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Introduction áeó≤e

ﻓﻲ إﻃﺎر ﺳﻌﻲ ﺳﻮق أﺑﻮﻇﺒﻲ ﻟوراق اﻟﻤﺎﻟﻴﺔ ﻟﺘﺜﻘﻴﻒ وﺗﻮﻋﻴﺔ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻋﻤﻮﻣﺎ وﺻﻐﺎرﻫﻢ In pursuit of the continuous efforts to raise the awareness of investors in general and smaller investors in particular and keep them abreast of latest developments, the Abu Dhabi ﺧﺼﻮﺻﺎ، ﻳﺄﺗﻲ ﻃﺮح ﻫﺬا اﻟﻜﺘﻴﺐ ﺿﻤﻦ ﺳﻠﺴﻠﺔ ﻣﻦ اﻟﻜﺘﻴﺒﺎت واﻟﻤﻄﺒﻮﻋﺎت راﺟﻴﻦ أن ﻳﻜﻮن ﻓﻴﻬﺎ Securities Exchange (ADX) issues this booklet as part of a series of publications, hoping that اﻟﻤﻨﻔﻌﺔ ﻟﻠﻤﺘﻌﺎﻣﻠﻴﻦ ﻓﻲ أﺳﻮاق اﻟﺪوﻟﺔ ﺧﺼﻮﺻﺎ، وﻟﻠﻘﺎرئ اﻟﻌﺮﺑﻲ ﻋﻤﻮﻣﺎ. it would be useful to traders and dealers in the UAE Markets in particular, and to Arab readers ﻟﻘﺪ ﺗﻢ اﺧﺘﻴﺎر ﻫﺬا اﻟﻤﻮﺿﻮع ﻣﻦ ﺿﻤﻦ ﻗﺎﺋﻤﺔ ﻣﻄﺒﻮﻋﺎﺗﻨﺎ اﻟﺠﺪﻳﺪة ﻟﻌﺎم 2014 ﻧﻈﺮا •ﻫﻤﻴﺘﻪ ﻓﻲ .in general دﻓﻊ ﺣﺮﻛﺔ ا•ﺳﻮاق وﻛﺬﻟﻚ ﺣﺪاﺛﺘﻪ ﻓﻲ ا•ﺳﻮاق اﻟﻤﺎﻟﻴﺔ اﻟﻌﺮﺑﻴﺔ، ﺑﺎ£ﺿﺎﻓﺔ إﻟﻰ ﻗﻠﺔ ﻣﺎ ﻛﺘﺐ ﻋﻨﻪ ﺣﺘﻰ This topic has been selected on the list our of new publications for 2014 because of its importance in the push market movement as ا¨ن. The importance of this topic prompted placing it of the list of our new publications for ﻳﺴﺘﻬﺪف ﻫﺬا اﻟﻜﺘﻴﺐ ﺑﺸﻜﻞ رﺋﻴﺴﻲ ﻓﺌﺔ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻓﻲ اﻟﺴﻮق اﻟﻤﺎﻟﻲ، وﻟﻴﺲ ﻋﻤﻮم اﻟﻨﺎس، due to its role in spurring and stimulating market movement, in addition to its ,2014 وذﻟﻚ ﺑﺴﺒﺐ ﺧﺼﻮﺻﻴﺘﻪ أوﻻ، واﺳﺘﺨﺪاﻣﻪ ﻟﻤﻔﺎﻫﻴﻢ ﻣﻦ اﻟﻤﻔﺘﺮض ﻣﻌﺮﻓﺘﻬﺎ أو ﻣﻌﺮﻓﺔ ﻣﻌﻈﻤﻬﺎ ﻣﻦ .newness in Arab financial markets and for having rarely been written about so far اﻟﻤﺴﺘﺜﻤﺮﻳﻦ اﻟﻤﺘﻤﺮﺳﻴﻦ ﺑﺎ•ﺳﻮاق اﻟﻤﺎﻟﻴﺔ. وﻣﻊ ذﻟﻚ، ﻧﺮﺟﻮ أن ﻳﻜﻮن ﻣﻔﻴﺪا ﻟﻜﺎﻓﺔ اﻟﻤﻬﺘﻤﻴﻦ. The "Market maker" focuses on shares of companies listed in financial markets, noting وﻗﺪ ﺗﻢ اﻟﺘﺮﻛﻴﺰ ﻋﻠﻰ ﺻﺎﻧﻊ اﻟﺴﻮق •ﺳﻬﻢ اﻟﺸﺮﻛﺎت اﻟﻤﺪرﺟﺔ ﺑﺎ•ﺳﻮاق اﻟﻤﺎﻟﻴﺔ ﻋﻠﻤﺎ ﺑﺄن ﻫﻨﺎك .that Market Makers are there in other fields, such as currency trading As e-version of this booklet, is available on ADX website: www.adx.ae ﺻﻨﺎع ﺳﻮق ﻓﻲ ﻣﺠﺎﻻت أﺧﺮى ﻣﺜﻞ ﺗﺠﺎرة اﻟﻌﻤﻼت وﻏﻴﺮﻫﺎ. .We hope that this edition would be of use to all investors and traders ﻳﻤﻜﻦ ﻟﻠﻘﺎرئ اﻟﻜﺮﻳﻢ أن ﻳﻘﻮم ﺑﺎﻻﻃﻼع ﻋﻠﻰ اﻟﻨﺴﺨﺔ ا£ﻟﻜﺘﺮوﻧﻴﺔ ﻟﻬﺬا اﻟﻜﺘﻴﺐ ﻣﻦ ﺧﻼل ﻣﻮﻗﻊ ﺳﻮق أﺑﻮﻇﺒﻲ ﻟوراق اﻟﻤﺎﻟﻴﺔ www.adx.ae راﺟﻴﻦ أن ﺗﺘﺤﻘﻖ اﻟﻔﺎﺋﺪة اﻟﻤﺮﺟﻮة ﻣﻨﻪ.

5 4 Market making: A key financial market tool á«dÉŸG ¥ƒ°ùdG äGhOCG øe IóMGh ¥ƒ°ùdG áYÉæ°U

Financial markets depend on many pillars and substrates in their operations. Experiences ﺗﻌﺘﻤﺪ ا•ﺳﻮاق اﻟﻤﺎﻟﻴﺔ ﻋﻠﻰ اﻟﻌﺪﻳﺪ ﻣﻦ اﻟﺮﻛﺎﺋﺰ وا•ﺳﺲ ﻓﻲ ﻋﻤﻠﻬﺎ. وﻗﺪ أﻓﺮزت ﺗﺠﺎرب ﻋﺸﺮات ﺑﻞ ﻣﺌﺎت اﻟﺴﻨﻴﻦ derived over tens or hundreds of years markets market operations, gave resulted in many ﻣﻦ ﻋﻤﻞ ا•ﺳﻮاق اﻟﻌﺪﻳﺪ ﻣﻦ اﻟﻤﺨﺮﺟﺎت ﻟﻬﺬه اﻟﺘﺠﺎرب ﻳﺄﺗﻲ ﻓﻲ ﻣﻘﺪﻣﺘﻬﺎ ﺣﻘﻴﻘﺔ أن اﻟﺘﻨﻈﻴﻢ واﻟﺘﺸﺮﻳﻊ واﻟﺮﻗﺎﺑﺔ outcomes, at the forefront of which comes the fact that regulation, legislation, supervision and واﻟﺘﻄﻮﻳﺮ ﻫﻲ اﻟﻤﺤﺎور ا•ﺳﺎﺳﻴﺔ ﻟﻌﻤﻞ ا•ﺳﻮاق اﻟﻤﺎﻟﻴﺔ. .development are the primary axes of financial markets operations وﺑﺎﻟﻨﺴﺒﺔ ﻟﺳﻮاق اﻟﻤﺎﻟﻴﺔ اﻟﻌﺮﺑﻴﺔ ﻓﻬﻲ ﺣﺪﻳﺜﺔ اﻟﺘﺄﺳﻴﺲ ﻓﻲ ﻏﺎﻟﺒﻴﺘﻬﺎ، وﻟﻜﻨﻬﺎ ﻣﻊ ذﻟﻚ ﻗﺪ اﺟﺘﺎزت ﻣﺮﺣﻠﺔ As for Arab financial markets, they are mostly newly established. However, they were able to أﺳﺎﺳﻴﺎت اﻟﺘﻨﻈﻴﻢ واﻟﺮﻗﺎﺑﺔ واﻟﺘﺸﺮﻳﻊ ﻣﺴﺘﻔﻴﺪة ﻣﻦ اﻟﺘﺠﺎرب واﻟﻤﻤﺎرﺳﺎت اﻟﻐﻨﻴﺔ ﻟﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ، وﻛﺬﻟﻚ ﻣﻦ surpass the phase of basic regulation, legislation and supervision, benefiting from experiences and Market Maker ﺻﺎﻧــــﻊ اﻟﺴــــﻮق practices of international markets, and from lessons learnt throughout their path. However; further اﻟﺪروس واﻟﻌﺒﺮ اﻟﺘﻲ اﺳﺘﻔﺎدﺗﻬﺎ أﺛﻨﺎء ﻣﺴﻴﺮﺗﻬﺎ، وﻟﻜﻦ وﻣﻊ ذﻟﻚ ﻓﺈﻧﻪ ﻻ زال ﻟﺪﻳﻬﺎ اﻟﻤﺰﻳﺪ ﻣﻦ اﻟﺨﻄﻮات ﻋﻠﻰ ﻃﺮﻳﻖ .steps are yet to be taken along the way towards progress and development اﻟﺘﻄﻮﻳﺮ واﻻزدﻫﺎر. The Current development path requires the introduction and inclusion by the markets of new إن ﻣﻦ ﻣﺴﺘﻠﺰﻣﺎت ﻣﺴﻴﺮة اﻟﺘﻄﻮﻳﺮ اﻟﺤﺎﻟﻴﺔ ﺗﻌﺮﻳﻒ واﺳﺘﻴﻌﺎب ا•ﺳﻮاق ﻟﻠﻤﺰﻳﺪ ﻣﻦ ا•دوات اﻟﻤﺎﻟﻴﺔ وﺧﺎﺻﺔ ﺗﻠﻚ financial tools, particularly those which are more beneficial and less risky. This needs more creative ا•دوات ﻋﻈﻴﻤﺔ اﻟﻔﺎﺋﺪة وﻗﻠﻴﻠﺔ اﻟﻤﺨﺎﻃﺮ، وﻫﺬا ﻳﺤﺘﺎج إﻟﻰ ﻣﺰﻳﺪ ﻣﻦ ا•ﻓﻜﺎر اﻟﺨﻼﻗﺔ واﻟﻌﻤﻞ اﻟﺪؤوب وﺑُﻌﺪ اﻟﻨﻈﺮ ﻛﻲ ideas, persistence and foresightedness, in order to enrich our markets with more support and new tools to contribute to bridging gaps and enhancing strengthening the position of our markets in the ﻧﺜﺮي أﺳﻮاﻗﻨﺎ ﺑﻤﺰﻳﺪ ﻣﻦ اﻟﺪﻋﺎﺋﻢ وأدوات اﻟﺒﻨﺎء اﻟﺤﺪﻳﺜﺔ ااﻟﺘﻲ ﺗﺴﺎﻫﻢ ﻓﻲ ﻣﻠﺊ اﻟﻔﺮاﻏﺎت اﻟﻨﺎﻗﺼﺔ وﺗﺮﺳﻴﺦ ﻗﻮة وﻣﻜﺎﻧﺔ international arena. أﺳﻮاﻗﻨﺎ ﻋﻠﻰ اﻟﺨﺎرﻃﺔ اﻟﻌﺎﻟﻤﻴﺔ. ,Market making, is the most important tool, among other financial tools needed by our market ﺗﺄﺗﻲ ﺻﻨﺎﻋﺔ اﻟﺴﻮق ﻓﻲ ﻣﻘﺪﻣﺔ ا•دوات اﻟﻤﺎﻟﻴﺔ اﻟﺘﻲ ﺗﺤﺘﺎﺟﻬﺎ أﺳﻮاﻗﻨﺎ ﺑﻌﺪ أن ﻗﻄﻌﺖ ﻫﺬه اﻟﺼﻨﺎﻋﺔ ﻣﺮاﺣﻞ زﻣﻨﻴﺔ especially that "market making", has made great strides in terms of time and development stages وﺗﻄﻮﻳﺮﻳﺔ ﻛﺒﻴﺮة ﻓﻲ ا•ﺳﻮاق ا•ﺧﺮى، ﺣﻴﺚ أﻧﻬﺎ ﻣﻦ ا•دوات اﻟﺘﻲ ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﺿﺦ اﻟﺴﻴﻮﻟﺔ ﻓﻲ اﻟﺴﻮق وﻛﺬﻟﻚ ﺗﻌﺰﻳﺰ in other markets, as it helps in pumping liquidity into the market and boosts up the market with اﻟﺴﻮق ﺑﻨﻮﻋﻴﺎت ذات ﻋﻠﻢ وﺧﺒﺮة ﻣﻦ اﻟﻤﺘﻌﺎﻣﻠﻴﻦ. .qualified and experienced dealers Who is the market maker? ﻣﻦ ﻫﻮ ﺻﺎﻧﻊ اﻟﺴﻮق؟ The Market Maker is usually a financial services company, and not an individual person. The ﺻﺎﻧﻊ اﻟﺴﻮق ﻫﻮ ﻓﻲ اﻟﻌﺎدة ﺷﺮﻛﺔ ﺧﺪﻣﺎت ﻣﺎﻟﻴﺔ وﻟﻴﺲ ﺷﺨﺺ ﻓﺮد، ﺗﺘﻠﺨﺺ ﻃﺒﻴﻌﺔ ﻋﻤﻠﻪ ﻓﻲ أن ﻋﻠﻴﻪ أن ﻳﻜﻮن nature of the work of the Market maker, is to always be ready to buy and sell in the financial ﺟﺎﻫﺰا ﺑﺎﺳﺘﻤﺮار ﻟﻠﺒﻴﻊ واﻟﺸﺮاء ﻓﻲ اﻟﺴﻮق اﻟﻤﺎﻟﻲ ﻋﺒﺮ ﺗﻮﻓﻴﺮ ﻋﺮوض أﺳﻌﺎر اﻟﺒﻴﻊ واﻟﺸﺮاء، ﺑﻬﺪف رﺋﻴﺴﻲ وﻫﻮ ﺗﻌﺰﻳﺰ market through quoting both a buy and a sell price, with the aim of improving liquidity and trading movement in the market, particularly for shareholding companies whose shares are traded by the اﻟﺴﻴﻮﻟﺔ وﺣﺮﻛﺔ اﻟﺘﺪاول ﻓﻲ اﻟﺴﻮق وﺧﺎﺻﺔ ﻟﺘﻠﻚ اﻟﺸﺮﻛﺎت اﻟﻤﺴﺎﻫﻤﺔ اﻟﺘﻲ ﻳﻘﻮم ﺻﺎﻧﻊ اﻟﺴﻮق ﺑﺎﻟﺘﺪاول ﻋﻠﻰ Market Maker; in addition to its role in reducing price fluctuations and enhancing market efficiency. أﺳﻬﻤﻬﺎ. ﺑﺎ£ﺿﺎﻓﺔ إﻟﻰ دوره ﻓﻲ ﺗﻘﻠﻴﻞ ﺗﺬﺑﺬﺑﺎت ا•ﺳﻌﺎر وﺗﻌﺰﻳﺰ ﻛﻔﺎءة اﻟﺴﻮق. ,Eventually, the trading movement and price quotations of the shares that have a Marker Maker وﺑﺎﻟﺘﺎﻟﻲ ﻓﺈن ﺣﺮﻛﺔ اﻟﺘﺪاوﻻت وﻋﺮوض ا•ﺳﻌﺎر •ﺳﻬﻢ اﻟﺸﺮﻛﺎت اﻟﺘﻲ ﻟﻬﺎ ﺻﺎﻧﻊ ﺳﻮق ﺳﺘﻈﻞ ﻣﺴﺘﻤﺮة ﻃﻴﻠﺔ .will continue throughout the trading session at the financial market ﺟﻠﺴﺔ اﻟﺘﺪاول ﺑﺎﻟﺴﻮق اﻟﻤﺎﻟﻲ. The licensing of the Market Maker, and the conditions and requirements for practicing his وﻳﺘﻢ ﺗﺮﺧﻴﺺ ﻋﻤﻞ ﺻﺎﻧﻊ اﻟﺴﻮق ووﺿﻊ ﺷﺮوط ﻣﺰاوﻟﺘﻪ ﻟﻠﺨﺪﻣﺔ وﻣﺮاﻗﺒﺔ ﻋﻤﻠﻪ ﻣﻦ ﻃﺮف ا•ﺳﻮاق اﻟﻤﺎﻟﻴﺔ activities as well as monitoring of his activities is done by the financial markets and regulatory bodies. واﻟﺠﻬﺎت اﻟﺮﻗﺎﺑﻴﺔ. Market making activities are not limited only to stock markets. Market makers are active in ﺻﻨﺎع اﻟﺴﻮق ﻻ ﻳﻘﺘﺼﺮ ﻧﺸﺎﻃﻬﻢ ﻓﻲ أﺳﻮاق ا•ﺳﻬﻢ ﻓﻘﻂ، ﻓﻬﻨﺎك ﺻﻨﺎع ﺳﻮق ﻓﻲ ﺗﺠﺎرة اﻟﻌﻤﻼت وﺗﺪاول currency exchange and financial derivatives trading, such as options and futures, as well as bonds اﻟﻤﺸﺘﻘﺎت اﻟﻤﺎﻟﻴﺔ ﻣﺜﻞ اﻟﺨﻴﺎرات واﻟﻤﺴﺘﻘﺒﻠﻴﺎت وﺻﻨﺎع ﺳﻮق ﻟﺘﺪاول اﻟﺴﻨﺪات، وﻟﻜﻨﻨﺎ ﺳﻨﻘﺘﺼﺮ ﻫﻨﺎ ﻋﻠﻰ ﺻﻨﺎع trading. However, the focus here will be on Market Makers in stock markets, which are currently اﻟﺴﻮق ﻓﻲ أﺳﻮاق ا•ﺳﻬﻢ ﻓﻘﻂ ﻛﻮﻧﻬﺎ اﻟﺴﺎﺋﺪة ﻓﻲ اﻟﻮﻃﻦ اﻟﻌﺮﺑﻲ. .dominant in Arab countries

