1.0 billion; a decrease of 33.9%, compared with JD1.6 billion for the year 2019. The number of traded shares reached 1.1 billion shares, traded through 421 thousand transactions, compared with 1.2 billion shares traded during 2019 through 503 thousand transactions.

The ASE price index weighted by free float shares ASE100 decreased to reach 1657.2 point at the end of 2020, compared with 1815.2 point by the end of 2019; a decrease of 8.7%. In addition, the ASE price index weighted by free float shares ASE20 decreased to reach 806.5 point at the end of 2020, compared with 891.0 point by the end of 2019; a decrease of 9.5%. The market capitalization of listed shares at the ASE decreased to JD12.9 billion; a decrease of 13.5% compared with the end of 2019. Thus, the market capitalization of listed shares at the ASE for 2020 constituted 41.5% of the GDP.

As for the non-Jordanian investment at the ASE, the statistics showed that the total value of shares that were bought by non-Jordanian investors during 2020 was JD96.9 million, representing 8.9% of the overall trading value, while the value of shares sold by them amounted to JD164.4 million. As a result, the net of non-Jordanian investments showed a negative value of JD67.5 million. Accordingly, Non-Jordanian ownership in companies listed at the ASE by end of December 2020 represented 51.1% of the total market value, 32.5% for Arab investors and 18.6% for non-Arab investors. 

The Amman Stock Exchange (ASE) was elected as a member of the Board of Directors of the Federation of Eura-Aisan Stock Exchanges (FEAS) during its annual meeting held in Muscat, Oman.
The ASE's election as a member of the board of directors of the Federation, which is the higher authority, came after a nomination was submitted by a number of members during the meeting.
This is an indication of the members' appreciation of the important role played by the ASE in the federation during the previous years and its active participation in its activities and committees, and in recognition of the recent development of the Jordanian capital market and the modernization of its legislative and technical frameworks within a strategic plan that seeks to upgrade the capital market and improve the investment climate in accordance with the latest international standards and practices.
It is worth mentioning that FEAS was founded in 1995 in Istanbul, Turkey, with 12 founding members, including the ASE and Currently there are 38 members and the purpose of the Federation is to contribute to the cooperation, development, support and promotion of capital markets in the Euro-Asian Region (i.e. Europe, Asia and the Mediterranean Basin).
The ASE met a delegation from United States Agency for International Development (USAID), the ASE briefed the delegation on the most important legislative, technical, quantitative developments and challenges witnessed recently by Jordan Capital Market. Also, they discussed the main issues to enhance the improvement of the market efficiency and ways to overcome the challenges facing the Capital Market, and emphasized on strengthening the means of Cooperation between the two sides.
Amman Stock Exchange (ASE) launched its new index the ASE20 index. The ASE20 index is a weighted index based on the market capitalization for the free float shares available for trading. This index is composed of 20 listed companies that are most active and reliable in terms of market capitalization, which are the leading companies in the ASE. The full market capitalization of the index constituents represents 77.6% of the total market capitalization of the companies listed at the ASE, while the free float market capitalization of these companies is 82.2% of the total free float market capitalization of the listed companies at the ASE. A base value of 1000 points at the end of 2014 was stipulated for the ASE20 index.
The sample of the ASE20 index will be reviewed quarterly at the end of March, June, September and December of each year. This review also includes the calculation of the free float of all listed companies, based on the data received by the Securities Depository Center (SDC). In addition, the factor value is reduced for any company which weighs more than 10% of the market capitalization of index.
The ASE Board of Directors has appointed, Mr. Mazen Wathaifi, as the CEO of the ASE as of the 3rd of Sep, 2019; following the Royal Decree acceptance of his resignation from the JSC Board of Commissioners. Mr. Wathaifi has a profound experience in the capital market and has several studies and researches in this field. He has participated in professional and training courses in a number of Jordanian, Arab and international institute’s university. It is noteworthy that Mr. Wathaifi is a member committees of Arab and international organizations. He also assumed high level positions during his career path in the capital market, most recently, a commissioner at the JSC Board of Commissioners since July, 2013 besides the duties of Secretary General of the JSC till August 2018. Mr. Wathaifi also was the CEO of JSC from July 2013 till July 2014, and the Head of Research and International Relations Department since 1999 - 2013.
Mr. Wathaifi holds a Bachelor Degree in Management and Economics from the University of Jordan and a Master Degree in Financial Sciences/ Financial Markets.
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) held a workshop titled ‘Investor Relations and the success of a company in providing a website page and platform for investors.’ The educational session was held for companies listed on ADX to understand how to enhance investor relations and meet their regulatory requirements, in order to advance the Exchange and meet international best practices regarding Investor Relations. A number of Investor Relations Managers from the listed companies attended the workshop.
The workshop outlined a company’s responsibility for providing data, financial reports, financial results, minutes of the general assembly meetings, and other noteworthy events. Also outlined were the necessary procedures to provide all data and information to the Investor Relations Officer. This includes the Board of Directors' decisions upon their issuance and the periodic and annual financial statements upon their approval by the Board, which will help enabling the Investor Relations Officer to carry out the tasks specified. Attendees were also briefed on: - The rights of investors and shareholders, which should be provided by the Investors' relations managers and listed companies. - The right to follow up the performance of the company through the financial statements, by reviewing the company's balance sheet, profit and loss account, reports of the board of directors, and the auditors of the company related to the previous financial year. - The fact that all shareholders have the right to obtain information enabling them to exercise their rights to the fullest and without discrimination between them. - Stakeholders have the right to see transactions with related parties, request access to the company's books, documents and any documents related to transactions with related parties, and to file a lawsuit to obtain all the information and facts that help to disclose the truth of these deals. - Access to the minutes of the Assembly meeting and many other rights.
The workshop also discussed how ADX updated its electronic disclosure system. This development will result in the direct and immediate disclosure of information throughout the year on ADX's website, excluding suspension, re-trading, and insider trading situations. Moreover, this will result in providing immediate disclosure and information to ADX’s stakeholders. Furthermore, the workshop clarified the procedure of dealing with a listed company that accumulates losses of 20% or more of its capital and the regulations and mechanism for dealing with such a company.
Abu Dhabi Securities Exchange (ADX) announced that it has implemented improvements and advancements to its electronic disclosure system and mechanisms, which will keep pace with the latest technologies and best practice applied in global exchanges. Through these digital enhancements, which came into effect on 1st November, companies will be able to practice immediate disclosure without the need for prior approval from the Exchange except for trading suspensions, resumption of trading and insider trading situations.
This development is in line with ADX's focused efforts upon improving the investment environment to benefit listed companies, investors and traders. Furthermore, the initiative will deepen the activation of the Exchange’s transparency and governance principles. 
ADX held two sustainability reporting workshops, titled ‘Enhancing the efforts of listed companies to disclose sustainability reports. The initiative is one of the pivotal axles of ADX's broader programme to advance international best practices for sustainability across the Emirate, in line with the issuance of the Environmental, Social, and Governance (ESG) Disclosure Guidance for listed companies in July of this year. Representatives from ADX and a leading institute in the filed participated in the workshops, which were attended by 80 inpiduals representing 61 listed companies. The two sessions reviewed practical ways to incorporate sustainable practices in business operations, and a step-by-step guide to ESG reporting procedures was provided, including the calculation and measuring of standards. H.E. Khalifa Salem Al Mansouri, Chief Executive of ADX, commented: "ADX is working with listed companies in order to enhance market competitiveness and attract a greater degree of global sustainable investments to the Emirate of Abu Dhabi. ADX’s advocating of sustainability practices supports the national economic strategy through providing a transparent, fair and sustainable trading environment. Organising these workshops for ADX-listed companies is part of our broader strategy to filter ESG principles across all of our market operations. A strategy designed to make ADX performing with a sense of anticipation and responsibility” Another crucial aspect covered in the seminars was the strategic importance for companies of assimilating environmental and social standards, with increasing global investment trends towards companies that apply such principles at the heart of their corporate governance. The ESG benchmarks of successful listed companies was illustrated and the ways in which the disclosure of these standards is beneficial, including a positive impact on returns which reduces losses, risks and related damages. The Environmental, Social, and Governance (ESG) Disclosure Guidance report issued by ADX earlier this year was published in order to inspire responsible investment practices, as well as encourage dialogue between investors and listed companies. Furthermore, this report outlined sustainable and environmentally-friendly ADX financial products such as green bonds and the environmental, social, and governance indicators.
Companies that release a sustainability report in Abu Dhabi should adhere to ADX's index indicators that are aligned with the Global Reporting Initiative and SDG indicators, including 31 KPIs that form the Environmental, Social, and Governance (ESG) Disclosure Guidance rules. This guidance is in line with recommendations from the Sustainable Stock Exchange Initiative (SSE), the World Federation of Exchanges (WFE), the Global Reporting Initiative (GRI) and the Integrated Reporting Framework. Each indicator covers an aspect of the ESG and calculates equations accordingly, with companies provided with the ability to monitor and track these to discover the resulting positive trends from deeper investment. Disclosure through sustainability reports opens the door to investments from institutional and inpidual investors who apply environmental and social standards - investments which are estimated to be worth USD$83 trillion worldwide. The workshop exemplifies ADX’s active role in supporting the government’s actions towards positive economic, social and environmental outcomes. For ADX the objective is to proactively imbed sustainability concerns in every dimension on investment strategies and accompanies the transition to a new sustainable development paradigm.
Abu Dhabi Securities Exchange (ADX) announced that it will be managing remote e-voting for Annual General Meetings (AGMs) of companies listed on the Exchange free of charge. This move will enable a crucial aspect of AGMs to be carried out remotely. This ability is facilitated through an attribute of SAHMI, ADX’s integrated services’ digital platform – a well-established programme compatible with Smartpassthat allows users to access all services provided by the Exchange.
ADX will provide the remote e- voting service to its listed companies without incurring any fees for its implementation. The measure answers to the need of providing valueadded services to support the private sector, in light of the current market turbulences. The approach is aligned with ADX's business development strategy and commitment to comprehensively utilize digital services to reach higher customer satisfaction, while actively enhancing the global business environment.
The provision of this service comes at a time when the Exchange is proactively taking immediate measures that deal with current accelerating international changes. The initiative is aligned with all the preventive measures recently taken by the UAE Government towards reducing global health risks. By reducing the need for group meetings and empowering remote meeting capabilities, ADX’s strategy achieves the highest levels of safety standards in the current period. 
The Abu Dhabi Stock Exchange (ADX) have announced the launch of remote working for its employees. This follows the long-term development of a new technical communication system that allows complete business continuity for employees that will meet all challenges and circumstances.
The advanced system will empower employees to perform all of their work tasks remotely and without any need to attend the workplace. This approach will contribute towards ADX’s leadership position across the region as a pioneer of digital transformation. The activation of remote working follows successful technical assessments to ensure a strong and effective system, in an important step that reflects the significant technical efficiency of ADX’s technological infrastructure. 
FTSE Russell, the global index, data and analytics provider has agreed a full index partnership with Abu Dhabi Securities Exchange (ADX) to become its benchmark administrator for domestic equity indexes in Abu Dhabi.
Under the terms of the agreement, FTSE Russell will begin providing daily index calculations on the General Index which includes all companies listed on ADX and nine sector specific indexes (Banks, Consumer Staples, Energy, Financial services, Industrials, Insurance, Real Estate, Services and Telecommunications). A new series of sustainable finance indexes and Shariah compliant indexes are also planned, demonstrating ADX’s commitment to continued investment and innovation. 

