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The Role of MENA Stock Exchanges in Corporate Governance the Role of MENA Contents Stock Exchanges Executive Summary Introduction in Corporate Governance Part I
The Role of MENA Stock Exchanges in Corporate Governance The Role of MENA Contents Stock Exchanges Executive Summary Introduction in Corporate Governance Part I. Key Features of MENA Markets Dominant state ownership Low regional and international integration Moderate competition for listings Young markets, dominated by a few sectors High levels of retail investment Diversifi cation of fi nancial products Part II. The Role of Exchanges in Corporate Governance The regulatory role The listing authority Corporate governance codes Disclosure and transparency The enforcement powers Concluding Remarks Annex I. About The Taskforce Annex II. Consolidated Responses to the OECD Questionnaire Annex III. Largest Listed Companies in the MENA region www.oecd.org/daf/corporateaffairs/mena Photos on front cover : © Media Center/Saudi Stock Exchange (Tadawul) and © Argus/Shutterstock.com 002012151cov.indd 1 12/06/2012 12:48:57 The Role of MENA Stock Exchanges in Corporate Governance This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2012 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgement of OECD as source and copyright owner is given. -
*Based on Published and Provided Data FEAS Member Exchanges
FEAS Exchanges Factsheet Q2/2021 *Based on published and provided data FEAS Member Exchanges Amman Stock Exchange Egyptian Exchange Armenia Securities Exchange Iran Fara Bourse Astana International Exchange Iraq Stock Exchange Athens Stock Exchange Kazakhstan Stock Exchange Belarusian Currency and Stock Exchange Muscat Securities Market Boursa Kuwait Palestine Exchange Bucharest Stock Exchange Republican Stock Exchange Toshkent Cyprus Stock Exchange Tehran Stock Exchange Damascus Securities Exchange Dow Jones FEAS Composite Index Performance Low High Q2 open Q2 close Change Dow Jones FEAS Composite Index 121,85 132,66 122,16 130,68 7,0% Quick Facts Weighting Method Float-adjusted market cap weighted Annually in March for frontier markets and in Rebalancing Frequency September for developed and emerging markets Calculation Frequency EOD Calculation Currencies USD, EUR First Value Date Dec 31, 2004 Launch Date Jun 04, 2009 Characteristics Q2 open Q2 close Number of Constituents 217 217 Constituent Total Market Cap USD mln Max Market Cap 50146,94 52088,42 Min Market Cap 29,58 31,21 Sector Breakdown Weight Mean Market Cap 1694,61 1797,73 Q2 open Q2 close Q2 close Financials 61,7% 63,30% Median Market Cap 393,02 427,16 Telecommunications 13.1% 12,6% ESG Characteristics Industrials 6,4% 6,1% Carbon to Value Invested (metric Consumer Services 144,52 132,54 5,0% 4,8% Q2 open tons CO2e/$1M invested)* Oil & Gas Carbon to Revenue (metric tons 3,4% 3.2% 391,13 382,82 CO2e/$1M revenues)* Basic Materials 4.2% 4.2% Weighted Average Carbon Consumer Goods -
Risk and Return in Domestic and Foreign Stock Trading: the Gcc Perspective
RISK AND RETURN IN DOMESTIC AND FOREIGN STOCK TRADING: THE GCC PERSPECTIVE A thesis submitted in fulfilment of the requirements for the degree of Doctor of Philosophy Jassim M. Aladwani BSc Computer Sciences, Bahrain University, Kingdom of Bahrain MBA Finance, AMA International University, Kingdom of Bahrain School of Economics Finance and Marketing College of Business RMIT University June 2016 Declaration I certify that except where due acknowledgement has been made, the work is that of the author alone; the work has not been submitted previously, in whole or in part, to qualify for any other academic award; the content of the thesis is the result of work which has been carried out since the official commencement date of the approved research program; any editorial work, paid or unpaid, carried out by a third party is acknowledged; and, ethics procedures and guidelines have been followed. Jassim M. Aladwani June 2016 ii Contents List of Tables ..................................................................................................................... iii List of Figures .................................................................................................................. xiii List of Abbreviations ....................................................................................................... xxi Summary ........................................................................................................................ xxiv Statement of Authorship ............................................................................................... -
Apêndice a País Código MIC Identificação Do Mercado/MTF
Apêndice A Código País MIC Identificação do Mercado/MTF ALBANIA XTIR TIRANA STOCK EXCHANGE ALGERIA XALG ALGIERS STOCK EXCHANGE ARGENTINA XBUE BUENOS AIRES STOCK EXCHANGE ARGENTINA XMAB MERCADO ABIERTO ELECTRONICO S.A. ARGENTINA XMEV MERCADO DE VALORES DE BUENOS AIRES S.A. ARGENTINA XMTB MERCADO A TERMINO DE BUENOS AIRES S.A. ARGENTINA XBCM BOLSA DE COMMERCIO DE MENDOZA S.A. ARGENTINA XROS BOLSA DE COMERCIO ROSARIO ARMENIA XARM ARMENIAN STOCK EXCHANGE AUSTRALIA XNEC STOCK EXCHANGE OF NEWCASTLE LTD AUSTRALIA XASX ASX OPERATIONS PTY LIMITED AUSTRALIA XSFE SYDNEY FUTURES EXCHANGE LIMITED AUSTRALIA XYIE YIELDBROKER PTY LTD AUSTRIA XNEW NEWEX OESTERREICHISCHE TERMIN- UND AUSTRIA XOTB OPTIONENBOERSE, CLEARING BANK AG AUSTRIA XWBO WIENER BOERSE AG AZERBAIJAN XIBE BAKU INTERBANK CURRENCY EXCHANGE BAHAMAS XBAA BAHAMAS INTERNATIONAL STOCK EXCHANGE BAHRAIN XBAH BAHRAIN STOCK EXCHANGE BANGLADESH XCHG CHITTAGONG STOCK EXCHANGE LTD. BANGLADESH XDHA DHAKA STOCK EXCHANGE LTD BARBADOS XBAB SECURITIES EXCHANGE OF BARBADOS BELGIUM XBRU EURONEXT BRUSSELS BELGIUM XEAS NASDAQ EUROPE BERMUDA XBDA BERMUDA STOCK EXCHANGE LTD, THE BOLIVIA XBOL BOLSA BOLIVIANA DE VALORES S.A. BOTSWANA XBOT BOTSWANA STOCK EXCHANGE BRAZIL XBVP BOLSA DE VALORES DO PARANA BRAZIL XBBF BOLSA BRASILIERA DE FUTUROS BRAZIL XRIO BOLSA DE VALORES DO RIO DE JANEIRO SOCIEDADE OPERADORA DO MERCADO DE BRAZIL XSOM ATIVOS S.A. BRAZIL XBMF BOLSA DE MERCADORIAS E FUTUROS BRAZIL XBSP BOLSA DE VALORES DE SAO PAULO BULGARIA XBUL BULGARIAN STOCK EXCHANGE MONTREAL EXCHANGE THE / BOURSE DE CANADA XMOD MONTREAL -
Report of the 5 Th Meeting
FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 The Marmara Hotel Istanbul, September 2011 1 FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 The Marmara Hotel Istanbul, September 2011 2 TABLE OF CONTENTS Final Report of the Fifth Meeting of the OIC Member States’ Stock Exchanges Forum ANNEXES I. Presentation by Mr. Thomas Krabbe II. Presentation by Mr. Roland Bellegarde III. Presentation by Mr. Lauri Rosendahl IV. Presentation by Mr. Stephan Pouyat V. Presentation by Mr. Philippe Carré VI. Presentation by Mr. Rushdi Siddiqui on behalf of Thomson Reuters VII. Presentation by Mr. Ibrahim Idjarmizuan on behalf of IFSB VIII. Presentation by Mr. Gürsel Kona from the Istanbul Stock Exchange IX. Presentation by Mr. Ijlal Alvi on behalf of IIFM X. Presentation by Avşar Sungurlu, on behalf of BMD Securities Inc. XI. Presentation by Mr. Hüseyin Erkan, as Forum Chairman XII. Presentation by Şenay Pehlivanoğlu on behalf of the Task Force for Customized Indices and Exchange Traded Islamic Financial Products XIII. Presentation by Mr. Charbel Azzi on behalf of S&P Indices XIV. Presentation by Dr. Eralp Polat on behalf of the Forum Secretariat XV. Presentation by Mr. Abolfazl Shahrabadi and Mr. Hamed Soltaninejad on behalf of the Task Force for Capital Market Linkages 3 FINAL REPORT OF THE FFIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 4 Original: English FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM (Istanbul, September 17-18, 2011) 1. -
Trading Volume and Volatility in the Boursa Kuwait Jasim Al-Ajmi [email protected] [email protected] Tel: 973 39444284