7 6 The working mechanisms of the market maker

The Market Maker may concentrate on making the market of one or more public shareholding ¥ƒ°ùdG ™fÉ°U πªY äÉ«dBG companies listed in the financial market (i.e. quote buy and sell prices) with the aim of improving liquidity of their shares. There may also be more than one market maker for a listed company. That is why it is not strange to find tens or hundreds of market making companies in some developed ﻣﻦ اﻟﻤﻤﻜﻦ أن ﻳﺮﻛﺰ ﺻﺎﻧﻊ اﻟﺴﻮق ﻋﻠﻰ ﺷﺮﻛﺔ ﻣﺴﺎﻫﻤﺔ ﻋﺎﻣﺔ واﺣﺪة ﻣﺪرﺟﺔ ﺑﺎﻟﺴﻮق أو اﻛﺜﺮ ﻣﻦ ﺷﺮﻛﺔ ﻟﻴﻘﻮم financial markets, such as NASDAQ. ﺑﺼﻨﺎﻋﺔ ﺳﻮﻗﻬﺎ، أي ﻋﺮض أﺳﻌﺎر ﻣﺴﺘﻤﺮة ﻟﺒﻴﻊ وﺷﺮاء أﺳﻬﻤﻬﺎ ﻣﻦ أﺟﻞ ﺗﻌﺰﻳﺰ ﺳﻴﻮﻟﺔ ﻫﺬه ا•ﺳﻬﻢ. وﻳﻤﻜﻦ أﻳﻀﺎ أن ,The Market Maker business prompts it to hold an inventory of stocks of companies it represents ﻳﻜﻮن ﻫﻨﺎك أﻛﺜﺮ ﻣﻦ ﺻﺎﻧﻊ ﺳﻮق واﺣﺪ ﻟﺘﻤﺜﻴﻞ ﺷﺮﻛﺔ ﻣﺪرﺟﺔ واﺣﺪة، وﻟﺬﻟﻚ ﻻ ﻏﺮاﺑﺔ ﻓﻲ أن ﻧﺠﺪ ﺑﺒﻌﺾ ا•ﺳﻮاق اﻟﻤﺎﻟﻴﺔ to enhance its readiness for continuous interference in trading movements. In other words, if any اﻟﻤﺘﻘﺪﻣﺔ ﻣﺜﻞ ﻧﺎﺳﺪاك، اﻟﻌﺸﺮات ﺑﻞ اﻟﻤﺌﺎت ﻣﻦ ﺷﺮﻛﺎت ﺻﻨﺎﻋﺔ اﻟﺴﻮق. investor (trader) wants to buy a big number of stocks and does not find a seller; then, the Market إن ﻣﻦ ﻣﻘﺘﻀﻴﺎت ﻋﻤﻞ ﺻﺎﻧﻊ اﻟﺴﻮق أن ﻳﻤﺘﻠﻚ ﺑﻤﺨﺰوﻧﻪ ﻛﻤﻴﺎت ﻛﺒﻴﺮة ﻣﻦ أﺳﻬﻢ اﻟﺸﺮﻛﺎت اﻟﺘﻲ ﻳﻤﺜﻠﻬﺎ ﻟﺘﻌﺰﻳﺰ .Maker will sell from its inventory ﺟﺎﻫﺰﻳﺘﻪ ﻟﻠﺘﺪﺧﻞ اﻟﻤﺴﺘﻤﺮ ﺑﺤﺮﻛﺔ اﻟﺘﺪاول، ﺑﻤﻌﻨﻰ أﻧﻪ إذا أراد أﺣﺪ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ (اﻟﻤﺘﺪاوﻟﻴﻦ) ﺷﺮاء ﻛﻤﻴﺔ ﻛﺒﻴﺮة ﻣﻦ ,In cases where the market maker does not own the number of shares required to be bought ا•ﺳﻬﻢ وﻟﻢ ﻳﻜﻦ ﻫﻨﺎك ﺑﺎﺋﻊ ﻓﺈن ﺻﺎﻧﻊ اﻟﺴﻮق ﻳﻘﻮم ﺑﻬﺬا اﻟﺒﻴﻊ ﻣﻦ ا•ﺳﻬﻢ اﻟﺘﻲ ﻳﻤﺘﻠﻜﻬﺎ ﺑﻤﺨﺰوﻧﻪ. it may borrow the shares from a third party to execute the sale. That is why the Market Making وإذا ﺣﺼﻠﺖ ﻫﻨﺎك ﺣﺎﻻت ﻋﺪم اﻣﺘﻼك ﺻﺎﻧﻊ اﻟﺴﻮق ﻟﺤﺠﻢ ا•ﺳﻬﻢ اﻟﻤﻄﻠﻮب ﺷﺮاؤه، ﻓﺈﻧﻪ ﻳﺴﺘﻄﻴﻊ اﻗﺘﺮاض Regulation, is accompanied by other regulations related to borrowing and lending which allows the ا•ﺳﻬﻢ ﻣﻦ اﻟﻐﻴﺮ ﻟﺘﻨﻔﻴﺬ اﻟﺒﻴﻊ. وﻟﺬﻟﻚ ﻳﺮاﻓﻖ ﺗﺸﺮﻳﻊ ﻋﻤﻞ ﺻﺎﻧﻊ اﻟﺴﻮق ﺗﺸﺮﻳﻊ آﺧﺮ ﻳﺘﻌﻠﻖ ﺑﺎ£ﻗﺮاض واﻻﻗﺘﺮاض ﺣﺘﻰ .Market Maker revert to this option when necessary Market Maker ﺻﺎﻧــــﻊ اﻟﺴــــﻮق ﻳﺘﻤﻜﻦ ﺻﺎﻧﻊ اﻟﺴﻮق ﻣﻦ ﻣﻤﺎرﺳﺔ ذﻟﻚ إذا ﺗﻄﻠﺐ ا•ﻣﺮ. No doubt that the ownership by the Market Maker of a big number of shares to be ready to ﻻ ﺷﻚ أن ﺿﺮورة اﻣﺘﻼك ﺻﺎﻧﻊ اﻟﺴﻮق ﻟﻜﻤﻴﺎت ﻛﺒﻴﺮة ﻣﻦ ا•ﺳﻬﻢ ﻣﺴﺒﻘﺎ ﻟﺘﻌﺰﻳﺰ ﺟﺎﻫﺰﻳﺘﻪ ﻓﻲ اﻟﺘﺪﺧﻞ ﺑﺎﻟﺴﻮق ﻓﻲ interfere in the market on due time, improves the liquidity of the company whose stock is bought اﻟﻮﻗﺖ اﻟﻤﻨﺎﺳﺐ ﻳﺸﻜﻞ ﺑﺤﺪ ذاﺗﻪ ﻣﺼﺪرا ﻟﺘﻌﺰﻳﺰ ﺳﻴﻮﻟﺔ اﻟﺸﺮﻛﺔ اﻟﺘﻲ ﻳﻘﻮم ﺑﺸﺮاء أﺳﻬﻤﻬﺎ ﺑﺴﺒﺐ ﺣﺮﻛﺔ اﻟﺒﻴﻊ .by the Market Maker as a result of the buying and selling movement واﻟﺸﺮاء. ﻟﻴﺲ ﻣﻦ اﻟﻀﺮوري أن ﻳﻜﻮن ﻟﻜﻞ ﺷﺮﻛﺔ ﻣﺴﺎﻫﻤﺔ ﻋﺎﻣﺔ ﻣﺪرﺟﺔ ﺑﺎﻟﺴﻮق ﺻﺎﻧﻊ ﺳﻮق، ﻓﻬﻨﺎك ﺑﻌﺾ ا•ﺳﻮاق ﻣﺜﻞ .It is not necessary that every listed public shareholding company should have a market maker In some markets, such as London Stock Exchange (“LSE”), companies with very large volumes of ﺳﻮق ﻟﻨﺪن ﻻ ﻳﻮﺟﺪ ﺑﻬﺎ ﺻﺎﻧﻊ ﺳﻮق ﻟﺒﻌﺾ اﻟﺸﺮﻛﺎت ذات أﺣﺠﺎم اﻟﺘﺪاول اﻟﻌﺎﻟﻴﺔ ﺟﺪا ﺣﻴﺚ أن ﻫﺬه اﻟﺸﺮﻛﺎت ﻻ ﺗﺤﺘﺎج إﻟﻰ ,trading have no market makers as they do not need a market maker to inject liquidity as they are ﺻﺎﻧﻊ ﺳﻮق ﻟﻀﺦ اﻟﺴﻴﻮﻟﺔ ﻓﻬﻲ ﺑﻄﺒﻴﻌﺔ اﻟﺤﺎل ﻧﺸﻴﻄﺔ. .ipso facto, active وﻣﻦ ﻧﺎﺣﻴﺔ أﺧﺮى ﺗﺘﺮدد ﺷﺮﻛﺎت ﺻﻨﺎﻋﺔ اﻟﺴﻮق ﻋﻦ اﻟﻌﻤﻞ ﻣﻊ ﻧﻮع اﻟﺸﺮﻛﺎت اﻟﺨﺎﻣﻠﺔ أي اﻟﺸﺮﻛﺎت اﻟﻤﺪرﺟﺔ On the other hand, Market Makers hesitate to dealing with inert and illiquid companies or ﺑﺎﻟﺴﻮق وﻟﻜﻨﻬﺎ ﺷﺪﻳﺪة ﺿﻌﻒ اﻟﺴﻴﻮﻟﺔ، ﺑﺴﺒﺐ اﻟﺨﻮف ﻣﻦ اﻟﺨﺴﺎرة ! .companies with illiquid stocks to avoid loss Why is the market maker reluctant to deal with inert and illiquid companies? ﻛﻴﻒ ﺗﺤﺼﻞ اﻟﺨﺴﺎرة ﻓﻲ ﻫﺬه اﻟﺤﺎﻟﺔ؟ To answer this question, we should first know that the Market Maker is a company which aims ﻟÒﺟﺎﺑﺔ ﻋﻠﻰ ﻫﺬا اﻟﺘﺴﺎؤل، ﻳﺠﺐ أن ﻧﻌﺮف أوﻻ ﺑﺄن ﺻﺎﻧﻊ اﻟﺴﻮق ﻫﻮ ﺷﺮﻛﺔ ﺗﻬﺪف إﻟﻰ اﻟﺮﺑﺤﻴﺔ، وﻳﺄﺗﻲ اﻟﺮﺑﺢ ﻓﻲ اﻟﻐﺎﻟﺐ at making profit. The Market Makers usually make money by means of price differentials (Bid-Ask ﻣﻦ ﻓﺮوق أﺳﻌﺎر اﻟﺒﻴﻊ واﻟﺸﺮاء Spread، أي ﻣﻦ اﻟﺒﻴﻊ ﺑﺴﻌﺮ أﻋﻠﻰ ﻣﻦ ﺳﻌﺮ اﻟﺸﺮاء، ﺗﻤﺎﻣﺎ ﻛﺄي ﺗﺎﺟﺮ. .Spreads), i.e. by selling at high and buying low prices - just like any trader وﺑﻤﺎ أن ﻣﻦ ﺷﺮوط ﺗﺮﺧﻴﺺ ﺻﺎﻧﻊ اﻟﺴﻮق أن ﻳﻘﻮم ﺑﺎﻟﺸﺮاء إذا ﻃﻠﺐ أﺣﺪﻫﻢ اﻟﺒﻴﻊ وﻟﻢ ﻳﺠﺪ ﻣﺸﺘﺮﻳﺎ، أو اﻟﺒﻴﻊ إذا As the Market Maker is licensed to buy if someone wants to sell but does not find a buyer, or to sell if someone wants to buy but does not find a seller; given that the buying and selling ﻃﻠﺐ أﺣﺪﻫﻢ اﻟﺸﺮاء وﻟﻢ ﻳﺠﺪ ﺑﺎﺋﻌﺎ، وﺑﻤﺎ أن ﺣﺮﻛﺔ اﻟﺸﺮاء واﻟﺒﻴﻊ ﻓﻲ أﺳﻬﻢ اﻟﺸﺮﻛﺎت اﻟﺨﺎﻣﻠﺔ ﺿﻌﻴﻔﺔ، ﻓﻤﺎذا ﻟﻮ movement of shares of a company with illiquid stock is weak; then, what would happen if the اﺷﺘﺮى ﺻﺎﻧﻊ اﻟﺴﻮق ﺳﺎﺑﻘﺎ ﺑﺈﺣﺪى ﻫﺬه اﻟﺸﺮﻛﺎت اﻟﺨﺎﻣﻠﺔ ﻋﺪدا ﻛﺒﻴﺮا ﻣﻦ ا•ﺳﻬﻢ ﻟﻤﺨﺰوﻧﻪ ﺑﺴﻌﺮ ﻋﺸﺮة دراﻫﻢ Market Maker had previously bought a large number lot of shares from such illiquid companies ﻟﻠﺴﻬﻢ اﻟﻮاﺣﺪ ﻣﺜﻼ، وﺣﺼﻞ ﻫﻨﺎك ﺑﻌﺪﻫﺎ أﺛﻨﺎء اﻟﺘﺪاول ﺑﺎﻟﺴﻮق أن ﻃﻠﺐ أﺣﺪ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﺷﺮاء أﺳﻬﻢ ﻧﻔﺲ for his inventory, at say AED per share; and an investor asked during the trading to buy the shares اﻟﺸﺮﻛﺔ ﺑﺴﻌﺮﺗﺴﻊ دراﻫﻢ ﻣﺜﻼ وﻟﻢ ﻳﻜﻦ ﻫﻨﺎك ﺑﺎﺋﻌﻴﻦ ﻟﺬﻟﻚ اﻟﺴﻬﻢ ﺑﺬﻟﻚ اﻟﻮﻗﺖ ﺑﺴﺒﺐ ﺧﻤﻮل اﻟﺸﺮﻛﺔ، ﻓﺈن ﻋﻠﻰ of the same company at say AED 9 but there were no sellers at that time because the company was illiquid? In this case, the Market Maker must interfere and sell at AED 9; consequently the ﺻﺎﻧﻊ اﻟﺴﻮق ﻋﻨﺪﻫﺎ أن ﻳﺘﺪﺧﻞ ﺑﻬﺬه اﻟﺤﺎﻟﺔ وﻳﺒﻴﻊ ﻟﻬﺬا اﻟﻤﺴﺘﺜﻤﺮ،وﺳﻌﺮ اﻟﺒﻴﻊ اﻟﻤﺘﻮﻗﻊ ﻫﻮ ﺗﺴﻌﺔ دراﻫﻢ ﻟﻠﺴﻬﻢ Market Maker will lose AED 1 per each sold share. ﻟﺘﺘﻢ اﻟﺼﻔﻘﺔ، وﺑﺬﻟﻚ ﺳﻴﺨﺴﺮ ﺻﺎﻧﻊ اﻟﺴﻮق درﻫﻢ واﺣﺪ ﺑﻜﻞ ﺳﻬﻢ ﻳﺒﻴﻌﻪ. وﻣﻦ اﻟﻤﻌﺮوف ﺑﺄن اﻟﻔﺮق ﺑﻴﻦ ﺳﻌﺮ اﻟﺒﻴﻊ واﻟﺸﺮاء Spread ﻳﻜﻮن ﻓﻲ اﻟﻌﺎدة ﻗﻠﻴﻞ ﺟﺪا ﻟﻠﺸﺮﻛﺎت اﻟﺴﺎﺋﻠﺔ ذات It is well known that the Bid-Ask Spread is usually small in companies with high liquidity and اﻟﺘﺪاول اﻟﻜﺜﻴﻒ وﻛﺒﻴﺮ ﻧﺴﺒﻴﺎ ﻟﻠﺸﺮﻛﺎت اﻟﺨﺎﻣﻠﺔ. .intensive trading, while it is proportionally wide in companies with illiquid shares