Abu Dhabi Securities Exchange (ADX) has issued an Environmental Social & Governance (ESG) disclosure guidelines for listed companies. The launch of this set of 31 KPIs is aligned with ADX strategy which is designed to support economic growth, while providing a sustainable trading environment and encouraging the business community to adopt societal sustainability practices. The model guidance on reporting ESG information to investors raises the standard of governance, by putting into operation sustainability standards and integrating them into both ADX strategy and listed companies alike.
The newly-released standards, which are more comprehensive than many other exchanges has issued, will enhance ADX’s competitiveness and attract more responsible investments to the Emirate in line with the recommendations of the United Nations Sustainable Stock Exchanges Initiative (SSE), the World Federation of Exchanges (WFE), the Global Reporting Initiative (GRI) and the International Integrated Reporting Framework.
ESG guided principles will also ensure ADX continues to make essential contributions towards promoting sustainability in financial markets, in alignment with the UAE National Vision 2021 and Abu Dhabi Economic Vision 2030, which both outline approaches to develop appropriate infrastructure while preserving s a based on a sustainable and knowledge-based economy. Companies' application to the standards of this guide opens the way for investments supported by USD 83 trillion in asset allocation from various Asset Management Funds (AMC) directed to companies that apply environmental, social and corporate governance standards. The launch of the guide is a continuation of the Exchange’s strategy aimed at supporting the national economy. 
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.
ADX received a high-level delegation from the Shanghai Stock Exchange (SSE), the visit aims to deepen cooperation and explore tangible opportunities with the Shanghai Stock Exchange (SSE), to strengthen partnership between the two stock markets.

The visit focused on how to enhance mutual trust and promote cooperation between SSE and ADX, with many topics framing the comprehensive strategic partnership between the two Exchanges discussed. Firstly, the two teams started with a comparison of regulatory experience and insurance services. Following that, the team of experts from both Exchanges explored product cross-listing possibilities, outlining how this creates opportunities to attract capital while providing greater market visibility. Sharing clearing and settlement experience were also topics on the meeting agenda, as well as the creation of additional investment opportunities. Additionally, ADX and SSE are considering the possibility of developing a joint compilation index, as they evaluate the benefits brought by the various liquidity enhancement schemes.
The Majalis Affairs Office at the Abu Dhabi Crown Prince's Court in coordination with Abu Dhabi Securities Exchange (ADX) carried out two informative lectures titled: ‘Capital Markets and Returns’. The lectures took place in the Zakher Majlis in Al Ain and Al Wathba. During the lectures, ADX briefed investors and the public about its new market products and services, the vital role ADX plays by providing opportunities to invest savings and funds in securities in order to benefit the national economy. Additionally, this event served to highlight the role of ADX in protecting investors through establishing fair and proper dealing principles between various investors and develop investment awareness. 
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.