THE BRITISH ACCOUNTING REVIEW 10 (2017) 0890-8389 Available online at srpij.com/journals/The-British-Accounting-Review/articles/ The British Accounting Review Journal homepage: srpij.com/journals/The-British-Accounting-Review/ Paper Title Trading volume and volatility in the Boursa Kuwait Jasim Al-Ajmi [email protected] [email protected] Tel: 973 39444284 Ahlia University Bld 41 Rd 18 Al-Hoora 310 P.O. Box 10878, Manama Bahrain A R T I C L E I N F O A B S T R A C T This paper presents the results of a study of the effect of daily trading volume on the persistence of time- Article history: varying conditional volatility for Kuwait Stock Exchange. The sample includes the market index, seven Received OCTOBER 2017 sectoral indices and 20 stocks. Whereas inclusion of contemporaneous volume in the equation of Accepted OCTORBER 2017 conditional variance does not reduce the persistence of volatility for the eight indices, this is not the case for individual companies. Furthermore, the lagged intraday volatility has higher predictive power for Keywords: Vitamin D, Obesity, Body- volatility than the lagged trading volume. These results lend further support to the mixture of distribution Weight, Height, Children hypothesis at the level of firm, but not at the market and sectoral levels. © 10 (2017) 0890-8389. Hosting by Thomson Reuters B.V. All rights reserved. Peer review under responsibility of Paper Editors Hosting by Thomson Reuters see front matter © 2017 0890-8389 – Hosting by Thomson Reuters - All rights reserved. 2 THE BRITISH ACCOUNTING REVIEW 10 (2017) 0890-8389 1. -
IOSCO Members Ordinary Members (129)
IOSCO Members Ordinary Members (129) AGENCY COUNTRY Albanian Financial Supervisory Authority ALBANIA Alberta Securities Commission ALBERTA, CANADA Commission d’Organisation et de Surveillance des Opérations de Bourse ALGERIA Autoritat Financera Andorrana ANDORRA, PRINCIPALITY OF Comissão do Mercado de Capitais ANGOLA Comisión Nacional de Valores* ARGENTINA Central Bank of Armenia ARMENIA Australian Securities and Investments Commission* AUSTRALIA Financial Market Authority AUSTRIA Securities Commission of The Bahamas* BAHAMAS, THE Central Bank of Bahrain BAHRAIN, KINGDOM OF Bangladesh Securities and Exchange Commission BANGLADESH Financial Services Commission BARBADOS Financial Services and Markets Authority* BELGIUM Bermuda Monetary Authority BERMUDA Autoridad de Supervisión del Sistema Financiero BOLIVIA Securities Commission of the Federation of Bosnia and Herzegovina BOSNIA AND HERZEGOVINA, FEDERATION OF Comissão de Valores Mobiliários* BRAZIL British Columbia Securities Commission CANADA British Virgin Islands Financial Services Commission BRITISH VIRGIN ISLANDS Autoriti Monetari Brunei Darussalam BRUNEI Financial Supervision Commission BULGARIA Auditoria Geral do Mercado de Valores Mobiliários, Banco Central of Cabo Verde CABO VERDE Cayman Islands Monetary Authority CAYMAN ISLANDS Commission de Surveillance du Marché Financier de l’Afrique Centrale CENTRAL AFRICA Comisión para el Mercado Financiero (Financial Market Commission) CHILE China Securities Regulatory Commission* CHINA Financial Supervisory Commission CHINESE TAIPEI Superintendencia -
The British Accounting Review 10 (2017) 0890-8389
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by ZENODO THE BRITISH ACCOUNTING REVIEW 10 (2017) 0890-8389 Available online at srpij.com/journals/The-British-Accounting-Review/articles/ The British Accounting Review Journal homepage: srpij.com/journals/The-British-Accounting-Review/ Paper Title Trading volume and volatility in the Boursa Kuwait Jasim Al-Ajmi [email protected] [email protected] Tel: 973 39444284 Ahlia University Bld 41 Rd 18 Al-Hoora 310 P.O. Box 10878, Manama Bahrain A R T I C L E I N F O A B S T R A C T This paper presents the results of a study of the effect of daily trading volume on the persistence of time- Article history: varying conditional volatility for Kuwait Stock Exchange. The sample includes the market index, seven Received OCTOBER 2017 sectoral indices and 20 stocks. Whereas inclusion of contemporaneous volume in the equation of Accepted OCTORBER 2017 conditional