9 8 Conditions governing market maker operations

The financial markets and regulatory bodies have set up various conditions for the Market Maker to ensure its compliance and fulfillment of its obligations in such a way to attain the objectives of ¥ƒ°ùdG ™fÉ°U πªY •höT its licensing to practice the activity. These conditions may vary from one country to another, Market Maker ﺻﺎﻧــــﻊ اﻟﺴــــﻮق according to the type and nature of the duties of the Market Maker. However, they generally relate to the capital of the Market Maker, the need to submit periodic reports to the regulatory bodies ﺗﺤﺮص ا•ﺳﻮاق اﻟﻤﺎﻟﻴﺔ واﻟﻬﻴﺌﺎت اﻟﺮﻗﺎﺑﻴﺔ ﻋﻠﻰ وﺿﻊ ﺷﺮوط ﻋﺪﻳﺪة ﻋﻠﻰ ﺻﺎﻧﻊ اﻟﺴﻮق ﻟﻠﺘﺄﻛﺪ ﻣﻦ ﻗﻴﺎﻣﻪ ﺑﻮاﺟﺒﺎﺗﻪ regarding its financial position, loss and profit accounts and the volume of its portfolio in respect to ﻋﻠﻰ اﻟﻨﺤﻮ اﻟﺬي ﻳﺤﻘﻖ اﻟﻬﺪف ﻣﻦ ﺗﺮﺧﻴﺼﻪ ﻟﻤﻤﺎرﺳﺔ اﻟﻌﻤﻞ، وﺗﺨﺘﻠﻒ ﻫﺬه اﻟﺸﺮوط ﻣﻦ دوﻟﺔ •ﺧﺮى، أو ﻣﻦ ﺳﻮق ﻣﺎﻟﻲ .the market making business, as well as other conditions pertaining to compliance and disclosure وآﺧﺮ، وﺗﺨﺘﻠﻒ أﻳﻀﺎ ﺣﺴﺐ ﻧﻮع ﺻﺎﻧﻊ اﻟﺴﻮق وﻃﺒﻴﻌﺔ اﻟﻤﻬﺎم اﻟﺘﻲ ﻳﻘﻮم ﺑﻬﺎ، وﻟﻜﻦ وﺑﺸﻜﻞ ﻋﺎم ﺗﺘﻌﻠﻖ اﻟﺸﺮوط ﺑﺮأس ﻣﺎل ﺻﺎﻧﻊ اﻟﺴﻮق، وﺿﺮورة ﺑﻌﺚ ﺗﻘﺎرﻳﺮ دورﻳﺔ ﻋﻦ وﺿﻌﻪ اﻟﻤﺎﻟﻲ وأرﺑﺎﺣﻪ وﺧﺴﺎﺋﺮه وﺣﺠﻢ ﻣﺤﻔﻈﺘﻪ اﻟﻤﺘﻌﻠﻘﺔ , There are other operational conditions imposed by the financial markets on Market Makers including the minimum number of shares required to be traded by the Market Maker on daily ﺑﻌﻤﻠﻪ ﻛﺼﺎﻧﻊ ﺳﻮق ﻟﻠﺠﻬﺎت اﻟﺮﻗﺎﺑﻴﺔ، وﺷﺮوط أﺧﺮى ﺗﺘﻌﻠﻖ ﺑﺎﻟﻨﺰاﻫﺔ وا£ﻓﺼﺎح، وﻏﻴﺮ ذﻟﻚ. basis, the maximum duration of display of bid and ask prices at the trading screen, i.e. the period وﻫﻨﺎك ﺷﺮوط أﺧﺮى ﻋﻤﻠﻴﺎﺗﻴﺔ ﺗﻀﻌﻬﺎ ا•ﺳﻮاق اﻟﻤﺎﻟﻴﺔ ﻋﻠﻰ ﺻﻨﺎع اﻟﺴﻮق ﻣﺜﻞ وﺿﻊ ﺣﺪ أدﻧﻰ ﻟﻌﺪد ا•ﺳﻬﻢ within which the Market Maker has to interfere in the market by buying or selling, the total traded اﻟﻤﻄﻠﻮب ﺗﺪاوﻟﻬﺎ ﻣﻦ ﺻﺎﻧﻊ اﻟﺴﻮق ﻓﻲ اﻟﻴﻮم اﻟﻮاﺣﺪ، ووﺿﻊ ﺣﺪ أﻋﻠﻰ •وﻗﺎت ﻣﻜﻮث ﻋﺮوض اﻟﻄﻠﺐ واﻟﻌﺮض ﻋﻠﻰ securities, the observance of maximum limits of bid-ask spreads during trading and the minimum ﺷﺎﺷﺔ اﻟﺘﺪاول ﺑﺪون ﺗﺪاول أي أن ﻋﻠﻴﻪ أن ﻳﺘﺪﺧﻞ ﺑﺎﻟﺴﻮق ﺑﻴﻌﺎ أو ﺷﺮاء ﺿﻤﻦ ﻫﺬه اﻟﻔﺘﺮة، وﻣﺠﻤﻮع ﻛﻤﻴﺔ ا•وراق volume for buy and sell in one order; this also includes, updating of buying and selling quotes from time to time, and other conditions that apply to the Market Maker according to the nature of its اﻟﻤﺎﻟﻴﺔ اﻟﻤﺘﺪاوﻟﺔ ﻣﻨﻪ، واﻟﺤﻔﺎظ ﻋﻠﻰ ﺣﺪود ﻋﻠﻴﺎ ﻻ ﻳﺠﻮز ﺗﺠﺎوزﻫﺎ ﻟﻠﻔﺮوق ﺑﻴﻦ أﺳﻌﺎر اﻟﺒﻴﻊ واﻟﺸﺮاء Spread أﺛﻨﺎء اﻟﺘﺪاول، licensing in each financial market. واﻟﺤﺪ ا•دﻧﻰ ﻟﺤﺠﻢ ا•ﻣﺮ اﻟﻮاﺣﺪ ﻓﻲ اﻟﺒﻴﻊ أو اﻟﺸﺮاء، وﺗﺤﺪﻳﺚ ﻋﺮوض أواﻣﺮ اﻟﺒﻴﻊ واﻟﺸﺮاء ﺑﻴﻦ وﻗﺖ وآﺧﺮ، وﻏﻴﺮ ذﻟﻚ ﺣﺴﺐ ﻃﺒﻴﻌﺔ ﺗﺮﺧﻴﺺ ﺻﺎﻧﻊ اﻟﺴﻮق ﻓﻲ ﻛﻞ ﺳﻮق ﻣﺎﻟﻲ. Other conditions that are usually required for licensing and practicing of the activity are as وﻣﻦ ا•ﻣﻮر ا•ﺧﺮى اﻟﺮﺋﻴﺴﻴﺔ اﻟﺘﻲ ﺗﺸﺘﺮط ﻋﺎدة ﻟﻠﺘﺮﺧﻴﺺ واﻟﻤﻤﺎرﺳﺔ ﻣﺎ ﻳﻠﻲ: :follows أن ﻳﻜﻮن ﺻﺎﻧﻊ اﻟﺴﻮق ﺷﺨﺼﺎ اﻋﺘﺒﺎرﻳﺎ وﻟﻴﺲ ﺷﺨﺼﺎ ﻓﺮدا ﻃﺒﻴﻌﻴﺎ. .The Market Maker shall be a corporate body and not a natural person It shall have minimum required capital and adequate financial solvency which enables it to أن ﻳﻜﻮن ﻟﺪﻳﻪ ﺣﺪ أدﻧﻰ ﻣﻦ رأس اﻟﻤﺎل وﻣﻼءة ﻣﺎﻟﻴﺔ ﻛﺎﻓﻴﺔ ﺣﺘﻰ ﻳﺘﻤﻜﻦ ﻣﻦ ﺷﺮاء أﻋﺪاد ﻛﺒﻴﺮة ﻣﻦ ا•ﺳﻬﻢ .buy large number of stocks and cover any liabilities وﻟﺘﻐﻄﻴﺔ أﻳﺔ اﻟﺘﺰاﻣﺎت. If the Market Maker is established by a bank or company, it shall separate its market making إذا ﻛﺎن ﺻﺎﻧﻊ اﻟﺴﻮق ﻣﺆﺳﺴﺎ ﻣﻦ ﻣﺼﺮف ﺗﺠﺎري أو ﺷﺮﻛﺔ ﻓﻴﺠﺐ ﻋﻠﻴﻪ أن ﻳﻘﻮم ﺑﻔﺼﻞ ﻧﺸﺎط ﺻﻨﺎﻋﺔ اﻟﺴﻮق business from any other business conducted by the bank or the company, in order to avoid ﻋﻦ أي ﻧﺸﺎط آﺧﺮ ﻳﻘﻮم ﺑﻪ اﻟﻤﺼﺮف أو اﻟﺸﺮﻛﺔ ﺑﺤﻴﺚ ﻳﻜﻮن ﻋﻤﻠﻪ ﻣﺴﺘﻘﻼ ﻋﻦ ا•ﻋﻤﺎل واﻟﻨﺸﺎﻃﺎت ا•ﺧﺮى اﻟﺘﻲ .conflict of interests and achieve transparency and protection of investors It shall have the necessary technical and administrative abilities and a staff committed to the ﻳﻘﻮم ﺑﻬﺎ اﻟﻤﺼﺮف أو اﻟﺸﺮﻛﺔ، وذﻟﻚ ﻟﻤﻨﻊ ﺗﻌﺎرض اﻟﻤﺼﺎﻟﺢ وﻟﺘﺤﻘﻴﻖ اﻟﺸﻔﺎﻓﻴﺔ واﻟﺤﻤﺎﻳﺔ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ. standards of business ethics. أن ﻳﻜﻮن ﻟﺪﻳﻪ اﻟﻘﺪرات اﻟﻔﻨﻴﺔ وا£دارﻳﺔ اﻟﻼزﻣﺔ وأن ﻳﺘﻤﺘﻊ اﻟﻜﺎدر ﺑﺄﺧﻼﻗﻴﺎت اﻟﻤﻬﻨﺔ. The Market Maker is allowed for short selling, i.e. to sell shares it doesn’t own, and to borrow ﻳﺴﻤﺢ ﻟﺼﺎﻧﻊ اﻟﺴﻮق ﺑﺎﻟﺒﻴﻊ ﻋﻠﻰ اﻟﻤﻜﺸﻮف أي ﺑﻴﻊ ﻣﺎ ﻻ ﻳﻤﺘﻠﻜﻪ ﻣﻦ ا•ﺳﻬﻢ، وﻛﺬﻟﻚ ﺑﺈﻗﺮاض واﻗﺘﺮاض ا•وراق and lend securities, so as to facilitate the conducting of business which requires constant اﻟﻤﺎﻟﻴﺔ، وذﻟﻚ ﺗﺴﻬﻴﻼ ﻟﻪ ﻓﻲ ﻣﻤﺎرﺳﺔ ﻋﻤﻠﻪ اﻟﺬي ﻳﻘﺘﻀﻲ ﺗﻮﻓﻴﺮ اﻟﺴﻴﻮﻟﺔ ﺑﺎﺳﺘﻤﺮار. .liquidity provision