As part of its constant efforts to showcase the dynamic role played by capital markets in strengthening and sustaining growth, the Dubai Financial Market (DFM) organized a roundtable on the sidelines of the fifth edition of the Sharjah FDI Forum, held in cooperation with the Sharjah FDI Office (Invest in Sharjah), operating under the Sharjah Investment and Development Authority (Shurooq), at the Al Jawaher Reception and Convention Centre (JRCC). The roundtable discussed IPOs and how private businesses can benefit from capital markets.
The roundtable was part of DFM’s efforts to achieve the objectives of the MoU signed by it and Shurooq in November 2017 to jointly promote awareness within private and family businesses in Sharjah on the prospects of aligning their growth strategies with DFM’s various listing platforms, including: the Main Listing, the Second Market platform for private companies, as well as the upcoming first-of-its-kind platform for free zone companies.
A new benchmark Sharia index aimed at attracting more Islamic investors to the Dubai Financial Market was unveiled by the exchange.
The Dubai Financial Market Sharia Index, DFMSI, is made up of 40 companies - 30 based in the UAE and 10 dual-listed firms deemed to be Sharia-compliant, with no single firm making up more than 10 per cent of the index. The index was set at 1,000 points using company valuations as at December 31, 2019 as a base and showed a value of 1,688.52 at the market's close on Monday.
"As the first Sharia-compliant exchange globally since 2007, we are pleased to launch this new initiative that underlines DFM’s active role in the joint efforts to fortify Dubai’s leading position as capital of Islamic economy globally," said DFM chairman Essa Kazim.
"The index enables Sharia-complaint investors and international institutions [to measure] a trajectory of the historical and current performance of DFM’s Sharia-complaint shares compared to other Islamic or conventional indices at the local, regional and international levels.”
The Islamic finance market is forecast to grow to just over $3.8 trillion (Dh13.95tn) in 2023, up from $2.44tn in 2017 according to the State of the Global Islamic Economy report published last year by the Dubai Islamic Economy Development Centre and Thomson Reuters.
Shares included in the index will be updated on a quarterly basis, overseen by DFM's Fatwa and Sharia Supervisory board. Any new Sharia-compliant shares will be considered for inclusion after one month of trading on the exchange.
Dubai Financial Market (DFM) has announced that it will start issuing Multiple Investors Numbers (NINs) for its investors, in line with the amendments to Article 35 of the Securities and Commodities Authority’s (SCA) Decision No. (3/R) of 2001 about the market functions. The amendments authorized the DFM to assign more than one NIN for an investor fulfilling specific conditions.
Based on the amended regulatory decision, certain categories of investors are entitled to apply for and use additional NINs provided they meet the eligibility criteria as set by the DFM.
Commenting on the categories of investors eligible to apply for multiple NINs, Maryam Fekri added: “There are two main categories of investors who can apply for more than one NIN, the first category includes existing investors who have a NIN under a local custodian and require to segregate assets using one or more additional NINs. The second category includes existing investors who are having a direct NIN and are planning to use the services of a local custodian.”
It is noteworthy that for trading activity purposes the multiple NINs of the same investor will be considered as one NIN to enforce ownership limits.
On the other hand, cash pidends of the listed companies for each of the investor’s linked NINs will be paid to the respective local custodian having the NIN or to the investor with respect to a direct NIN in accordance to the owned share balance eligible for the corporate action under their respective NIN. As for corporate actions related to bonus shares, the shares will be calculated based on the balance under each NIN and credited accordingly. Similarly, each NIN of the same investor will be listed separately in the share book issued to the issuer for the purpose of holding the company’s annual general meetings to facilitate voting flexibility.
 Dubai Financial Market (DFM) announced that it is temporarily closing its Trading Floor and Customer Affairs counters until further notice, as part of its commitment to public health of all market participants and employees and in line with measures taken in the UAE to contain coronavirus COVID-19.
The DFM urged all market participants to use smart and electronic platforms to get their requests accomplished. In line with the leadership’s vision on digital transformation, the DFM has introduced several platforms as part of its Smart Borse strategy that enables investors to pursue their trading activities as well as accomplish any transactions with highest levels of efficiency and security.
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) today has completed Saudi Arabia’s full inclusion into the MSCI Emerging Markets Index with the successful implementation of the second and final tranche of index inclusion, which brings the Kingdom’s weighting to 2.8% of the index’s total market capitalization. 31 Tadawul-listed companies are included in the MSCI Emerging Markets Index.
As Saudi Arabia is phased into the leading emerging market and global indices over the course of 2019, Tadawul trading data shows record buying of Saudi shares by foreign investors from around the world. In 2019, through July 31, trading activities of foreign investors, including QFIs, totaled in USD56 Billion, representing 21% of total market trading activities.
MSCI added Saudi Arabia to its Watch List in June 2017 and the Kingdom was upgraded from Standalone Market to Emerging Market in June 2018, marking the fastest progression from Watch List to Emerging Market status of any market in the history of the index. Saudi stocks were phased into the index in two tranches with a 50% inclusion factor for each, where the implementation of the first tranche took place in May 28, 2019 and implementation of the second tranche occurred in August 28, 2019.
Reference to the Capital Market Authority ("the Authority") Board of Commissioners resolution dated 15/1/1438H corresponding to 16/10/2016G, which obligated listed companies to apply the cost model to measure the property, plant, equipment, investment property, and intangible assets upon adopting the International Financial Reporting Standards (IFRS) for three years period starting from the IFRS adopting date, while continuing to abide by the disclosure requirements of the IFRS that are endorsed in Saudi Arabia, which require or encourage the disclosure of the fair value within the notes to the financial statements. The resolution indicated that the Authority will analyze the feasibility of continuing to apply the cost model upon completing the aforementioned period, or the feasibility of allowing the application of the fair value or the revaluation model.
Based on the Authority’s role in regulating and monitoring the works and activities of parties subject to the monitoring and supervision of the Authority, and its role in regulating and monitoring the full disclosures of information regarding financial securities and their issuers, the Authority announces the Board of Commissioners resolution, which includes the following:
A. Obligating listed companies to continue to use the cost model to measure property and investment property in the financial statements prepared for financial periods within fiscal years, which start before the calendar year 2022.
B. Allowing listed companies to use the fair value model or the revaluation model to measure property, and investment property in the financial statements prepared for financial periods within fiscal years starting during the calendar year 2022 or thereafter.
C. Any listed company that chooses to use the fair value model or the revaluation model to measure property, and investment property must comply with the following:
1. The board of directors shall approve the accounting policy to adopt the fair value model or the revaluation model based on the audit committee’s recommendation in this regard.
2. Each property, or investment property shall be valued by at least two valuers when preparing the annual financial statements and when using the fair value model or the revaluation model for the first time. The company must choose the lower of the two valuations.

3. Appointment of the valuers shall be done by a resolution from the board of directors based on the audit committee’s recommendation. The appointed valuer must hold a fellowship designation with the Saudi Authority for Accredited Valuers.
4. The audit committee shall monitor and oversee the valuation process and its results, and shall report to the board of directors any findings or issues.
5. Any material gains or losses arising from a change in the fair value of investment properties shall be disclosed within the announcement of the interim and the annual financial results. Materiality is determined in accordance with section 9 in Article 63 of The Rules on The Offer of Securities and Continuing Obligations.
6. Preparation and presentation of a note disclosure in the interim and the annual financial statements that reconcile the differences between using the fair value model or revaluation model and using the cost model in regards to the following: (total assets, net assets, net income, and comprehensive income).
D. Obligating listed companies to continue to use the cost model to measure plant, equipment and intangible assets for five years starting from 1/1/2020. The Authority will study the appropriateness of continuing to use the cost model or allowing the use of fair value model or the revaluation model when this period ends.
The Saudi Stock Exchange (Tadawul) announces that the Capital Market Authority’s Board has issued its resolution number (1-105-2019) Dated 2/2/1441H corresponding to 01/10/2019G approvingThe Procedures of Dealing with Center Accounts When a Custody Member Ceases or Intend to Cease its Activities.

The Procedures introduces provisions related to the mechanism to deal with the Center accounts and the securities deposited therein when the custody member ceases or intends to cease its activities and terminate its connection with the depository and settlement system at the Securities Depository Center (Edaa), which includes the following situations:
• Custody Member Defaulting.
• Custody Membership Cancellation by the Center or By Instructions from the Authority.
• Custody Members Merger and Acquisition.
• Custody Membership Cancellation by the Center or By Instructions from the Authority.
• Custody Membership Suspension by the Center or By Instructions from the Authority.
It should be noted that these Procedures shall be effective on 7/10/2019G
The Saudi Stock Exchange (Tadawul) announces that the Capital Market Authority’s Board has issued its resolution number (1-104-2019) Dated 1/2/1441H corresponding to 30/9/2019G approving the following:
• The amended Listing Rules.
• The amended Glossary of Defined Terms Used in the Exchange Rules.