variance does not reduce the persistence of volatility for the eight indices, this is not the case for individual companies. Furthermore, the lagged intraday volatility has higher predictive power for Keywords: Vitamin D, Obesity, Body- volatility than the lagged trading volume. These results lend further support to the mixture of distribution Weight, Height, Children hypothesis at the level of firm, but not at the market and sectoral levels. © 10 (2017) 0890-8389. Hosting by Thomson Reuters B.V. All rights reserved. Peer review under responsibility of Paper Editors Hosting by Thomson Reuters see front matter © 2017 0890-8389 – Hosting by Thomson Reuters - All rights reserved. -
NEWSLETTER July 2018 FEAS New Members WELCOME OUR NEW MEMBERS
FEAS NEWSLETTER July 2018 FEAS New Members WELCOME OUR NEW MEMBERS. THANKS FOR JOINING FEAS! On June 29th, 2018 FEAS held it's 25th Extraordinary General Assembly. Participating Members: Abu Dhabi Stock Exchange, Amman Stock Exchange, Athens Stock Exchange, Belarusian Currency and Stock Exchange, Bucharest Stock Exchange, Cyprus Stock Exchange, Damascus Securities Exchange, Egyptian Exchange, Iran Fara Bourse, Iran Mercantile Exchange, Iraq Stock Exchange, Kazakhstan Stock Exchange, Muscat Securities Market, NASDAQ OMX Armenia, Palestine Stock Exchange, Republican Stock Exchange "Toshkent", Tehran Stock Exchange, EBRD, Central Depository of Armenia, CSD Iran, Securities and Exchange Brokers Association (SEBA), Securities Depository Center of Jordan and Tehran Stock Exchange Tech. Mgnt. Co. We are very happy to inform that during the General Assembly it was decided to: 1. Admit Boursa Kuwait and Misr for Central Clearing, Depository and Registry (MCDR) full member status. 2. Admit Moldova Stock Exchange as an Observer. 3. Change the status of Central Depository of Armenia /CDA from affiliate member to full member. 2 July 2018 FEAS FULL MEMBERS FEAS AFFILIATE MEMBERS Abu Dhabi Securities Exchange The European Bank for Reconstruction Amman Stock Exchange and Development (EBRD) Athens Stock Exchange SA Central Securities Depository of Iran Belarusian Currency and Stock Securities & Exchange Brokers Exchange Association Securities Depository Center of Jordan Boursa Kuwait Tehran Securities Exchange Technology Bucharest Stock Exchange Management -
Boursa Kuwait Adopts FTSE Russell's Industry Classification Benchmark
Press Release 4 June 2018 Boursa Kuwait adopts FTSE Russell’s Industry Classification Benchmark All equity stocks listed on Boursa Kuwait will be classified under the ICB classification standard from 03 June 2018 Integrating ICB will allow Boursa Kuwait to access a single, globally recognised industry classification structure Reflects Kuwait’s ongoing commitment to facilitate international investment FTSE Russell, the global index, data and analytics provider, announces today that its Industry Classification Benchmark (ICB®) has been licensed by Boursa Kuwait for all equity stocks listed on its markets. Boursa Kuwait will adopt the ICB standard from 03 June 2018. ICB is a comprehensive, globally recognised standard, operated and managed by FTSE Russell for categorising companies and securities across four levels of classification (Industry, Supersectors, Sector, and Subsector*). Each company is allocated to the Subsector that most closely represents the nature of its business, which is determined by its primary source of revenue or other publicly available information. ICB has been adopted by stock exchanges around the world including Athens Stock Exchange, Borsa Italiana, Cyprus Stock Exchange, Euronext, Johannesburg Stock Exchange, London Stock Exchange, NASDAQ OMX, Singapore Exchange, SIX Swiss Exchange and Taiwan Stock Exchange. Approximately 100,000 securities are classified worldwide offering increased clarity and universality that can be applied by the global investment community. More information on the ICB can be found here. Gary Rynhoud, Head of Middle East and Africa, FTSE Russell: “Boursa Kuwait’s adoption of ICB’s globally recognised classification standard will support the local bourse in offering increased transparency, structure and standards to meet the needs of the global investment industry and support increased international awareness and investment into Kuwait. -