11 10 Market maker returns ¥ƒ°ùdG ™fÉ°U äGóFÉY

Market Maker makes profits from trading in large volumes; basically, the more bid-ask spreads ﺗﻜﻮن ﻋﺎﺋﺪات ﺻﺎﻧﻊ اﻟﺴﻮق ﻓﻲ ﻣﻌﻈﻤﻬﺎ ﻧﺘﻴﺠﺔ ﺗﺤﻘﻴﻖ أرﺑﺎح ﻣﻦ اﻟﺘﺪاول، وﺧﺎﺻﺔ أﻧﻪ ﻳﺘﺪاول ﺑﻜﺜﺎﻓﺔ وﺑﺄﺣﺠﺎم .are high, the higher the returns ﻛﺒﻴﺮة، وﺗﻜﻮن ﻋﺎﺋﺪاﺗﻪ ﻓﻲ اﻟﻌﺎدة أﻛﺒﺮ ﻋﻨﺪﻣﺎ ﻳﻜﻮن اﻟﻔﺮق ﺑﻴﻦ ﺳﻌﺮي اﻟﺒﻴﻊ واﻟﺸﺮاء اﻟﻤﻌﺮوﺿﻴﻦ ﻟﻠﺘﺪاول Spread أﻛﺒﺮ. The Market Maker acts to keep such spread - within the rules - in consideration to different ﻳﺤﺪد ﺻﺎﻧﻊ اﻟﺴﻮق ﻗﻴﻤﺔ ﻫﺬا اﻟﻔﺮق – ﺿﻤﻦ ا•ﻧﻈﻤﺔ - ﺑﻨﺎء ﻋﻠﻰ ﻋﺪة ﻣﻌﻄﻴﺎت، وﻋﻤﻮﻣﺎ ﻳﺘﻨﺎﺳﺐ ذﻟﻚ ﻃﺮدﻳﺎ ﻣﻊ factors but is, in general, directly proportionate to the price and risk of the share and reversely to ﻣﻌﺪل ﺳﻌﺮ اﻟﺴﻬﻢ وﺧﻄﻮرة اﻟﺴﻬﻢ وﻋﻜﺴﻴﺎ ﻣﻊ ﺣﺠﻢ اﻟﺘﺪاول وﻋﺪد ﺻﻨﺎع اﻟﺴﻮق. .the trading volume and number of market makers أي أﻧﻪ ﻓﻲ ﺣﺎﻟﺔ ا•ﺣﺠﺎم اﻟﻜﺒﻴﺮة ﻟﺘﺪاول اﻟﺴﻬﻢ ﻳﺰداد اﻗﺘﺮاب ﺳﻌﺮ اﻟﺒﻴﻊ ﻣﻦ ﺳﻌﺮ اﻟﺸﺮاء ﺑﺴﺒﺐ ﻛﺜﺮة اﻟﻌﺮض So, in the case of trading of large volumes of shares, the selling price will have a narrow bid-ask واﻟﻄﻠﺐ، وﺑﺬﻟﻚ ﻓﺈن اﻟﺮﺑﺢ اﻟﻤﺘﺤﻘﻖ ﻟﻠﻤﺴﺘﺜﻤﺮ أو ﻟﺼﺎﻧﻊ اﻟﺴﻮق ﻣﻦ اﻟﺴﻬﻢ اﻟﻮاﺣﺪ ﻳﻜﻮن أﻗﻞ، وﻟﻜﻦ ﻣﻊ ﺗﺪاول .spreads due to the large bid/ask; and the investor or Market Maker will make less profit per share أﺣﺠﺎم ﻛﺒﻴﺮة ﻣﻦ أﻋﺪاد ا•ﺳﻬﻢ ﻳﺘﻢ ﺗﺤﻘﻴﻖ رﺑﺢ ﻛﺒﻴﺮ. .However, high profit may be made when large amount of shares are traded أﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﺼﻨﺎع اﻟﺴﻮق ﻓﻲ ﺣﺎﻟﺔ وﺟﻮد أﻛﺜﺮ ﻣﻦ ﺻﺎﻧﻊ ﺳﻮق واﺣﺪ ﻟﻨﻔﺲ اﻟﺸﺮﻛﺔ، ﻓﺈن اﻟﺘﻨﺎﻓﺲ ﺑﻴﻨﻬﻢ ﻓﻲ اﻟﺒﻴﻊ As for Market Makers, if a company has more than one market maker, they will compete to sell at a lower price and buy at a higher price. In this case, the bid-ask spread will be less. واﻟﺸﺮاء ﻳﺠﻌﻞ ﻫﻨﺎك ﻣﻨﺎﻓﺴﺔ ﻟﻌﺮض ﺳﻌﺮ ﺑﻴﻊ أﻗﻞ وﺳﻌﺮ ﺷﺮاء أﻋﻠﻰ، ﺑﻤﻌﻨﻰ أن اﻟﻔﺮق ﺑﻴﻦ ﺳﻌﺮي اﻟﺒﻴﻊ واﻟﺸﺮاء For more clarification, if we theoretically assume that the bid price of a specific share is AED 4 Spread ﺳﻴﻜﻮن أﻗﻞ. and its selling price is AED 5; then, the bid-ask spread will be AED 1. If we assume that one person وﻟﻤﺰﻳﺪ ﻣﻦ اﻟﺘﻮﺿﻴﺢ، ﻟﻮ اﻓﺘﺮﺿﻨﺎ ﻧﻈﺮﻳﺎ أن ﺳﻌﺮ ﺷﺮاء ﺳﻬﻢ ﻣﻌﻴﻦ ﻫﻮ 4 دراﻫﻢ ﻣﺜﻼ وﺳﻌﺮ ﺑﻴﻌﻪ 5 دراﻫﻢ، ﻓﺈن would be able to buy the share at AED 4 and sell it at AED 5, such person will earn a profit of one اﻟﻔﺮق ﺑﻴﻦ ﺳﻌﺮي اﻟﺒﻴﻊ واﻟﺸﺮاء Spread ﻫﻮ درﻫﻢ واﺣﺪ، وﻟﻮ اﻓﺘﺮﺿﻨﺎ أن ﺷﺨﺼﺎ ﻣﺎ اﺳﺘﻄﺎع أن ﻳﺸﺘﺮي اﻟﺴﻬﻢ ﺑﺄرﺑﻌﺔ dirham per share due to the large bid-ask spread. However, if we assume that the bid price دراﻫﻢ وﻳﺒﻴﻌﻪ ﺑﺨﻤﺴﺔ دراﻫﻢ ﻓﺈﻧﻪ ﺳﻴﺤﻘﻖ رﺑﺢ ﻗﻴﻤﺘﻪ درﻫﻢ واﺣﺪ ﻟﻜﻞ ﺳﻬﻢ ﺑﺴﺒﺐ اﻟﻔﺮق اﻟﻮاﺳﻊ ﺑﻴﻦ ﺳﻌﺮي displayed at the trading screen is AED 4.5 and the selling price is AED 4.6; then the profit made will be only AED 0.1. This explains the turning of too much profit in case of high bid-ask spread along, 4.6 4.5 اﻟﺒﻴﻊ واﻟﺸﺮاء. أﻣﺎ ﻟﻮ اﻓﺘﺮﺿﻨﺎ أن ﺳﻌﺮ اﻟﺸﺮاء اﻟﻤﻌﺮوض ﻋﻠﻰ ﺷﺎﺷﺔ اﻟﺘﺪاول ﻫﻮ درﻫﻢ وﺳﻌﺮ اﻟﺒﻴﻊ درﻫﻢ ﻓﺈﻧﻪ .with other factors being constant ﻓﻲ ﺣﺎﻟﺔ ﺗﻨﻔﻴﺬ ﺻﻔﻘﺔ ﺑﻬﺬه ا•ﺳﻌﺎر ﻓﺈن اﻟﺮﺑﺢ اﻟﻤﺘﺤﻘﻖ ﻫﻮ 0.1 (واﺣﺪ ﺑﺎﻟﻌﺸﺮة ﻣﻦ اﻟﺪرﻫﻢ) ﻓﻘﻂ.وﻫﺬا ﻳﻔﺴﺮ ﺗﺤﻘﻴﻖ In comparison with other dealers in the market, the Market Maker makes other profits due to ﻗﺪر أﻛﺒﺮ ﻣﻦ ا•رﺑﺎح ﻓﻲ ﺣﺎﻟﺔ ﻛﻮن اﻟﻔﺮق ﺑﻴﻦ ﺳﻌﺮي اﻟﺒﻴﻊ واﻟﺸﺮاء ﻛﺒﻴﺮا، وﻃﺒﻌﺎ ﻣﻊ ﺛﺒﺎت اﻟﻌﻮاﻣﻞ ا•ﺧﺮى. discounts granted for it on the trading fees imposed by the markets; and to the privileges given by ﻳﺤﻘﻖ ﺻﺎﻧﻊ اﻟﺴﻮق ﺑﺎﻟﻤﻘﺎرﻧﺔ ﻣﻊ اﻟﻤﺘﺪاوﻟﻴﻦ ا¨ﺧﺮﻳﻦ ﺑﺎﻟﺴﻮق أرﺑﺎﺣﺎ أﺧﺮى ﻧﺘﻴﺠﺔ ﺗﻤﺘﻌﻪ ﺑﺨﺼﻮﻣﺎت ﻋﻠﻰ رﺳﻮم .the listed companies for which it conducts business اﻟﺘﺪاول اﻟﺘﻲ ﺗﻔﺮﺿﻬﺎ ا•ﺳﻮاق، وﻛﺬﻟﻚ أﺣﻴﺎﻧﺎ ﻣﻦ اﻻﻣﺘﻴﺎزات اﻟﻤﻤﻨﻮﺣﺔ ﻟﻪ ﻣﻦ اﻟﺸﺮﻛﺎت اﻟﻤﺪرﺟﺔ اﻟﺘﻲ ﻳﺘﺒﻨﺎﻫﺎ. Upon the licensing of the Market Maker to practice his activities, the listed companies that ﻋﻨﺪ ﺗﺮﺧﻴﺺ ﺻﺎﻧﻊ اﻟﺴﻮق وﻣﻤﺎرﺳﺘﻪ ﻟﻌﻤﻠﻪ، ﻳﺘﻢ ﺗﺤﺪﻳﺪ اﻟﺸﺮﻛﺎت اﻟﻤﺴﺎﻫﻤﺔ اﻟﻌﺎﻣﺔ اﻟﻤﺪرﺟﺔ اﻟﺘﻲ ﺳﻴﺘﻌﺎﻣﻞ Market Maker ﺻﺎﻧــــﻊ اﻟﺴــــﻮق Market Maker will deal with its shares are specified, and that could be through an agreement ﺑﺄﺳﻬﻤﻬﺎ وﻳﺼﻨﻊ ﺳﻮﻗﻬﺎ، وﻗﺪ ﻳﻜﻮن ذﻟﻚ ﻓﻲ اﺗﻔﺎق ﻣﺴﺒﻖ ﻣﻊ اﻟﺸﺮﻛﺔ اﻟﻤﺪرﺟﺔ ﻳﺘﺤﺪد ﻓﻴﻪ ﺣﺼﺔ وﻋﺎﺋﺪات ﺻﺎﻧﻊ between the Market Maker and the listed company, stating the shares, the Market Maker returns اﻟﺴﻮق ﻧﺘﻴﺠﺔ ﺗﺒﻨﻴﻪ ﺻﻨﺎﻋﺔ اﻟﺴﻮق ﻟﻠﺸﺮﻛﺔ وﺗﺤﻤﻠﻪ ﻧﻮع ﻣﻦ اﻟﻤﺨﺎﻃﺮ ﻧﺘﻴﺠﺔ ﺷﺮاءه ﻛﻤﻴﺎت ﻛﺒﻴﺮة ﻣﻦ أﺳﻬﻢ ﺗﻠﻚ .against the risk that it might take when it buys large amount of the company's shares اﻟﺸﺮﻛﺔ. Duties of the market maker ¥ƒ°ùdG ™fÉ°U ΩÉ¡e