The amendment of the Listing Rules (“LRs”) includes introducing provisions related to the mechanism of transfer from the Parallel Market to the Main Market, provisions related to direct listing on the Parallel Market, and provisions related to cross listing of shares for foreign issuers. In addition, the amended LRs includes, under Article 36, new suspension and cancelling circumstances in light of the Bankruptcy Law.
The amendments of the Glossary of defined terms used in the Exchange includes amending the definitions of the terms Normal Trade and Small Trade and adding a new definition for the Bankruptcy Law.
It should be noted that these Rules and Glossary shall be effective on 7/2/1441 H corresponding to 6/10/2019 G.
The Saudi Stock Exchange “Tadawul” announced the composition of the fifth term of its Board of Directors for a 3 calendar years term.
Tadawul Board appointed Mrs.Sarah Jammaz Al Suhaimi as Chairperson of the Board of Directors and Mr. Yazeed Abdulrahman Al Humaid as Vice Chairperson of the Board.
The Saudi Stock Exchange (Tadawul) announced the implementation of the fifth and final tranche inclusion in FTSE Russell as an Emerging Market with an inclusion factor of 25%.
The implementation of the fifth and final tranche will occur in two phases, the first phase will be effective on Monday 23/3/2020 based on the closing prices of Thursday 19/3/2020 with 25% of the inclusion factor. The second phase will be effective in the course of June 2020 with 75% of the inclusion factor.
In reference to the Saudi Stock Exchange (Tadawul) announcement on 25/3/2020 G regarding the temporary reduction of trading hours for all listed securities, all issuers will be able to disclose on Tadawul’s website after market close starting from 1:20 P.M.

The Saudi Stock Exchange (Tadawul) announces that the launch date of the Derivatives Market will be on Sunday, 30 August 2020. This will mark the beginning of trading in the Saudi Futures 30 (SF30) Index Futures Contract, Saudi Arabia’s first exchange-traded derivatives product.

The launch of The Derivatives Market is a significant step to further advance the Saudi capital market, providing investors with a full and persified range of investment products and services. The SF30 Index Futures Contract is based on the MSCI Tadawul 30 (MT30) Index. The SF30 will provide investors with hedging tools to more effectively manage risk and will deliver expanded opportunities to gain exposure to the Saudi capital market. 

At the end of the year 2020 Tadawul All Share Index (TASI) closed at a level of 8,689.53 points compared to 8,389.23 points for the previous year, gained 300.30 points (3.58%). The highest close level for the index (TASI) during the year (2020) was 8,760.08 points as on 30th of December.

The total Market Capitalization at the end of the year 2020 reached SAR 9,101.81 billion (US$ 2,427.15 billion), increased by 0.85% compared to the end of the previous year.
The total Value of Shares Traded for the year 2020 reached SAR 2,087.80 billion (US$ 556.75 billion) compared to SAR 880.14 billion (US$ 234.70 billion) for the previous year, increased by 137.21%.
The total number of Transactions executed during the year 2020 reached 76.69 million compared to 28.40 million trades for the previous year, increased by 170.06%.
The Volume Traded* for the year 2020 reached 79.32 billion shares compared to 33.85 billion shares traded during the previous year, increased by 134.29%.

* Historical prices & volume traded data are adjusted to account for all corporate actions during the year.

Number of trading days during 2020 were 251 days, against 250 trading days during 2019. 

In line with the Capital Market Authority’s (CMA) role to protect investors, and based on its jurisdiction of monitoring and supervising listed companies in the capital market and ensuring the enforcement of the provisions of the Capital Market Law and the Companies Law, the CMA announces the issuance of a CMA Board resolution to impose a fines amounting to (500,000) Five Hundred Thousands Saudi Riyals on the former chairman and members of the Board of Directors of the Saudi Indian Company for Cooperative Insurance during the period from 06/12/2018 to 18/01/2020, due to their violation of paragraph (r) of Article (213) of the Companies Law and paragraph (9) of Article (22) of the Corporate Governance Regulations. Where they did not prepare nor approve the Company's interim financial statements for the period ending on 30/09/2019.

The Capital Market Authority calls upon all the boards of directors of listed companies to adhere to all of the board’s statutory duties and responsibilities. The Capital Market Authority also assures its devotion to apply the Capital Market Law and the Companies Law and their Implementing Regulations to enhance the protection of the capital market and the investors from unfair practices. 

The Saudi Stock Exchange (Tadawul) has issued its resolution approving the listing request of the debt instruments issued by the Government of the Kingdom of Saudi Arabia submitted by the Ministry of Finance as per the Listing Rules with a total value of (2,955,020,000) SAR detailed as follow:

1- Issuance number 12-01-2021 with a total value of 880,020,000 SAR.
2- Issuance number 07-01-2021 with a total value of 2,075,000,000 SAR.

Accordingly, listing and trading the government debt instruments shall commence starting from Monday 25-01-2021. 

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 Stock Exchange organized a specialized training course for brokers in coordination with Syrian Commission on Financial Markets and Securities. The course aims 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 (DSE) conducted a training course entitled “ Treasury Bills and Bonds” on Monday 7/10/2019 for a group of employee in the Ministry of Finance and the Central bank of Syria for three days at the trading hall in the Exchange. The training course aimed at briefing employees in detail on the mechanism of pricing treasury bills and bonds, and the market-specific regulations, especially trading, settlement, clearing, deposit and central custody systems and the possibility of using them in the process of issuing treasury bills and bonds.
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.


Qatar Stock Exchange (QSE), in association with Maroon Capital, held a three-day Investor Relations (IR) training program in Doha with the expert input of the UK IR Society, which delivers their program on global basis having highly qualified and reputable trainers.

With the participation of representatives from more than 20 listed companies, the event is aimed at enhancing the skills needed to manage investor relations in the financial markets in accordance with the international best practices, as well as allowing participants to demonstrate the essential knowledge of the financial and market environment, the regulatory and reporting requirements for listed companies and their sound understating of the principles of IR.

This training program is of particular importance to the listed companies as it constitutes their readiness to abide by the rules of investor relations adopted by the Qatar Financial Markets Authority, which will be effective from the beginning of October.

The training program included a number of lectures covering various subjects on the IR practices including the principles of IR and why companies need it, the public company structure and concept of corporate governance, insight into the IR within the financial market environment, and understanding key stakeholders and IR’s role in building relationships. The program also covered the regulatory environment in the market, investment issues related to the buy-side and sell side, as well as the role of media in investment process. 
The listing department of Qatar Stock Exchange (QSE) organized a workshop entitled “Listing on QSE - Growth Opportunities '' to introduce companies to the advantages of becoming a public shareholding company through listing their shares on QSE.

The workshop addressed the benefits of listing private companies in the stock market in light of the significant development that has been achieved by QSE in its capacity as an important element of the national economy. He also emphasized QSE’s readiness to provide continuous assistance to the companies wishing to be listed on the market. 
Qatar Stock Exchange (QSE) organized a training program on Combating Money Laundering and the Financing of Terrorism (AML/CFT). The multiple workshops attended by the entire staff of QSE was aimed at reviewing the key concepts related to AML/CFT along with introducing QSE’s roles and responsibilities in this regard.  
QSE Qatar Stock Exchange (‘QSE’) delivered on another element of its ongoing transparency and disclosure initiatives with the announcement of its roll-out and first training sessions for an XBRL-based reporting system to be called its Q-Disclosure Platform.

Qatar, through an initiative supported jointly by QSE and Qatar Financial Markets Authority (QFMA), is preparing to implement an XBRL-based reporting and disclosure system covering both financial statements (annual, semi-annual and quarterly) and non-financial disclosures (including but not limited to corporate announcements, corporate actions and other regulatory announcements).

XBRL (eXtensible Business Reporting Language) is the result of a move towards a single global electronic financial reporting standard allowing more efficient retrieval and analysis of financial information. The standard was developed by an international non-profit consortium of over 650 major companies, and government agencies and adopted by accounting standards bodies, regulators, and banks around the world.

In line with the XBRL adoption, QSE has developed an integrated solution within its Q-Disclosure Platform that standardizes the information provided in face financial statements and also non-financial disclosures.