Cooperation Among the Stock Exchanges of the Oic Member Countries
Journal of Economic Cooperation, 27 -3 (2006), 121-162 COOPERATION AMONG THE STOCK EXCHANGES OF THE OIC MEMBER COUNTRIES SESRTCIC In response to the increased competition prevailing in the international financial markets, national stock exchanges around the world recently made several attempts to upgrade their cooperation and improve their integration. Those attempts took often the form of coalitions, common trading platforms, mergers, associations, federations and unions. Like others, the OIC countries have recently intensified their efforts to promote cooperation among their stock exchanges with a view to developing and consolidating a mechanism for a possible form of integration among themselves. This paper reviews the experiences of various stock exchange alliances established at regional and international levels and draws some lessons for the OIC countries’ stock exchanges in terms of the need for harmonising their physical, institutional and legal frameworks and policies and sharing their investor base. 1. INTRODUCTION As the international trade and financial flows accelerated, the global economy witnessed an increase in the pace of integration. This process of globalisation is most evidently observed in the capital and financial markets. One important element that has led to such a result is the technological advancement in the information and telecommunications sector. Hence, financial transactions became instantaneous and the information guiding investments open to everybody. In this context, technological advancements and the resulting accelerated flow of information have increased efficiency, fairness, transparency and safety in the international financial and capital markets. 122 Journal of Economic Cooperation As those developments introduced new prospects and benefits to the stock markets all around the world, they increased competition among the financial markets, securities exchanges in particular. -
2020 Market Highlights
2020 Market Highlights Summary 2020 was an extraordinary year for everyone, perhaps rather too eventful. The Covid-19 pandemic, the US presidential election, Brexit, the resignation of Japan’s prime minister Shinzo Abe and increased tension between the US and China created vast economic uncertainty and a flood of pessimistic forecasts. In March we saw market volatility levels comparable only to those of the Great Financial Crisis of 2008 and for months on end, normal working, travel, and leisure arrangements were severely disrupted. When we look at the data, the magnitude of the shock is evident, particularly in March. But what is remarkable is that despite the exceptional circumstances and even during the worst days of the crisis, markets remained open and functioning. In addition, after the peak in uncertainty observed in March, markets quickly recovered. By the end of July, most indicators registered a quick reversal to the activity levels seen before the pandemic, reflecting a strong confidence in the markets and in their role in supporting the economy. Towards the end of the year, the news of the development and approval of several Covid-19 vaccines, the final agreement between the UK and the EU, and the outcome of the US elections seemed to have boosted the confidence of investors and issuers, driving markets to end the year on a high note. Key Indicators Equities • After a sharp drop (20.7%) in Q1, domestic market capitalisation quickly recovered, reaching pre-pandemic levels by the end of Q2. • In November 2020, global market capitalisation passed the 100 USD trillion mark for the first time, ending the year at 109.21 USD trillion, up 19.7% when compared with the end of 2019.