The duties and obligations of the Market Maker differ according to the nature of the financial ﺗﺨﺘﻠﻒ ﻣﻬﺎم وواﺟﺒﺎت ﺻﺎﻧﻊ اﻟﺴﻮق ﺣﺴﺐ ﻃﺒﻴﻌﺔ اﻟﺴﻮق وﺗﺮﺧﻴﺺ ﺻﺎﻧﻊ اﻟﺴﻮق ﻓﻴﻪ، وﻓﻴﻤﺎ ﻳﻠﻲ ﻋﺪد ﻣﻦ market and the market maker’s license therein. Here below are some of the duties which are required, in whole or in part, to be assumed by the Market Makers: اﻟﻤﻬﺎم اﻟﻤﻄﻠﻮﺑﺔ ﺟﻤﻴﻌﻬﺎ أو ﻋﺪد ﻣﻨﻬﺎ ﻣﻦ ﺻﺎﻧﻊ اﻟﺴﻮق: To immediately execute the buying and selling transactions in case there are no buyers or اﻟﺘﻨﻔﻴﺬ اﻟﻔﻮري ﻟﻌﻤﻠﻴﺎت اﻟﺒﻴﻊ واﻟﺸﺮاء ﻓﻲ ﺣﺎﻟﺔ ﺗﻌﺬر وﺟﻮد ﺑﺎﺋﻌﻴﻦ أو ﻣﺸﺘﺮﻳﻦ، ﺑﻤﺎ ﻳﺴﺎﻫﻢ ﻓﻲ ﺗﻌﺰﻳﺰ اﻟﺴﻴﻮﻟﺔ .sellers, so as to improve liquidity and increase the trading volumes وﺑﺎﻟﺘﺎﻟﻲ زﻳﺎدة اﺣﺠﺎم اﻟﺘﺪاول. To hold big and sufficient number of stocks of listed companies it represents, so as to facilitate اﻻﺣﺘﻔﺎظ ﺑﻌﺪد ﻛﺒﻴﺮ وﻛﺎف ﻣﻦ أﺳﻬﻢ اﻟﺸﺮﻛﺎت اﻟﻤﺪرﺟﺔ اﻟﺘﻲ ﻳﻤﺜﻠﻮﻧﻬﺎ ﻟﺘﺴﻬﻴﻞ ﺿﺨﻬﺎ ﺑﺎﻟﺴﻮق ﻋﻨﺪ اﻟﺤﺎﺟﺔ. .their injection into the market, when required اﻟﻤﺤﺎﻓﻈﺔ ﻋﻠﻰ ﺳﻮق ﻣﺴﺘﻘﺮ ﻣﻦ ﺧﻼل اﻟﻌﻤﻞ ﻋﻠﻰ ﻣﻨﻊ اﻟﺘﻘﻠﺒﺎت اﻟﺤﺎدة ﺑﺎ•ﺳﻌﺎر ﻗﺪر ا£ﻣﻜﺎن. .To maintain a steady market through preventing price fluctuations as much as possible In some markets, the Market Makers decide the opening price at the start of trading of ﻓﻲ ﺑﻌﺾ ا•ﺳﻮاق، ﻳﺤﺪد ﺻﺎﻧﻊ اﻟﺴﻮق ﺳﻌﺮ اﻻﻓﺘﺘﺎح ﻋﻨﺪ ﺑﺪاﻳﺔ ﺗﺪاول أﺳﻬﻢ اﻟﺸﺮﻛﺎت اﻟﺘﻲ ﻳﻤﺜﻠﻮﻧﻬﺎ. وﻟﻴﺲ companies they represent. The opening price on a specific stock needs not to be its closing ﺑﺎﻟﻀﺮورة أن ﻳﻜﻮن ﺳﻌﺮ اﻓﺘﺘﺎح اﻟﻴﻮم ﻫﻮ ﺳﻌﺮ إﻏﻼق أﻣﺲ، إذ ﻳﻌﺘﻤﺪ ذﻟﻚ ﻋﻠﻰ اﻟﺘﻄﻮرات ﻓﻴﻤﺎ ﺑﻌﺪ إﻏﻼق أﻣﺲ، price in the preceding day, as it depends on the developments of after-hours trading; and the وأﺣﺠﺎم اﻟﻌﺮض واﻟﻄﻠﺐ ﻓﻲ ﺟﻠﺴﺎت ﻣﺎ ﻗﺒﻞ اﻻﻓﺘﺘﺎح. .volumes of bid and ask quotations at pre-opening sessions اﻟﺒﺤﺚ ﻋﻦ ﻣﺴﺘﺜﻤﺮﻳﻦ ﻣﺤﺘﻤﻠﻴﻦ وﺧﺎﺻﺔ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ اﻟﻤﺆﺳﺴﻴﻴﻦ •ﺳﻬﻢ اﻟﺸﺮﻛﺎت اﻟﺘﻲ ﻳﻤﺜﻠﻮﻧﻬﺎ. To search for new potential investors; particularly, the institutional investors for the companies they represent. ﻓﻲ ﺑﻌﺾ ا•ﺳﻮاق، ﻳﺤﺪد ﺻﺎﻧﻊ اﻟﺴﻮق ﻋﺮوض ﺳﻌﺮي اﻟﺒﻴﻊ واﻟﺸﺮاء ﻟﺳﻬﻢ ﺑﻨﺎء ﻋﻠﻰ اﻃﻼﻋﻪ ﻋﻠﻰ ﻋﺮوﺿﺎت In some markets, the Market Makers decide the stock buying and selling quotes based on ا•ﺳﻌﺎر ﻣﻦ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ. .investors’ quotes ﺗﻨﻔﻴﺬ اﻟﻄﻠﺒﺎت وﻓﻖ أﻓﻀﻞ ﻋﺮوض اﻟﺸﺮاء واﻟﺒﻴﻊ ﻣﻦ ﻏﻴﺮ ﻣﻤﺎرﺳﺔ اﻟﻐﺒﻦ واﻟﺘﻼﻋﺐ. وﻗﺪ وﺿﻌﺖ ﺑﻌﺾ اﻟﻬﻴﺌﺎت .To execute orders according to the best buy and sell quotations with no deception or fraud اﻟﺮﻗﺎﺑﻴﺔ ﺿﻮاﺑﻂ ﻟﺬﻟﻚ. .Some regulatory bodies have put in place controls over the same

13 12 ﺻﺎﻧــــﻊ اﻟﺴــــﻮق What is the difference between the “market maker” and the “broker” §«°SƒdG øY ¥ƒ°ùdG ™fÉ°U ∞∏àîj GPÉÃ

ﻫﻨﺎك اﺧﺘﻼف ﺑﻴﻦ ﺻﺎﻧﻊ اﻟﺴﻮق وﺑﻴﻦ اﻟﻮﺳﻴﻂ (ﺷﺮﻛﺔ اﻟﻮﺳﺎﻃﺔ) اﻟﺘﻘﻠﻴﺪي اﻟﺬي ﻳﻌﺘﻤﺪ ﻋﻤﻠﻪ ﻋﻠﻰ ﺑﻴﻊ وﺷﺮاء The difference between the Market Maker and the traditional broker (Brokerage Company) is ا•ﺳﻬﻢ، وﻳﺘﻮﻗﻒ ذﻟﻚ وﺑﺸﻜﻞ أﺳﺎﺳﻲ ﻋﻠﻰ ﻧﻮع ﺻﺎﻧﻊ اﻟﺴﻮق ﺣﻴﺚ ﺳﻨﺘﻄﺮق •ﻧﻮاﻋﻪ ﻓﻲ اﻟﻔﻘﺮة اﻟﺘﺎﻟﻴﺔ، وﻟﻜﻦ وﻣﻊ that the traditional broker’s business depends on buying and selling shares, while in the case of ذﻟﻚ وﺑﻐﺾ اﻟﻨﻈﺮ ﻋﻦ ﻧﻮع وﻃﺒﻴﻌﺔ ﺗﺮﺧﻴﺺ ﺻﺎﻧﻊ اﻟﺴﻮق واﻟﻮﺳﻴﻂ، ﻓﺈن ﺻﺎﻧﻊ اﻟﺴﻮق ﻳﺨﺘﻠﻒ ﻋﻦ اﻟﻮﺳﻴﻂ اﻟﺘﻘﻠﻴﺪي the Market Maker, it depends mainly on the type of the Market Maker, as will be discussed in the ﺑﺎﻟﻜﺜﻴﺮ ﻣﻦ ا•ﻣﻮر ﻣﻦ أﻫﻤﻬﺎ: following paragraph below. However; regardless of the type and nature of license of both the ﺗﺘﻄﻠﺐ ﻣﻬﻨﺔ ﺻﺎﻧﻊ اﻟﺴﻮق ﺑﺄن ﻳﻘﻮم ﺑﻌﺮض أواﻣﺮ ﺑﻴﻊ وﺷﺮاء ﻣﺴﺘﻤﺮة ﺑﺤﻴﺚ ﺗﻜﻮن ﻗﺎﺑﻠﺔ ﻟﻠﺘﻨﻔﻴﺬ وﺑﺤﺪ أﻗﺼﻰ Market Maker and the Broker, the difference between the Market Maker and the traditional Broker comprises the following: ﻣﺤﺪد ﻟﻠﻔﺮق ﺑﻴﻦ ْﺳﻌﺮي اﻟﺒﻴﻊ واﻟﺸﺮاء ﻛﻤﺎ أﺳﻠﻔﻨﺎ، ﺑﻴﻨﻤﺎ ﻟﻴﺲ ﻫﻨﺎك ﺷﺮوط ﻛﻬﺬه ﻋﻠﻰ ﺷﺮﻛﺎت اﻟﻮﺳﺎﻃﺔ The Market Maker quotes continuous buy and sell orders so that they are executable and ﻓﻬﻲ ﺗﻌﺮض أواﻣﺮ اﻟﺒﻴﻊ واﻟﺸﺮاء ﺑﻨﺎء ﻋﻠﻰ ﺗﻌﻠﻴﻤﺎت اﻟﺰﺑﺎﺋﻦ وﻗﺪ ﻳﻤﺮ وﻗﺖ ﻃﻮﻳﻞ ﻧﺴﺒﻴﺎ ﻣﻦ ﻏﻴﺮ أن ﺗﻨﻔﺬ ﺷﺮﻛﺔ within the maximum bid-ask spread, as noted above. However, such conditions do not apply اﻟﻮﺳﺎﻃﺔ أﻣﺮ ﺗﺪاول واﺣﺪ. to Brokerage companies, which quote buy and sell orders upon the instructions of clients and ﻳﺤﻖ ﻟﻠﻮﺳﻴﻂ ﻓﻲ اﻟﻌﺎدة اﻟﺘﺪاول ﺑﺄﺳﻬﻢ ﺟﻤﻴﻊ اﻟﺸﺮﻛﺎت اﻟﻤﺪرﺟﺔ ﺑﺎﻟﺴﻮق، ﺑﻴﻨﻤﺎ ﺗﻘﺘﺼﺮ ﺻﻨﺎﻋﺔ اﻟﺴﻮق ﻋﻠﻰ .has the right not to execute any trading order for a proportionally long period of time ﺷﺮﻛﺎت ﻣﺤﺪدة، وﻗﺪ ﻳﻜﻮن ﻫﻨﺎك ﺻﺎﻧﻊ ﺳﻮق واﺣﺪ ﻟﺸﺮﻛﺔ ﻣﺪرﺟﺔ واﺣﺪة ﻓﻘﻂ أي ﻻ ﻳﺘﺪاول ﺑﺄﺳﻬﻢ ﻏﻴﺮﻫﺎ ﻣﻦ The Broker may usually trade in the stocks of all companies listed in the Market. However, the Market Maker’s business is restricted to specific companies. A listed company may have one اﻟﺸﺮﻛﺎت اﻟﻤﺪرﺟﺔ. .Market Maker which is not allowed to trade in stocks of other listed companies ﻳﺴﻤﺢ ﻟﺼﺎﻧﻊ اﻟﺴﻮق ﺑﺎﻟﺒﻴﻊ ﻋﻠﻰ اﻟﻤﻜﺸﻮف إذا ﺗﻄﻠﺐ ا•ﻣﺮ، وﻛﺬﻟﻚ إﻗﺮاض واﻗﺘﺮاض ا•وراق اﻟﻤﺎﻟﻴﺔ، ﺑﻴﻨﻤﺎ ﻗﺪ ﻻ ,The Market Maker is permitted to short selling, if required, and to borrow and lend securities ﻳﺴﻤﺢ ﻟﻠﻮﺳﻴﻂ اﻟﺘﻘﻠﻴﺪي ﺑﺎﺳﺘﺨﺪام ﻫﺬه ا•دوات. .(whilst the Broker may not be allowed to use such tools (see local markets rules ﻗﺪ ﻳﺤﺼﻞ ﺻﺎﻧﻊ اﻟﺴﻮق ﻋﻠﻰ ﺗﺴﻬﻴﻼت إﺿﺎﻓﻴﺔ ﻣﻦ اﻟﺴﻮق ﻣﺜﻞ ﺧﺼﻮﻣﺎت ﻋﻠﻰ ﻋﻤﻮﻻت اﻟﺘﺪاول اﻟﺘﻲ ﻳﺘﻘﺎﺿﺎﻫﺎ The Market Maker may be granted other facilities from the financial market, such as discounts on trading commission obtained by the market. However, full commission is charged on اﻟﺴﻮق، ﻓﻲ اﻟﻮﻗﺖ اﻟﺬي ﻳﺘﻘﺎﺿﻰ اﻟﺴﻮق ﻛﺎﻣﻞ ﺣﺼﺘﻪ ﻣﻦ ﻋﻤﻮﻻت اﻟﺘﺪاول ﻣﻦ ﺷﺮﻛﺔ اﻟﻮﺳﺎﻃﺔ. Brokers’ transactions. ﻋﻠﻰ ﺻﺎﻧﻊ اﻟﺴﻮق اﻣﺘﻼك ﻛﻤﻴﺎت ﻛﺒﻴﺮة وﻛﺎﻓﻴﺔ ﻣﻦ أﺳﻬﻢ اﻟﺸﺮﻛﺔ اﻟﻤﺪرﺟﺔ ﺣﺘﻰ ﻳﻜﻮن ﺟﺎﻫﺰا ﺑﺎﺳﺘﻤﺮار ﻟﻠﺒﻴﻊ The Market Maker shall hold big and sufficient quantities of stocks from listed companies in أﺛﻨﺎء ﺣﺮﻛﺔ اﻟﺘﺪاول، ﺑﻴﻨﻤﺎ ﻻ ﻳﻌﺘﺒﺮ ذﻟﻚ ﺷﺮﻃﺎ ﺿﺮورﻳﺎ ﻟﻠﻮﺳﻴﻂ اﻟﺘﻘﻠﻴﺪي ﺣﻴﺚ أﻧﻪ ﻳﻌﺘﻤﺪ ﺑﺸﻜﻞ رﺋﻴﺴﻲ ﻋﻠﻰ order to be constantly ready to sell during trading. This condition does not apply to the اﻟﺒﻴﻊ واﻟﺸﺮاء •ﺳﻬﻢ وأﻣﻮال ا¨ﺧﺮﻳﻦ أي زﺑﺎﺋﻨﻪ. .traditional Broker which mainly relies on buying and selling shares