The system will be a web-based solution, available in Arabic and English, fully aligned with IFRS and designed with sector specific taxonomy for Banks & Financials, Insurance (Commercial and Islamic), Real Estate and Other (to cover Consumer, Industrials, Telecoms and Transportation).
Qatar Stock Exchange, in cooperation with MSCI, held a senior level sustainability and ESG engagement session, titled MSCI Qatar ESG & Climate Change Forum in Qatar, with the aim to promote the business case for ESG and sustainability, outline QSE’s sustainability action plan to attract responsible investors, provide an overview of global investor assessment approaches to ESG, and serve as the soft launch for the QSE Sustainability and ESG Dashboard.

The participants discussed various topics in relation with integration and implementation practices of ESG factors in an asset allocation framework and investment strategy. The participating speakers and panelists also discussed how are investors approaching ESG Ratings, climate risks, board persity and other key ESG considerations, as well as the ESG integration best practices for asset managers. The event continued to build upon QSE’s leadership efforts to promote sustainability, including the launch of the QSE Guidelines on ESG reporting in December of 2016. 

The State of Qatar, through a joint initiative of Qatar Stock Exchange and the Qatar Financial Markets Authority is preparing to implement an XBRL-based reporting and disclosure system (the “Q-Disclosure platform”) to facilitate financial and non-financial disclosures as currently required from QSE listed companies under section 6.7.13 and 6.7.14 of the QSE Rulebook. The Q-Disclosure platform is an integrated web-based solution, available in Arabic and English. 

As part of its ongoing efforts to further contribute to the development of Kuwait’s capital market, Boursa Kuwait organized a consultation workshop regarding derivatives, which was attended by representatives of listed and non-listed investment companies and brokerage firms.

This consultation, where the specifications and conditions associated to derivatives was discussed, falls in line with Boursa Kuwait’s strategy to persify products and increase liquidity, the latter of which is a key pillar that supports the development of a more attractive investment platform.

Derivatives will be launched as part of phase four of the Market Developments plan, which was initiated by Boursa Kuwait in 2017 in collaboration with the Capital Markets Authority and the Kuwait Clearing Company. The launch will follow an integrated study of derivatives conducted by Boursa Kuwait, alongside investment companies and other strategic stakeholders. During the session, Boursa Kuwait conducted polls and held a Q&A session where those involved raised their comments and concerns.
Marking a momentous milestone in its transformation into a world-class financial and commercial center, Kuwait has been officially upgraded to Emerging Market status by leading index compiler MSCI Inc. Effective May 2020, the country’s MSCI indexes will be reclassified to Emerging Markets status. Paving the way for increased participation from foreign investors in Kuwait’s capital market and driving significant capital inflows to the country, the inclusion will take place in one phase with the addition of nine blue chips to the benchmark. Kuwait’s addition adds further persification to the MSCI Emerging Markets Index with an estimated weight of 0.69%. The reclassification of Kuwait from its previous ‘Frontier Market’ status comes as an emphatic endorsement for the sweeping market development reforms undertaken by the tri-lateral task force of Boursa Kuwait, the Capital Markets Authority (CMA) and Kuwait Clearing Company’s (KCC). MSCI had granted conditional approval for the inclusion of Kuwait in the coveted index as part of the benchmark provider’s 2019 Annual Market Classification Review held on June 25, 2019. The country successfully completed the implementation of MSCI’s recommendations, including the introduction of omnibus account structures and same National Investor Number (NIN) cross trades by the end of October, a month ahead of the stated deadline.
Boursa Kuwait held an Investor Relations (IR) workshop titled “Making the most of your annual report and IR website”, at its premises, in collaboration with the Middle East Investor Relations Association (MEIRA) and its Kuwait Chapter on November 20, 2019. The one-day event, which attracted more than 100 IR practitioners from companies listed on Boursa Kuwait, highlighted the latest trends and international best practices for annual reports and IR websites.
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) celebrated the completion of The Egyptian Mercantile Exchange (EMX) feasibility study.
Over the past year, EGX exerted all efforts in collaboration with Ministry of Supply and Internal Trade, Federation of Egyptian Chambers of Commerce, and other stakeholders representing this market to develop the full study of the commodities market in Egypt.

EGX studied similar successful regional and international commodities markets and held meetings with grating companies, key players of the Egyptian market, representatives of the General Authority for the control of exports and imports, and largest warehouse management companies. It also carried out a comprehensive inventory of all production and export data since 2015 for the commodities to be traded, as well as their average prices during the past two years, and an inventory of companies involved in the trading cycle. EGX also completed a timeline and an integrated action plan for the business cycle and the regulatory structure of the Egyptian Mercantile Exchange (EMX).

To complement the study, EGX had a number of field visits to logistical areas and warehouses, to identify the important elements for the establishment of The Egyptian Mercantile Exchange (EMX) which is the selection and rehabilitation of warehouses that will be approved by the stock exchange and will be linked electronically to the trading platform.

The upcoming period will witness the announcement of establishment of EMX management with EGX as the main shareholder.
EGX has issued a decree allowing the addition of the subscribed investment cash funds as a grantee for the marginal trading. This comes as step forward to activate the margin trading mechanism which consequently raise the market liquidity and will enhance the trading environment.

The decision stipulates that "member entities or companies of the Egyptian Exchange allowed to practice margin trading, as well as receiving subscriptions to the cash investment funds subscribed to by them, shall take these documents as collateral for the client's margin trading through the same entity or company." The recipient of the subscription shall be subject to the same conditions as list (A) of the specialized activities lists, which allows these documents to be counted as a 100% guarantee.

In addition, the market value of the document is evaluated daily by the management company, so the document recovery can be performed to liquidate the collateral and collect cash within one business day.

This comes after the approval of the Egyptian Financial Regulatory Authority, complementing EGX’s efforts to further activate the margin trading mechanism as one of the mechanisms that contributes to increasing liquidity rates and activating trading in the market.

EGX held series of meetings with members of the Egyptian Banks Union, especially banks that act as custodians to discuss mechanisms to activate the role of banks in the purchase of securities through margin trading.

In accordance with regulatory procedures, brokerage firms or custodians are required to reassess the securities purchased by margin at the end of each business day in accordance with their market value, if the client's indebtedness exceeds 60% of its market value as a result of low prices, he shall notify the customer of the reduction of this percentage either by paying cash or offering cash guarantees.
The Egyptian Exchange (EGX) issued a decree regulating the procedures for registering and executing public and private placements in the Egyptian capital market after being approved by the Financial Regulatory Authority (FRA).

The amended decree allows EGX's specialized committee in EGX to adjust the timeline for receiving orders during the offering, according to the justifications provided by the offering manager and accepted by EGX, up to two working days before the end of the period of registration of orders at the EGX's platform.

FRA shall be notified of the committee's decision and a summary of the justifications shall be submitted to the EGX before the implementation of the required amendment begins. Misr for Central Clearing, Depository and Registry (MCDR) shall also be notified of the amendment as well as the offering Manager shall be committed to disseminate the amendments through the means prepared for this purpose at EGX.

During the validity period, EGX shall announce on the trading screens the coverage ratio of the private placement and the execution price, this immediately after receiving the offer manager’s statement. The MCDR must be notified to do its duties.

The Egyptian Exchange will automatically delete orders of retail investors that overlap with orders from the same party in the private placement once orders are placed on its OPR system.
The Egyptian Exchange (EGX) developed a program to be linked to brokerage firms to place their financials as part of EGX’s keenness for technological development and increasing level of transparency in the Egyptian market.
EGX addressed the brokerage firms to send their financial statements; consolidated financial statements, budget and electronically cash flow list from the financial statements to be collected through a new electronic system allowing it to be published through EGX's website.
The new program allows different parties to prepare studies on the brokerage sector, as well as giving an overview to any company wants to add brokerage activities to it.
The Egyptian Exchange (EGX) signed a cooperation agreement with Mansoura University to raise financial literacy among MU students. The agreement includes training programs on basics of investment and long-term savings of the capital markets.  
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.
The new General Regulation of the Casablanca Stock Exchange was adopted in July 2019. This new version was developed to respond to market developments. Indeed, the new arrangements have given the Casablanca Stock Exchange more flexibility in setting up the tools necessary for the development of the market. This will make it easier to adapt to the expectations of domestic and international issuers and investors, increase market liquidity, facilitate SME market access and set up new financial instruments.