15 14 Types of market maker

Market making usually exists in developed markets, which are leaders in this field. However, they also exist in several emerging markets. ¥ƒ°ùdG ™fÉ°U ´GƒfCG

The market making concept and mechanisms differ from one country to another and from a ﺻﻨﺎﻋﺔ ا•ﺳﻮاق ﻣﻮﺟﻮدة ﻓﻲ اﻟﻌﺎدة ﺑﺎ•ﺳﻮاق اﻟﻤﺘﻄﻮرة وﻫﻲ اﻟﺮاﺋﺪة ﻓﻲ ﻫﺬا اﻟﻤﺠﺎل، ﻛﻤﺎ أﻧﻬﺎ ﻣﻮﺟﻮدة ﻓﻲ اﻟﻌﺪﻳﺪ market to another. In the United States of America, market making represents a theoretical and practical model of market making types, rules, regulations, and mechanisms. It also witnesses the ﻣﻦ ا•ﺳﻮاق اﻟﻨﺎﺷﺌﺔ. .long experience of their markets in this industry ﻳﺨﺘﻠﻒ ﻣﻔﻬﻮم وآﻟﻴﺎت ﺻﻨﺎﻋﺔ اﻟﺴﻮق ﺑﻴﻦ دوﻟﺔ وأﺧﺮى، وﻛﺬﻟﻚ ﺑﻴﻦ ﺳﻮق ﻣﺎﻟﻲ وآﺧﺮ ﺑﻨﻔﺲ اﻟﺪوﻟﺔ. وﺗﻤﺜﻞ ﺻﻨﺎﻋﺔ ا•ﺳﻮاق ﻓﻲ اﻟﻮﻻﻳﺎت اﻟﻤﺘﺤﺪة ا•ﻣﺮﻳﻜﻴﺔ ﻧﻤﻮذﺟﺎ ﻧﻈﺮﻳﺎ وﻋﻤﻠﻴﺎ •ﻧﻮاع ﻫﺬه اﻟﺼﻨﺎﻋﺔ وﻗﻮاﻧﻴﻨﻬﺎ وأﻧﻈﻤﺘﻬﺎ وآﻟﻴﺎﺗﻬﺎ In other countries, market making does not differ from the general concepts of this industry in ﻧﺎﻫﻴﻚ ﻋﻦ ﺗﺠﺮﺑﺘﻬﺎ اﻟﻄﻮﻳﻠﺔ ﺑﻬﺬا اﻟﻤﺠﺎل. the United States of America; especially in the light of openness and continuous collaboration, dual Market Maker ﺻﺎﻧــــﻊ اﻟﺴــــﻮق .listing of public joint stock companies as well as the merger of famous markets in the recent years ﻻ ﺗﺨﺘﻠﻒ ﺻﻨﺎﻋﺔ اﻟﺴﻮق ﺑﺎﻟﺪول ا•ﺧﺮى ﻋﻦ اﻟﻤﻔﺎﻫﻴﻢ اﻟﻌﺎﻣﺔ ﻟﻬﺬه اﻟﺼﻨﺎﻋﺔ ﺑﺎﻟﻮﻻﻳﺎت اﻟﻤﺘﺤﺪة، وﺧﺎﺻﺔ ﻓﻲ ﻇﻞ ﻇﺎﻫﺮة اﻻﻧﻔﺘﺎح واﻟﺘﻌﺎون اﻟﻤﺴﺘﻤﺮ وا£دراج اﻟﻤﺸﺘﺮك ﻟﻠﺸﺮﻛﺎت اﻟﻤﺴﺎﻫﻤﺔ اﻟﻌﺎﻣﺔ ﺑﻞ وﺣﺘﻰ اﻧﺪﻣﺎج أﺳﻮاق ﻣﺎﻟﻴﺔ To understand the Market Maker types, we will deal with three main experiences that differ ﺷﻬﻴﺮة ﻣﻊ ﺑﻌﻀﻬﺎ اﻟﺒﻌﺾ ﻓﻲ اﻟﺴﻨﻮات ا•ﺧﻴﺮة. from each other, noting that there are other types with concepts that are not far from the three وﻟﻜﻲ ﻧﻔﻬﻢ أﻧﻮاع ﺻﺎﻧﻊ اﻟﺴﻮق، ﺳﻨﺘﻌﺮض إﻟﻰ ﺛﻼث ﺗﺠﺎرب رﺋﻴﺴﻴﺔ ﻣﺨﺘﻠﻔﺔ ﻋﻦ ﺑﻌﻀﻬﺎ اﻟﺒﻌﺾ ﻣﻊ اﻟﻌﻠﻢ ﺑﺄن :which are cited below ﻫﻨﺎك أﻧﻮاع أﺧﺮى وﻟﻜﻦ ﻣﻔﺎﻫﻴﻤﻬﺎ ﻟﻴﺴﺖ ﺑﻌﻴﺪة ﻋﻦ ﻫﺬه اﻟﺜﻼث: FIRSTLY: NYSE-EURONEXT MODEL Centralized market making in order-driven floor-based market أوﻻ، ﻧﻤﻮذج ﺳﻮق ﻧﻴﻮﻳﻮرك - ﻳﻮروﻧﻜﺴﺖ NYSE-Euronext واﺳﻤﻪ ﺑﺎ£ﻧﺠﻠﻴﺰﻳﺔ: This system has been in use since the 19th century. In this type, the dealing is entirely dominated by a centralized Market Maker, which has wide authority to see the buy and sell Centralized Market Making in Order-Driven Floor-Based Market أي ﺻﺎﻧﻊ ﺳﻮق ﻣﺮﻛﺰي، ﻳﻌﺘﻤﺪ ﻋﻠﻰ اƒواﻣﺮ، ﻓﻲ ﻧﻈﺎم ﺳﻮق ﻟﻪ ﻗﺎﻋﺔ ﺗﺪاول orders, and it decides which information will be disclosed to the general public regarding the buy and sell orders from investors. ﻳﺘﻢ اﻟﺘﻌﺎﻣﻞ وﻓﻖ ﻫﺬا اﻟﻨﻈﺎم ﻣﻨﺬ اﻟﻘﺮن اﻟﺘﺎﺳﻊ ﻋﺸﺮ، وﻳﺘﻤﻴﺰ ﻫﺬا اﻟﻨﻮع ﺑﺎﻧﻔﺮادﻳﺔ وﻣﺮﻛﺰﻳﺔ ﺻﺎﻧﻊ اﻟﺴﻮق، وﺻﻼﺣﻴﺎﺗﻪ اﻟﻮاﺳﻌﺔ ﻓﻲ اﻻﻃﻼع ﻋﻠﻰ أواﻣﺮ اﻟﺒﻴﻊ واﻟﺸﺮاء، وﻫﻮ اﻟﺬي ﻳﻘﺮر إﻟﻰ ﺣﺪ ﻛﺒﻴﺮ ﻣﻌﻠﻮﻣﺎت أواﻣﺮ اﻟﺒﻴﻊ This market has a floor where brokers are present to give their orders using gestural trade واﻟﺸﺮاء ﻣﻦ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ اﻟﺘﻲ ﻳﻨﺒﻐﻲ إﻇﻬﺎرﻫﺎ ﻟﻠﻌﻤﻮم. jargon. Such orders go to the Market Maker who sells and buys, as necessary, based on such ﻳﻮﺟﺪ ﻓﻲ ﻫﺬا اﻟﺴﻮق ﻗﺎﻋﺔ (Floor) ﻳﺘﻮاﺟﺪ ﻓﻴﻬﺎ اﻟﻮﺳﻄﺎء اﻟﺬﻳﻦ ﻳﻌﻄﻮن أواﻣﺮﻫﻢ ﺑﻠﻐﺔ إﺷﺎرات ﻣﺘﻌﺎرف information, and other information acquired by electronic means so as to keep constant ﻋﻠﻴﻬﺎ، ﺛﻢ ﺗﺬﻫﺐ ﻫﺬه ا•واﻣﺮ إﻟﻰ ﺻﺎﻧﻊ اﻟﺴﻮق واﻟﺬي ﻳﻘﻮم ﺑﺪوره ﺑﺎﻟﺒﻴﻊ واﻟﺸﺮاء إذا اﻗﺘﻀﺖ اﻟﺤﺎﺟﻪ ﺑﻨﺎء ﻋﻠﻰ ﻫﺬه .liquidity in trading According to this system, the Market Maker decides the stock opening price which needs اﻟﻤﻌﻠﻮﻣﺎت ﺑﺎ£ﺿﺎﻓﺔ إﻟﻰ اﻟﻤﻌﻠﻮﻣﺎت اﻟﺘﻲ ﺗﺼﻠﻪ إﻟﻜﺘﺮوﻧﻴﺎ ﺣﻴﺚ ﻳﺤﺮص ﻋﻠﻰ اﺳﺘﻤﺮار اﻟﺴﻴﻮﻟﺔ ﻓﻲ اﻟﺘﺪاول. not to be the closing price of the preceding day, as noted above. The Market Maker is ﻳﺤﺪد ﺻﺎﻧﻊ اﻟﺴﻮق وﻓﻖ ﻫﺬا اﻟﻨﻈﺎم ﺳﻌﺮ اﻻﻓﺘﺘﺎح ﻟﻠﺴﻬﻢ واﻟﺬي ﻻ ﻳﻜﻮن ﺑﺎﻟﻀﺮورة ﻫﻮ ﺳﻌﺮ إﻗﻔﺎل اﻟﻴﻮم .exempted from fees when it deals for its account according to the market rules اﻟﺴﺎﺑﻖ ﻛﻤﺎ أﺳﻠﻔﻨﺎ، وﻳﺘﻢ إﻋﻔﺎء ﺻﺎﻧﻊ اﻟﺴﻮق ﻣﻦ اﻟﺮﺳﻮم ﻋﻨﺪﻣﺎ ﻳﺘﺪاول ﻟﺼﺎﻟﺤﻪ ﺣﺴﺐ ﺷﺮوط ﻛﻞ ﺳﻮق. وﻗﺪ ﻛﺎن اﻻﺳﻢ اﻟﻤﻌﻬﻮد ﻟﺼﺎﻧﻊ اﻟﺴﻮق ﻓﻲ ﻫﺬه اﻟﺒﻮرﺻﺔ (Specialist) وﻟﻜﻦ ﺗﻢ ﺗﺤﻮﻳﻞ ذﻟﻚ ﻻﺣﻘﺎ ﺳﻨﺔ Market Makers were formerly known in this market as “Specialists” then in 2008 the name was changed to “Designated Market Makers”. The market makers are few and 2008 إﻟﻰ (Designated Market Maker) وﻫﻢ ﻗﻠﻴﻠﻮ اﻟﻌﺪد وﻳﻤﺜﻠﻮن ﺷﺮﻛﺎت ﻛﺒﻴﺮة وﻣﻌﺮوﻓﺔ. أﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻌﺪد represent big companies, whilst there are more than eight thousand listed companies. اﻟﺸﺮﻛﺎت اﻟﻤﺪرﺟﺔ ﺑﺎﻟﺴﻮق ﻓﻬﻮ ﻳﺰﻳﺪ ﺑﻜﺜﻴﺮ ﻋﻦ ﺛﻤﺎﻧﻴﺔ آﻻف ﺷﺮﻛﺔ. Institutional Investors are satisfied with this system, being convinced of the experience وﻣﻦ ﻣﻴﺰات ﻫﺬا اﻟﻨﻈﺎم ارﺗﻴﺎح اﻟﻤﺴﺘﺜﻤﺮﻳﻦ اﻟﻤﺆﺳﺴﺎﺗﻴﻴﻦ ﻟﻪ ﺑﺴﺒﺐ ﻗﻨﺎﻋﺘﻬﻢ ﺑﺨﺒﺮات وﻣﻬﺎرات وﺳﻄﺎء and skills of brokers and their abilities to exchange information in quickest manner and get اﻟﻘﺎﻋﺔ وﻗﺪراﺗﻬﻢ ﻓﻲ ﺗﺒﺎدل اﻟﻤﻌﻠﻮﻣﺎت ﺑﺸﻜﻞ أﺳﺮع وﺑﺎﻟﺘﺎﻟﻲ ﺣﺼﻮﻟﻬﻢ ﻋﻠﻰ أﺳﻌﺎر ﺟﻴﺪة. .good prices

17 16 SECONDLY: The NASDAQ Model Non-centralized Quote-Driven Electronic Market In this system, there is no trading floor as all dealings are executed electronically. A ﺛﺎﻟﺜﺎ، ﻧﻈﺎم إﻟﻜﺘﺮوﻧﻲ ﻏﻴﺮ ﻣﺮﻛﺰي ﻳﻌﺘﻤﺪ ﻋﻠﻰ ا•واﻣﺮ: company may be represented by several Market Makers competing among themselves, thus positively affecting the efficiency of market and improving the liquidity therein. Non-Centralized Order-Driven Electronic Market وﻫﺬا اﻟﻨﻈﺎم ﻟﺼﺎﻧﻊ اﻟﺴﻮق ﻣﻮﺟﻮد ﻣﺜﻼ ﻓﻲ ﺑﻮرﺻﺔ إﻳﻄﺎﻟﻴﺎ واﻟﺒﻮرﺻﺔ اﻟﻴﻮﻧﺎﻧﻴﺔ وﺑﻮرﺻﺔ ﻟﻨﺪن LSE. ﻓﻲ ﻫﺬا اﻟﻨﻤﻮذج ﻳﻤﻜﻦ أن ﻳﻜﻮن أﻛﺜﺮ ﻣﻦ ﺻﺎﻧﻊ ﺳﻮق ﻟﻠﺸﺮﻛﺔ اﻟﻮاﺣﺪة ﻳﺘﻨﺎﻓﺴﻮن ﻓﻴﻤﺎ ﺑﻴﻨﻬﻢ، ﻛﻤﺎ أﻧﻬﻢ The term “Quote driven” means that the Market Maker presents the quotes to buy and ﺻﺎﻧــــﻊ اﻟﺴــــﻮق sell, which is similar to the buy and sell quotes displayed on the screens of money exchange ﻳﺘﻨﺎﻓﺴﻮن ﻣﻊ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ اﻟﻌﺎدﻳﻴﻦ، ﺣﻴﺚ أﻧﻪ ﻟﻴﺲ ﻋﻨﺪﻫﻢ اﺣﺘﻜﺎر ﻟﻤﻌﻠﻮﻣﺎت اﻟﺘﺪاول ﻛﻤﺎ ﻫﻮ اﻟﺤﺎل ﻓﻲ shops. ﺑﻮرﺻﺔ ﻧﻴﻮﻳﻮرك - ﻳﻮروﻧﻜﺴﺖ أي أن ﻣﻌﻠﻮﻣﺎت اﻟﺘﺪاول ﻣﺘﺎﺣﺔ ﻟﺼﺎﻧﻊ اﻟﺴﻮق ﺑﻨﻔﺲ اﻟﺪرﺟﺔ اﻟﺘﻲ ﻫﻲ ﻣﺘﺎﺣﺔ ﻟﻠﻤﺴﺘﺜﻤﺮ اﻟﻌﺎدي. In this market, normal investors generally do not trade directly among themselves but إن اﻟﻤﻬﻤﺔ اﻟﺮﺋﻴﺴﻴﺔ ﻟﺼﺎﻧﻊ اﻟﺴﻮق ﻫﻨﺎ ﻫﻲ زﻳﺎدة ﺳﻴﻮﻟﺔ اﻟﺘﺪاول، وﻳﻜﻮن ذﻟﻚ ﺑﺎﺗﻔﺎق ﻣﺎ ﺑﻴﻦ ﺻﺎﻧﻊ اﻟﺴﻮق only through market makers which number exceeds several hundred Market Makers in واﻟﺸﺮﻛﺔ اﻟﻤﺪرﺟﺔ اﻟﺘﻲ ﻳﺼﻨﻊ ﺳﻮﻗﻬﺎ ﻣﻘﺎﺑﻞ رﺳﻮم ﻣﻌﻴﻨﺔ، وذﻟﻚ ﺿﻤﻦ آﻟﻴﺎت وﺷﺮوط ﺳﻮق ا•وراق اﻟﻤﺎﻟﻴﺔ. .NASDAQ alone ﻣﻦ ﻧﺎﺣﻴﺔ أﺧﺮى، ﻗﺪ ﻳﻮﺟﺪ ﻋﻤﻠﻴﺎ ﺿﻤﻦ ﻫﺬا اﻟﻨﻈﺎم وﻟﻜﻦ ﺑﺸﻜﻞ ﻏﻴﺮ رﺳﻤﻲ ﺻﻨﺎع ﺳﻮق ﻳﻌﻤﻠﻮن ﻟﺼﺎﻟﺢ In this system, the Market Maker shall present the quotes to sell and buy at the same ﺷﺮﻛﺔ ﻣﻌﻴﻨﺔ أو أﻛﺜﺮ وﻟﻜﻨﻬﻢ ﻻ ﻳﻜﻮﻧﻮا ﻣﻠﺘﺰﻣﻴﻦ ﺑﺎﻟﺒﻴﻊ واﻟﺸﺮاء اﻟﻤﺴﺘﻤﺮ. time, whilst the normal investor cannot see his buy and sell orders. This is one of the criticisms raised against this type of market making due to the lack of transparency even ﺛﺎﻧﻴﺎ، ﻧﻤﻮذج ﺑﻮرﺻﺔ ﻧﺎﺳﺪاك Nasdaq واﺳﻤﻪ: ﻧﻈﺎم إﻟﻜﺘﺮوﻧﻲ ﻏﻴﺮ ﻣﺮﻛﺰي ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﻋﺮوض ا•ﺳﻌﺎر .though the Market Maker is sometimes allows offering prices to investors In general, the market maker may in this system increase the price proportionally if its Non-Centralized Quote-Driven Electronic Market stock inventory is about to exhaust. The Market Maker may also decrease the price ﻻ ﻳﻮﺟﺪ ﻓﻲ ﻫﺬا اﻟﻨﻈﺎم ﻗﺎﻋﺔ (Floor) أي أن ﺟﻤﻴﻊ ﺗﺪاوﻻﺗﻪ إﻟﻜﺘﺮوﻧﻴﺔ، وﻻ ﻳﻨﺤﺼﺮ ﻋﺪد ﺻﻨﺎع اﻟﺴﻮق ﻟﻜﻞ .proportionally if it has big inventory ﺷﺮﻛﺔ ﻋﻠﻰ واﺣﺪ وﻟﻜﻦ ﻫﻨﺎك ﻟﻜﻞ ﺷﺮﻛﺔ ﻣﺪرﺟﺔ اﻟﻌﺪﻳﺪ ﻣﻦ ﺻﻨﺎع اﻟﺴﻮق ﻳﺘﻨﺎﻓﺴﻮن ﻓﻴﻤﺎ ﺑﻴﻨﻬﻢ، ﻣﻤﺎ ﻳﺠﻌﻞ ﻟﻪ أﺛﺮا إﻳﺠﺎﺑﻴﺎ ﻋﻠﻰ دﻋﻢ ﻛﻔﺎءة اﻟﺴﻮق وزﻳﺎدة اﻟﺴﻴﻮﻟﺔ ﻓﻴﻪ. :THIRDLY وﻣﻌﻨﻰ Quote-Driven ﻫﻮ أن ﺻﺎﻧﻊ اﻟﺴﻮق ﻳﻘﻮم ﺑﻌﺮض ْﺳﻌﺮي اﻟﺒﻴﻊ واﻟﺸﺮاء، وﻫﻮ أﺷﺒﻪ ﻣﺎ ﻳﻜﻮن ْﺑﺴﻌﺮي Non-centralized Order-driven Electronic Market This system applies in Italian Bourse, Greece Stock Market (ASE) and LSE. اﻟﺒﻴﻊ واﻟﺸﺮاء ْاﻟﻠﺬﻳﻦ ﺗﻌﺮﺿﻬﻤﺎ ﻣﺤﻼت ﺻﺮاﻓﺔ اﻟﻌﻤﻠﺔ ﻋﻠﻰ ﺷﺎﺷﺎﺗﻬﺎ. In this Model, the company has several Market Makers which compete among themselves ﻻ ﻳﺘﺪاول اﻟﻤﺴﺘﺜﻤﺮون اﻟﻌﺎدﻳﻮن ﻓﻲ ﻫﺬا اﻟﻨﻮع ﻣﻦ اﻟﺒﻮرﺻﺎت ﻣﺒﺎﺷﺮة ﻓﻴﻤﺎ ﺑﻴﻨﻬﻢ إﻧﻤﺎ ﻳﺘﻢ ذﻟﻚ ﻋﻦ ﻃﺮﻳﻖ and with public investors. Trading data are available for both investors and market makers ﺻﻨﺎع اﻟﺴﻮق واﻟﺬﻳﻦ ﻳﺒﻠﻎ ﻋﺪدﻫﻢ ﺑﺎﻟﻤﺌﺎت ﻓﻲ ﺳﻮق ﻧﺎﺳﺪاك وﺣﺪﻫﺎ. with no priority for market makers (compared with NYSE). The main duty of the Market ﻋﻠﻰ ﺻﻨﺎع اﻟﺴﻮق وﻓﻖ ﻫﺬا اﻟﻨﻈﺎم ﻋﺮض ﻛﻞ ﻣﻦ ﺳﻌﺮي اﻟﺒﻴﻊ واﻟﺸﺮاء ﺑﻨﻔﺲ اﻟﻮﻗﺖ، وﻻ ﻳﺮى اﻟﺸﺨﺺ Maker in this model is increasing liquidity by mutual consent of the Market Maker and the listed company against specific fees in accordance with the rules and conditions set by the اﻟﻤﺴﺘﺜﻤﺮ اﻟﻌﺎدي أﻣﺮه ﺑﺎﻟﺒﻴﻊ أو اﻟﺸﺮاء، وﻳﻌﺘﺒﺮ ذﻟﻚ أﺣﺪ اﻻﻧﺘﻘﺎدات ﻋﻠﻰ ﻫﺬا اﻟﻨﻈﺎم ﺑﺴﺒﺐ ﻣﺎ ﻳﻌﺘﺒﺮوﻧﻪ ﻧﻘﺺ ﻓﻲ financial market. اﻟﺸﻔﺎﻓﻴﺔ رﻏﻢ أﻧﻪ ﻗﺪ ﻳﺴﻤﺢ ﺻﺎﻧﻊ اﻟﺴﻮق ﻓﻲ ﺑﻌﺾ ا•ﺣﻴﺎن ﺑﻌﺮض ا•ﺳﻌﺎر ﻋﻠﻰ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ. On the other hand, there may be, practically but not officially, market makers trading for ﺑﺸﻜﻞ ﻋﺎم، ﻗﺪ ﻳﺰﻳﺪ ﺻﺎﻧﻊ اﻟﺴﻮق وﻓﻖ ﻫﺬا اﻟﻨﻈﺎم اﻟﺴﻌﺮ ﻧﺴﺒﻴﺎ إذا ﺷﻌﺮ ﺑﻘﺮب ﻧﻔﺎذ ﻣﺨﺰوﻧﻪ ﻣﻦ ا•ﺳﻬﻢ، a specific company or more than one company without being bound to continuous sell and أو ﻳﻘﻠﻠﻪ إذا زاد ﻣﺨﺰوﻧﻪ ﻣﻦ ا•ﺳﻬﻢ. .buy

19 18 What is the most appropriate system for arab financial markets? ?á«Hô©dG ∫hódG äÉ°UQƒÑd π°†aC’G ΩɶædG ƒg Ée ﺻﺎﻧــــﻊ اﻟﺴــــﻮق In general, there are thorough discussions among experts in developed markets, regarding the advantages and disadvantages of each market making system and disagreements about the best. ﺑﺸﻜﻞ ﻋﺎم، ﻫﻨﺎك ﻧﻘﺎﺷﺎت ﻋﻤﻴﻘﺔ ﺑﻴﻦ اﻟﺨﺒﺮاء ﻓﻲ ا•ﺳﻮاق اﻟﻤﺘﻄﻮرة ﺣﻮل ﻣﻴﺰات وﺳﻠﺒﻴﺎت ﻛﻞ ﻧﻈﺎم ﻣﻦ Some of disputed elements in this regard are: liquidity, transparency, non-monopoly of أﻧﻈﻤﺔ ﺻﻨﺎﻋﺔ اﻟﺴﻮق وﺧﻼﻓﺎت ﺣﻮل ا•ﻓﻀﻞ، وﻣﻦ ﺑﻌﺾ اﻟﻌﻨﺎﺻﺮ اﻟﻤﺜﻴﺮة ﻟﻠﺠﺪل ﻓﻲ ﻫﺬا اﻟﺸﺄن ﻣﺎ ﻳﻠﻲ: اﻟﺴﻴﻮﻟﺔ، .information, bid-ask spreads, integrity, fraud avoidance, and powers اﻟﺸﻔﺎﻓﻴﺔ، ﻋﺪم اﺣﺘﻜﺎر اﻟﻤﻌﻠﻮﻣﺔ، اﻟﻔﺮق ﺑﻴﻦ ﺳﻌﺮي اﻟﻌﺮض واﻟﺸﺮاء اﻟﻤﻌﺮوﺿﻴﻦ Spread، ﻋﻮاﻣﻞ اﻟﻨﺰاﻫﺔ واﻟﺒﻌﺪ ﻋﻦ For the reasons stated above, the best model suitable for Arab markets may be the اﻟﺘﻼﻋﺒﺎت، اﻟﺼﻼﺣﻴﺎت. Non-Centralized Order-Driven System at this preliminary phase, as there will be no sudden change ﻟﺳﺒﺎب أﻋﻼه رﺑﻤﺎ ﻳﻜﻮن أﻓﻀﻞ ﻧﻤﻮذج ﻟﺳﻮاق اﻟﻌﺮﺑﻴﺔ ﻫﻮ Non-Centralized Order-Driven System ﻓﻲ in markets to a centralized system or a system based on the price set by the Market Maker. Trading اﻟﻤﺮﺣﻠﺔ اﻟﺤﺎﻟﻴﺔ اﻻﺑﺘﺪاﺋﻴﺔ ﺣﻴﺚ أﻧﻪ ﺳﻮف ﻻ ﻳﻜﻮن ﻫﻨﺎك اﻧﻘﻼب ﻣﻔﺎﺟﺊ ﻓﻲ ا•ﺳﻮاق إﻟﻰ ﻧﻈﺎم ﻣﺮﻛﺰي أو ﻧﻈﺎم ﻳﻌﺘﻤﺪ systems will remain as they are, with some amendments which require the Market Maker to ﻋﻠﻰ ا•ﺳﻌﺎر اﻟﺘﻲ ﻳﻀﻌﻬﺎ ﺻﺎﻧﻊ اﻟﺴﻮق، ﺑﻞ أن أﻧﻈﻤﺔ اﻟﺘﺪاول ﺳﺘﻈﻞ ﺑﺸﻜﻠﻬﺎ اﻟﻌﺎم ﻛﻤﺎ ﻫﻲ ﻣﻊ ﺑﻌﺾ اﻟﺘﻌﺪﻳﻼت اﻟﺘﻲ .increase liquidity and observe specific instructions put in place by the markets and regulators Markets are anticipated to consider other models in case of the success of this phase. ﺗﺸﺘﺮط ﻋﻠﻰ ﺻﺎﻧﻊ اﻟﺴﻮق زﻳﺎدة اﻟﺴﻴﻮﻟﺔ واﻻﻟﺘﺰام ﺑﺘﻌﻠﻴﻤﺎت ﺗﺪاول ﻣﺤﺪدة ﺗﻀﻌﻬﺎ ا•ﺳﻮاق واﻟﺠﻬﺎت اﻟﺮﻗﺎﺑﻴﺔ. وﻣﻦ اﻟﻤﻔﺘﺮض أن ﺗﺪرس ا•ﺳﻮاق ﺗﺒﻨﻲ ﻧﻤﺎذج أﺧﺮى ﻓﻲ ﺣﺎﻟﺔ ﻧﺠﺎح ﻫﺬه اﻟﻤﺮﺣﻠﺔ واﻟﺸﻌﻮر ﺑﺄن ﺗﺒﻨﻲ ﻧﻤﻮذﺟﺎ آﺧﺮ ﻗﺪ ﻳﻜﻮن In this model, the Market Maker will compete with other market makers engaged by the same ﻣﻨﺎﺳﺒﺎ ﻓﻲ ﺣﻴﻨﻪ. .listed company, and also with the public investors including the institutional investors ﺳﻮف ﻳﻨﺎﻓﺲ ﺻﺎﻧﻊ اﻟﺴﻮق زﻣﻼءه ﺻﻨﺎع اﻟﺴﻮق ا¨ﺧﺮﻳﻦ ﻟﻨﻔﺲ اﻟﺸﺮﻛﺔ اﻟﻤﺪرﺟﺔ اﻟﺘﻲ ﺗﺘﻔﻖ ﻣﻌﻬﻢ، وﻛﺬﻟﻚ ﺳﻴﻨﺎﻓﺲ ﺻﺎﻧﻊ اﻟﺴﻮق اﻟﻤﺴﺘﺜﻤﺮﻳﻦ اﻟﻌﺎدﻳﻴﻦ ﺑﻤﺎ ﻓﻴﻬﻢ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ اﻟﻤﺆﺳﺴﻴﻴﻦ. It is expected that the company which will act as Market Maker in Arab countries, will be satisfied with this model as it can have guaranteed returns from the concerned listed company. In ﻣﻦ اﻟﻤﺘﻮﻗﻊ أن ﺗﺮﺗﺎح اﻟﺸﺮﻛﺔ اﻟﺘﻲ ﺳﺘﻘﻮم ﺑﻌﻤﻞ ﺻﺎﻧﻊ ﺳﻮق ﻓﻲ اﻟﺪول اﻟﻌﺮﺑﻴﺔ ﻟﻬﺬا اﻟﻨﻤﻮذج •ﻧﻪ ﻗﺪ ﻳﻜﻮن ﻟﺪﻳﻬﺎ regard to its returns or losses, it is assumed that the Market Maker will rely on experienced persons إﻳﺮادات ﻣﻀﻤﻮﻧﺔ ﻣﻦ اﻟﺸﺮﻛﺔ اﻟﻤﺪرﺟﺔ اﻟﻤﻌﻨﻴﺔ، أﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ £ﻳﺮاداﺗﻬﺎ أو ﺧﺴﺎﺋﺮﻫﺎ ﻧﺘﻴﺠﺔ اﻟﺘﺪاول، ﻓﺈﻧﻪ ﻣﻦ اﻟﻤﻔﺘﺮض able to manage the trading matters of the companies in a highly professional manner, so as to أن ﻳﻌﺘﻤﺪ ﺻﺎﻧﻊ اﻟﺴﻮق ﻋﻠﻰ أﺷﺨﺎص ﻣﺘﻤﺮﺳﻴﻦ ﻗﺎدرﻳﻦ ﻋﻠﻰ إدارة أﻣﻮر اﻟﺘﺪاول ﻟﺸﺮﻛﺎﺗﻬﻢ ﺑﺤﺮﻓﻴﺔ ﻋﺎﻟﻴﺔ ﺑﺤﻴﺚ ﻳﺘﻢ .avoid losses as much as possible ﺗﺠﻨﺐ اﻟﺨﺴﺎﺋﺮ ﻗﺪر ا£ﻣﻜﺎن. The Market Maker may cover one or more listed companies. This is based on the desire of both parties, and on the financial market regulations and rules. There may be also more than one ﻳﺴﺘﻄﻴﻊ ﺻﺎﻧﻊ اﻟﺴﻮق ﺗﻐﻄﻴﺔ ﺷﺮﻛﺔ واﺣﺪة ﻣﺪرﺟﺔ أو أﻛﺜﺮ، وﻫﺬا ﻳﻌﺘﻤﺪ ﻋﻠﻰ رﻏﺒﺔ اﻟﻄﺮﻓﻴﻦ وأﻧﻈﻤﺔ وﻟﻮاﺋﺢ Market Maker per company, as noted above. اﻟﺴﻮق اﻟﻤﺎﻟﻲ. ﻛﻤﺎ أﻧﻪ ﻣﻦ اﻟﻤﻤﻜﻦ أن ﻳﻜﻮن ﻟﻠﺸﺮﻛﺔ اﻟﻮاﺣﺪة أﻛﺜﺮ ﻣﻦ ﺻﺎﻧﻊ ﺳﻮق ﻛﻤﺎ أﺳﻠﻔﻨﺎ. ﻟﻌﻞ ﻣﻦ ﺳﻴﺌﺎت ﻫﺬا اﻟﻨﻈﺎم، إﻣﻜﺎﻧﻴﺔ ﺿﻌﻒ اﻟﺴﻴﻮﻟﺔ إذا ﻗﺎم ﺻﺎﻧﻊ اﻟﺴﻮق ﺑﻌﺮض أﺳﻌﺎر ﻏﻴﺮ ﺗﻨﺎﻓﺴﻴﺔ ﻋﻠﻰ ﺷﺎﺷﺔ However, one of the disadvantages of this system is the weak liquidity arising from the Market اﻟﺘﺪاول. .Maker displaying non-competitive prices at the trading screen