In order to communicate on its new general regulations, the Casablanca Stock Exchange organized multi-target conferences with the participation of the main operators of the market.
The Casablanca Stock Exchange has updated the composition of its Casablanca ESG 10 index. This measure comes as a result of the annual review conducted by the independent international research and services agency ESG Vigeo Eiris and after the holding of the scientific committee of the indices of the Stock Exchange. Casablanca.

The establishment of Casablanca ESG 10, the reference index Environment, Social and Governance (ESG) addresses the multiple interest of attracting a new category of SRI investors by providing them with a reference tool that meets their needs, to shed light on Casablanca financial center on an international scale, while promoting the development of ESG best practices among publicly-traded companies.
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 held a workshop on Sustainability and Investor Relation (IR) Digital Solutions as part of its efforts to promote best IR practices in the Kingdom of Bahrain. The workshop was attended by more than 30 representatives from listed companies along with Middle East Investor Relations Association “MEIRA” Bahrain Chapter members.
The workshop highlighted the importance of ESG disclosure in meeting growing investors’ demands for listed companies which was presented by Sustainability Excellence. In addition, IR digital solutions best practices were presented by DirectFN Mubasher to shed light on the importance of IR digital tools in communicating effectively with investors and stakeholders. The workshop was concluded by an open discussion addressing questions from the attendees.
Bahrain Clear announced the issuance of a consultation paper on the proposed Delivery Versus Payment (DVP) Model Framework. The proposed consultation paper was disclosed on Bahrain Bourse’s website and distributed to related parties and stakeholders to receive their views and comments prior to the implementation of the enhanced DVP Model Framework. This initiatives comes as part of Bahrain Clear’s role to enhance capital markets infrastructure, with the overall aim of protecting clients’ securities transactions.

The enhanced DVP Model will activate the custody model in the market by combining pre-settlement controls through a custodian trade confirmation/rejection practice, with an automated solution to custodian-broker settlement. Hence, the suggested framework will permit local custodians to reject buy and/or sell trades for settlement where it has not received settlement confirmation from its client or there is a mismatch in the settlement confirmation.

The following existing key features will remain: Settlement of securities on T+2, pre-validation of sell orders will be maintained, the existing securities and cash settlement timings will be changed to accommodate handling of rejected trades, the enhancements to the DVP model applies only to settlement of trades by Local Custodians clients and do not apply to clients settling trades through direct trading accounts.
Bahrain Bourse (BHB) in cooperation with the Middle East Investor Relations Association (“MEIRA”) and Bahrain Institute of Banking & Finance (BIBF) held the Certified Investors Relations Programme (‘CIRO’) for the first time in the Kingdom of Bahrain during 24 – 26 November 2019 under the umbrella of the Investment Academy (a joint initiative between the BIBF and Bahrain Bourse). Several professional executives from various listed companies on Bahrain Bourse attended the programme to develop their knowledge and skills of the fundamental principles and best practices of Investor Relations (IR).

The CIRO Programme has been rolled out as part of Bahrain Bourse’s plan to develop the investor relations function and promote international best practices among listed companies in the capital market. The CIRO programme aims to offer professional talent a unique opportunity to acquire certification within IR, which is increasingly becoming an important function within listed companies.

The programme is a three-day intensive training course of a total of 20 hours, followed by a 60-minute exam. The programme covers six key topics: principles & practices of investor relations, global financial markets, companies & regulation, regulatory environment, accounting, valuation & investment principles, effective IR in practice.

The CIRO programme is an internationally recognised certification for the investor relations profession. In the Middle East, the programme is organised by the Middle East Investor Relations Association (MEIRA), in partnership with the UK IR Society (UKIRS) and delivered by the Bahrain Institute of Banking and Finance (BIBF) in the Kingdom of Bahrain. The CIRO programme is fully supported by Tamkeen (Labour Fund) under the Training & Wage Support programme.

The CIRO programme has been launched in June 2019 as a joint initiative between Bahrain Bourse (BHB), MEIRA, and the BIBF following an agreement signed by Middle East Investor Relations Association (“MEIRA”) and the Bahrain Institute of Banking & Finance (“BIBF”).
Bahrain Bourse (BHB) in collaboration with INJAZ Bahrain officially announced the kick-off of the 2nd edition of the Smart Investor Program targeting elementary students for the academic year 2019-2020.

The Smart Investor program’s workshops will be delivered across 80 schools, both Government and Private schools with the support of 166 educators and volunteers targeting 5000 students within Grade 4 elementary level throughout the academic year. The Smart Investor in its first edition was able to exceed outreach targets by 30 %.

The Smart Investor program is a national awareness program launched in 2018 in collaboration with INJAZ Bahrain targeting elementary students. The program aims at equipping young students with basic concepts related to money management, savings and smart financial planning through interactive edutainment activities in order to assist them in making sound financial decisions.

The Program consists of seven-themed sessions designed to equip students with the following concepts: Thinking, Specifying, Planning, Execution, Saving, Progression, and Evaluation.

The strategic partner for the 2019-2020 ‘Smart Investor’ program is the Labour Fund (Tamkeen). Silver Sponsors include: Ahli United Bank, GFH Financial Group, and Ithmaar Holding.

It is worth noting that earlier this month, Bahrain Bourse ‘Rang the Bell for Financial Literacy’ alongside 30 other global stock exchanges to enhance financial literacy and investment awareness through various programs and initiatives which includes TradeQuest (22 years), Smart Investor (2 years), and Investment Academy (2 years).
Bahrain Bourse (BHB) issued Resolution No. (4) for the year 2020 to list Treasury Bills and Short-Term Islamic Lease (Ijarah) Sukuk that are issued by the Central Bank of Bahrain on behalf of the Government of the Kingdom of Bahrain for the year 2020 at Bahrain Bourse on the issuance date.

According to the resolution, 58 Treasury Bill and 10 Short-Term Islamic Lease (Ijarah) Sukuk issues will be listed during the year 2020 unless stated otherwise.

The total value of the T-Bill issues is BD4.01 billion, while the total value of the Short-Term Islamic Lease (Ijarah) Sukuk issues is BD260 million.
As part of Bahrain Bourse’s (“BHB”) continuous efforts to develop the Capital Market in the Kingdom of Bahrain, and in relation to the Listing Rules published on 13th January 2020 and recent amendments to requirements under CBB Disclosure Standards, Bahrain Bourse would like to notify shareholders of all listed companies of amendments put in place for providing specific timeframes in relation to recommendation of declaration of pidends. The corporate action timelines amendments aim to provide further flexibility for shareholders to conduct their trading transactions post the recommendation of declaration of pidends announced during the General Meeting date.

The Listing Rules published on 13th January 2020 along with Central Bank of Bahrain’s amendments in relation to Corporate Actions timeline (has been implemented with an objective to enhance the existing practice and eliminate any potential redundancy and ambiguity with respect to the timeline mechanism of declaration and payment of pidends and Bonus shares if any. Further, the amendments have been put in place in line with international best practices and to achieve consensus across market participants.

The amendments of corporate action timelines and mechanism provides specific timeframes in relation to recommendation of declaration of a pidend (including bonus shares, if any), the rate and amount per share, the Record Date, the Cum-Dividend Date, the Ex-Dividend Date and the Payment Date.

The amended corporate action timelines, which came into effect as of December 2019, requires that the Cum-Dividend Date falls at least one trading day (excluding the date of the general meeting) after the date of the general meeting. Issuers must ensure payment of declared pidends to shareholders, whose names are registered in the company’s share register on the Record Date, no later than 10 trading days from the Record Date.

Bahrain Bourse held a webinar on the importance of Environmental, Social and Governance (ESG) Reporting on Wednesday, 29th July 2020, which is part of a series of workshops Bahrain Bourse is organizing with the aim of enhancing awareness and understanding of the importance and benefits of ESG reporting and encouraging listed companies in disclosing ESG information. The webinar was attended by more than 30 representatives from listed companies and other financial institutions.

The webinar began with an introduction on the ESG Voluntary Reporting Guideline that Bahrain Bourse issued last month, as well as provided companies with guidance on ESG disclosure and reporting methodology. ESG in the banking sector was also discussed, shedding light on the implementation of ESG Reporting in the banks in Bahrain. The webinar was concluded with an open discussion addressing questions from the attendees.

Webinar speakers included Marwa Almaskati, Director of Marketing & Business Development of Bahrain Bourse, Darin Rovere, Founder and Chief Executive Officer of Sustainability Excellence, and Dr. Ali Adnan Ibrahim, Chair - Sustainable Development Committee of Bahrain Association of Banks (BAB) and Head of Sustainability & Social Responsibility, Al Baraka Banking Group.

Marwa AlMaskati, Director of Marketing & Business Development of Bahrain Bourse said: "Following the issuance of Bahrain Bourse’s ESG Voluntary Reporting Guideline, we are keen to build on this initiative by enhancing the concept of ESG Reporting among listed companies. This webinar is part of a series of workshops/webinars that Bahrain Bourse is organizing to encourage and assist listed companies in addressing ESG issues that in return will contribute to the development of sustainability in Bahrain’s capital market.”

Darin Rovere, Chief Executive Officer of Sustainability Excellence said, "Fueled by the performance driven attributes of integrating ESG factors in investment decisions, responsible investing has grown exponentially over the last decade. It is therefore critical for listed companies to report on key ESG factors to meet the growing requirements of investors for material ESG information."

Dr. Ali Adnan Ibrahim, Chair - Sustainable Development Committee of Bahrain Association of Banks (BAB) and Head of Sustainability & Social Responsibility, Al Baraka Banking Group said, “We have a massive opportunity to achieve a sustainable economic recovery coming out of the current recession. Sustainable finance allows banks to contribute by aligning their financing/asset portfolio with the United Nations Sustainable Development Goals (SDGs) and by incorporating environmental, social and governance (ESG) considerations. There is a strong business case in favor of sustainable finance. The majority of ESG funds have outperformed the wider market over the past 10 years, and over $12 trillion in new sustainable investment opportunities exist by 2030.”

It is worth noting that Bahrain Bourse issued its Environmental, Social and Governance (ESG) Voluntary Reporting Guideline for listed companies in June 2020. The voluntary reporting guideline aims to increase awareness and understanding of the importance and benefits of ESG reporting and assist listed companies to address ESG issues in their reporting to meet the requirements of institutional investors for material ESG information. 

As part of Bahrain Bourse’s (BHB) continuous efforts to develop the Capital Market in the Kingdom of Bahrain and enhance transparency in the market, BHB announced the implementation of new procedures related to listed companies with accumulated losses of 20% and above of its share capital based on the financial results of the third quarter 2020, following obtaining approval from the Central Bank of Bahrain.

The new procedures, which will come into effective implementation as of the third quarter financial results 2020, and will classify and color-flag listed companies with accumulated losses on Bahrain Bourse’s website under “Products & Services – Asset Classes”, enabling investors and others to clearly identify the financial position of listed companies and make informed investment decisions.

As per the new procedures, listed companies with accumulated losses will be classified into three categories upon disclosure of its financial results: the first category will include companies with losses between 20% and less than 50% of their share capital, the second category will include companies with losses of 50% up to 75% of their share capital, and the third category will encompass companies with accumulated losses of 75% and above of its share capital. Accordingly, listed companies within the first category will be yellow-flagged on Bahrain Bourse’s website, and listed companies within the second category will be orange-flagged, and the third category will be red-flagged.

Sh. Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse commented stating, “Bahrain Bourse is continuously seeking to promote fairness and enhance transparency in the market by implementing new rules and procedures that will protect as well as assist investors and others in taking well-informed investment decisions. The new procedures organize the mechanism related to dealing with listed companies with accumulated losses reaching 20% or more of its share capital, and at the same time ensures investors’ protection.”

Under the new procedures, listed companies are required to make an immediate public disclosure once its accumulated losses reach 20% or more of its share capital. Companies shall disclose the total accumulated losses, its percentage of the share capital, justification of the accumulatd losses, and measures taken to restore its financial position. The company will be flagged accordingly indicating that it has reached accumulated losses. After restoring its financial position, the company shall immediately disclose to the public the reduced accumulated losses, and the yellow flag on the website will be removed accordingly.

The same procedure shall apply to the companies with accumulated losses that reach 50% or more of its share capital. The company will be orange-flagged indicating that it has reached accumulated losses of 50% or more of its share capital.

In the event that accumulated losses of a listed company reach 75% or more of its share capital, BHB will immediately suspend the trading on the company and the company will be red-flagged until a public disclosure is made once the company’s accumulated losses are reduced to 75% or below.


Bahrain Bourse (BHB), an affiliate member of the International Organization of Securities Commissions (IOSCO), has announced its participation in the fourth annual World Investor Week (“WIW”) from 5 to 11 October 2020.

As part of its participation in the WIW, Bahrain Bourse virtually rang the market-opening bell for financial literacy to join over 35 other global exchanges to mark the occasion over a week of bell-ringing activities. The bell-ringing event, which is a global initiative by the IOSCO and the World Federation of Exchanges (WFE), aims to bring together stakeholders to celebrate the progress that has been made and looking to partner on the road ahead.

Shaikh Khalifa bin Ebrahim Al Khalifa, the CEO of Bahrain Bourse commented, “We are pleased to take part in the World Investor Week for the third consecutive year. BHB’s participation in the WIW demonstrates its ongoing commitment towards enhancing market literacy and investor awareness in collaboration with local, regional, and international organizations.”

“Despite the COVID-19 pandemic and given the restrictions imposed on events, Bahrain Bourse’s activities focused on the production of educational content for its various programs, investor awareness content, and offered a focused virtual seminar session on the fundamentals of saving and investing open to the public,” Shaikh Khalifa added.

Over the years, Bahrain Bourse has expanded its awareness programs to reach out to a greater number of beneficiaries, from students to professionals, through TradeQuest, the Smart Investor Program, and the Investment Academy. The TradeQuest program has been expanded to serve more than 200 students per annum across 21 educational institutions, encompassing private and public schools as well as universities. While the Smart Investor program has benefitted more than 15,000 students since its launch. As for the Investment Academy, more than 2,000 beneficiaries were trained since the launch of the academy, including more than 400 professional certifications awarded.

Ashley Alder, Chair of the IOSCO Board and the Chief Executive Officer of the Hong Kong Securities and Futures Commission, said, “I welcome this fourth edition of World Investor Week, which will be held while all countries continue to respond to Covid-19 pandemic. On behalf of the IOSCO Board, I would like to extend my appreciation to all IOSCO members and their stakeholders who have supported this international initiative to raise awareness of investor education and protection, particularly in such challenging times.”

The WIW is a week-long global campaign promoted by IOSCO to raise awareness of the importance of investor education and protection and highlight the various initiatives of securities regulators in these two critical areas. The campaign also has the support of international organizations such as the G20. IOSCO members on six continents offered a range of activities, including investor-focused communications and services, contests to increase awareness of investor education initiatives, workshops and conferences and local/national educational campaigns. Many members leverage the event to organize further investor education activities throughout the year. 

Bahrain Bourse announced signing a Memorandum of Understanding (MoU) with the Supreme Council for Environment to enhance areas of joint cooperation and issues of mutual interest between the Bourse and the Supreme Council for Environment in areas related to environmental conservation and protection. The MoU was signed by Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse and H.E. Dr. Mohamed Mubarak Bin Daina, Chief Executive of the Supreme Council for Environment.

The MoU aims to encourage listed companies to comply with the environmental rules and requirements and to disclose information related to environmental compliance in its issued reports. The MoU also aims at establishing a joint committee between the two parties to prepare a business plan and a timeframe to achieve the set objectives.

On this occasion, Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse said: “We are pleased to sign the MoU which comes in line with Bahrain Bourse's efforts in encouraging listed companies to disclose information related to environmental, social, governmental (ESG) and sustainability. The MoU will contribute in enhancing the sustainability and transparency in Bahrain's capital market and meeting the investors’ requirements in relation to ESG information disclosure. The agreement also supports our plans to seek listing of green bonds and encourage sustainable and responsible investments.”

Sh. Khalifa also praised the efforts undertaken by the Supreme Council for Environment that aim to set initiatives, plans, and programs that encourage and enhance the environmental culture in the Kingdom of Bahrain and achieve the sustainable development goals.

H.E. Dr. Mohamed Mubarak Bin Daina, Chief Executive of the Supreme Council for Environment said, “The MoU translates the vision of the Supreme Council for Environment which aims at increasing cooperation with various sectors especially those related to the environment such as Bahrain Bourse, as the Bourse plays an important role in supporting the Kingdom of Bahrain’s efforts to achieve the Sustainable Development Goals (SDGs).”

“I hope that the signing of the MoU is a step towards further cooperation and achievements in the area of environmental conservation,” H.E. Dr. Bin Daina added.

It is worth noting that Bahrain Bourse issued its Environmental, Social and Governance (ESG) Voluntary Reporting Guideline for listed companies in June 2020. Bahrain Bourse also joined the United Nations Sustainable Stock Exchanges (SSE) initiative to demonstrate its voluntary commitment to promoting sustainable and transparent capital markets in cooperation with listed companies and other related stakeholders. 

Bahrain Bourse participated in the meeting of the General Assembly of the Arab Federation of Exchanges (AFE), which was held virtually with the participation of the Chief Executive Officer of Bahrain Bourse, Sh. Khalifa bin Ebrahim Al-Khalifa and Chief Operating Officer of Bahrain Bourse, Narjes Farookh Jamal along with various CEOs of stock exchanges and Arab clearing and depository companies.

During the meeting, Bahrain Bourse was elected by the consensus of the members, in addition to the Saudi Stock Exchange (Tadawul) as members of the Federation’s Board of Directors, representing the Arab Gulf Region. Amman Stock Exchange and Beirut Stock Exchange were elected to represent the Levant region, and the Egyptian Exchange and the Casablanca Stock Exchange to represent the Arab African countries. Misr for Central Clearing, Depository and Registry and Kuwait Clearing Company were elected to represent Arab clearing houses. In addition, Damascus Securities Exchange, Muscat Clearing and Depository, and the Khartoum Stock Exchange were elected as members of the Audit and Governance Committee.

Sh. Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse said, “Bahrain Bourse’s election as a member in the Arab Federation of Exchanges Board of Directors reflects the important role of the Bourse and its active participation in the federation’s activities and committees during the previous years. This, in return, enhances the confidence of various parties related to the capital market and supports Bahrain Bourse’s role to develop the capital market sector locally and regionally.”

It is worth mentioning that the AFE was established in June 1978 to be the guiding body for the Arab stock exchanges, under the recommendation of the Arab Central Banks Conference, held under the auspices of the General Secretariat of the League of Arab States in the Hashemite Kingdom of Jordan. The Federation aims to create a transparent environment for the Arab capital markets, develop market members and reduce the barriers of security trading across the countries through establishing harmony across the laws and regulations of the Arab countries, adopting new technologies and advanced trading and clearing settlements. The federation currently has 21 members representing around 17 stock exchanges and 4 clearing companies, in addition to a number of brokerage companies in the Arab region.


Bahrain Bourse announced the appointment of Mrs. Marwa AlMaskati, Director of Marketing & Business Development and Head of MEIRA Bahrain Chapter, as a Director in Board of Directors in the Middle East Investor Relations Association “MEIRA” during the Association’s quarterly Board meeting which was held virtually on 9th December 2020. The appointment follows efforts of Bahrain Bourse in promoting and developing best practices in Investor Relations (IR) and enhance transparency across the Kingdom’s capital markets.

Commenting on this occasion, Mrs. Marwa AlMaskati stated, “Investor Relations plays a significant role in the success of a listed company. Since the launch of Bahrain MEIRA Chapter last year, both Bahrain Bourse and MEIRA have been fully committed to developing and further advancing the IR profession in the Kingdom of Bahrain. Our role as Bahrain Bourse has been mainly focused on enhancing best practices and advancements of Investor Relations in Kingdom of Bahrain’s capital market and raise awareness across listed companies.”

Andrew Turbak, MEIRA Chair said, “At MEIRA, we take our responsibility as the region's professional body for Investor Relations very seriously and 2020 provided us with the opportunity to refresh and renew our leadership team. I am delighted to see the calibre of MEIRA come through in the Nomination Committee's slate of new directors. Together, we will continue to promote persity and inclusion, while driving stakeholder value for all our members, partners and supporters, as MEIRA fulfils its mission to champion best practice as an integral part of capital markets development in the Middle East.”

It is worth noting that Bahrain Bourse and the Middle East Investor Relations Association (MEIRA) has officially launched the MEIRA chapter in Bahrain during April 2019 with the aim of developing and enhancing best practices in Investor Relations (IR) across the Kingdom of Bahrain.

The founding members of MEIRA chapter in Bahrain include Aluminium Bahrain (‘ALBA’), Bank ABC, Bahrain Telecommunications Company (‘Batelco’), Bahrain Bourse, Ithmaar Holding, National Bank of Bahrain, and SICO BSC (c). 

Bahrain Bourse (BHB) announced the appointment of its Chief Risk and Compliance Officer, Mr. AbdulRahman Abdulla Al-Shafei as a Board Member in the Hope Fund for a term of four years following the issuance of an edict by His Highness Shaikh Nasser bin Hamad Al Khalifa, HM the King’s Representative for Humanitarian Works and Youth Affairs, to form the Board of Directors of the Hope Fund which is chaired by Youth and Sport Affairs Minister, H.E. Ayman bin Tawfeeq Al Moayed.

Mr. AbdulRahman Abdulla Al-Shafei, Chief Risk and Compliance Officer said, “We are pleased to be part of this Fund which supports Bahrain Bourse’s efforts in investing in the youth through its various investment awareness programs and initiatives. We are looking forward to further develop the youth generation in order to support the country’s efforts in activating the role of the youth and enhancing their contribution to the development of country in general and the economy in particular.”

Mr. Al-Shafei praised HH Shaikh Nasser bin Hamad Al Khalifa’s ongoing efforts to support the youth, hoping that this initiative will assist in establishing successful unicorn companies that are able to compete on both a regional and international level. Mr. Al-Shafei also thanked HH Shaikh Nasser bin Hamad Al Khalifa for the confidence in appointing him as a Board Member in the Hope Fund.

The Hope Fund aims to support youth projects and initiatives through discovering, mentoring and highlighting growing youth talents and enabling them to achieve long-term success and sustainability which will reflect positively on the Kingdom's economy. The establishment of the Hope Fund is a turning point in the progress of the Kingdom of Bahrain’s focus towards youth talents and creative youth projects and guiding them towards production.

The Fund also aims to assist the launch of youth projects towards globalization by developing plans to involve Bahraini competencies in all sectors to become strategic partners in addition to undertaking investment in youth projects and achieving revenues to develop, support and sustain the youth sector. 

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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