21 20 إﺧﻼء ﻣﺴﺆوﻟﻴﺔ ﻛﺎﻓﺔ اﻟﻤﻌﻠﻮﻣﺎت واﻟﺒﻴﺎﻧﺎت اﻟﻮاردة ﻓﻲ ﻫﺬا اﻟﻜﺘﻴﺐ ﻣﺨﺼﺼﺔ •ﻏﺮاض اﻟﻤﻌﺮﻓﺔ ﻓﻘﻂ، وﻻ ﻳﻌﺘﺒﺮ أي ﻣﻨﻬﺎ ًﻋﺮﺿﺎ أو ﺗﻮﺻﻴﺔ Gƒ°SCÓd ò≤æŸG ƒg ¥ƒ°ùdG ™fÉ°U πg¥ ﻟﻼﺳﺘﺜﻤﺎر ﻓﻲ أي ﻣﻦ ا•وراق اﻟﻤﺎﻟﻴﺔ اﻟﻤﻘﻴﺪة ﻓﻲ اﻟﺴﻮق. ?QÉ«¡fE’G ä’ÉM ‘ وإذ ﺗﺒﺬل إدارة ﺳﻮق أﺑﻮﻇﺒﻲ ﺟﻬﺪﻫﺎ ﻓﻲ أن ﺗﻜﻮن اﻟﻤﻌﻠﻮﻣﺎت واﻟﺒﻴﺎﻧﺎت اﻟﻮاردة ﻓﻲ اﻟﻜﺘﻴﺐ ﺻﺤﻴﺤﺔ وﻛﺎﻣﻠﺔ ، إﻻ أﻧﻬﺎ ﺗﺨﻠﻲ ﻣﺴﺆوﻟﻴﺘﻬﺎ ﻋﻦ أي ﺧﻄﺄ أو إﻏﻔﺎل، ﺣﺪث، أو ﻗﺪ ﻳﺤﺪث ﺑﻬﺬا اﻟﻜﺘﻴﺐ. ا£ﺟﺎﺑﺔ اﻟﻤﺨﺘﺼﺮة ﻫﻲ ﻻ. ﻛﻤﺎ ﺗﺨﻠﻲ إدارة اﻟﺴﻮق ﻣﺴﺆوﻟﻴﺘﻬﺎ ﻋﻦ أي أﺿﺮار ﻣﺒﺎﺷﺮة أو ﻏﻴﺮ ﻣﺒﺎﺷﺮة، أو أي ﻣﻄﺎﻟﺒﺎت ﺗﻨﺘﺞ أو ﺗﻨﺸﺄ ﻋﻦ اﺳﺘﺨﺪام ﻫﺬا رﻏﻢ ﻛﺎﻓﺔ ا£ﻳﺠﺎﺑﻴﺎت اﻟﺘﻲ ﻳﻀﻔﻴﻬﺎ ﺻﺎﻧﻊ اﻟﺴﻮق ﻋﻠﻰ ا•ﺳﻮاق اﻟﻤﺎﻟﻴﺔ، إﻻ أﻧﻪ أوﻻ وآﺧﺮا ﺷﺮﻛﺔ رﺑﺤﻴﺔ ﻣﺴﺘﻌﺪة اﻟﻜﺘﻴﺐ. وﺗﻌﺘﺒﺮ ﺟﻤﻴﻊ اﻟﻤﻮاد اﻟﻮاردة ﻓﻲ ﻫﺬا اﻟﻜﺘﻴﺐ ﺑﻤﺎ ﻓﻲ ذﻟﻚ ﺟﻤﻴﻊ اﻟﺒﻴﺎﻧﺎت واﻟﻤﻌﻠﻮﻣﺎت واﻟﻤﺤﺘﻮى ًﻣﻠﻜﺎ ﻟﺴﻮق أﺑﻮﻇﺒﻲ ﻟﻠﻤﺨﺎﻃﺮة ﻣﻘﺎﺑﻞ ﺑﻌﺾ اﻟﻤﻨﺎﻓﻊ ﻛﻤﺎ أﺳﻠﻔﻨﺎ، وﻗﺪ ﺗﺼﻞ اﻟﻤﺨﺎﻃﺮة إﻟﻰ ﺧﺴﺎرة ﺻﺎﻧﻊ اﻟﺴﻮق ﻧﻔﺴﻪ وﺧﺮوﺟﻪ ﻣﻦ ﻟوراق اﻟﻤﺎﻟﻴﺔ. اﻟﺴﻮق أو ﺣﺘﻰ ﻣﻦ ﻫﺬه اﻟﺼﻨﺎﻋﺔ. اﻟﺴﺒﺐ اﻟﺮﺋﻴﺴﻲ ﻟﻠﺨﺴﺎرة اﻟﻤﺤﺘﻤﻠﺔ ﻟﺼﺎﻧﻊ اﻟﺴﻮق ﻫﻮ ﻧﺘﻴﺠﺔ ﺷﺮط اﻣﺘﻼﻛﻪ ﻟﻜﻤﻴﺎت ﻛﺒﻴﺮة ﻣﻦ أﺳﻬﻢ اﻟﺸﺮﻛﺔ اﻟﻤﺪرﺟﺔ اﻟﺘﻲ ﻳﻘﻮم ﺑﺼﻨﺎﻋﺔ ﺳﻮﻗﻬﺎ، وﺗﻜﻮن اﻟﺨﺴﺎرة ﻧﺘﻴﺠﺔ إﻣﻜﺎﻧﻴﺔ اﻟﻨﺰول اﻟﻜﺒﻴﺮ ﻓﻲ أﺳﻌﺎر أﺳﻬﻢ ﻫﺬه اﻟﺸﺮﻛﺔ ﻣﻦ ﻏﻴﺮ أن ﺗﺘﺤﻘﻖ ﻟﻪ ﻓﺮﺻﺔ ﺑﻴﻌﻬﺎ ﺑﺮﺑﺢ.

وﻟﺬﻟﻚ ﻳﺴﺄل ﺻﺎﻧﻊ اﻟﺴﻮق أو أي ﻣﺴﺘﺜﻤﺮ آﺧﺮ ﻧﻔﺴﻪ، ﻫﻞ ﻫﻮ ﻣﺴﺘﻌﺪ أن ﻳﺸﺘﺮي ﺑﺄﺳﻌﺎر ﻣﺮﺗﻔﻌﺔ ﻧﺴﺒﻴﺎ وﺑﻜﻤﻴﺎت ﻛﺒﻴﺮة أﺳﻬﻢ ﺷﺮﻛﺔ ﻳﺘﻮﻗﻊ ﻟﻬﺎ اﻻﻧﻬﻴﺎر أو ﺗﺤﻘﻴﻖ ﺧﺴﺎﺋﺮ ﻛﺒﻴﺮة؟ ﻻ ﺣﺎﺟﺔ ﻟﻨﺎ ﺑﺬﻛﺮ اﻟﺠﻮاب، وﻣﻦ ﻫﻨﺎ ﻧﺠﻴﺐ ﻋﻠﻰ ﺗﺴﺎؤﻻت ﺑﻌﺾ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ اﻟﺬﻳﻦ ﻳﻌﺘﻘﺪون أن ﺻﺎﻧﻊ اﻟﺴﻮق ﻫﻮ ﻣﻨﻘﺬ ا•ﺳﻮاق ﻣﻦ اﻻﻧﻬﻴﺎر، وﻫﻮ أن ﺻﺎﻧﻊ اﻟﺴﻮق ﻻ ﻳﻤﻠﻚ ﻣﺎ ﻳﺴﻤﻰ ﺑﺎﻟﻌﺼﺎ اﻟﺴﺤﺮﻳﺔ £ﻧﻘﺎذ ا•ﺳﻮاق اﻟﻤﺘﺪﻫﻮرة، وﻟﻜﻦ وﺟﻮده إﻳﺠﺎﺑﻲ ﻟﺳﻮاق ﻓﻲ ﻛﺜﻴﺮ ﻣﻦ اﻟﺤﺎﻻت ﻣﻦ أﺟﻞ إﻧﻌﺎﺷﻬﺎ وزﻳﺎدة ﺳﻴﻮﻟﺘﻬﺎ وﻓﻌﺎﻟﻴﺘﻬﺎ، ﻛﻤﺎ أن وﺟﻮده ﻳﻌﻄﻲ ﺛﻘﺔ وارﺗﻴﺎح واﺳﺘﺌﻨﺎس ﻟﺪى اﻟﻤﺴﺘﺜﻤﺮﻳﻦ اﻟﻌﺎدﻳﻴﻦ ﺑﺄن ا•ﺳﻌﺎر اﻟﺘﻲ ﻳﺘﺪاوﻟﻮن ﻋﻠﻴﻬﺎ ﻣﺪﻋﻮﻣﺔ ﺑﻄﺮﻳﻘﺔ أو ﺑﺄﺧﺮى ﻣﻦ أﺻﺤﺎب اﻟﻤﻌﺮﻓﺔ واﻟﺨﺒﺮة. ﺷﺎرع ﺣﻤﺪان − ﺑﺮج اﻟﻐﻴﺚ ص.ب. 54500 − أﺑﻮﻇـﺒﻲ، إ.ع.م. ﻫﺎﺗﻒ: 971+ 2 627 7777 • ﻓﺎﻛﺲ: +971 2 612 8728 Market Maker ﺻﺎﻧــــﻊ اﻟﺴــــﻮق Is the market maker the saviour اﻟﺒﺮﻳﺪ ا£ﻟﻜﺘﺮوﻧﻲ: [email protected] • إﻧﺘﺮﻧﺖ: www.adx.ae ?of markets in cases of collapse أوﻗﺎت اﻟﺘﺪاول : ﻣﻦ ا•ﺣﺪ إﻟﻲ اﻟﺨﻤﻴﺲ ﻣﺮﺣﻠﺔ ﻣﺎ ﻗﺒﻞ اﻟﺘﺪاول: 9:30 − 10:00 ﻣﺮﺣﻠﺔ اﻟﺘﺪاول اﻟﻤﺴﺘﻤﺮ: 10:00 − 2:00 In brief, the answer is no. Irrespective of all the advantages it brings to the market, the Market Maker remains a profit Hamdan Street − Al Ghaith Tower company which is ready to take risk in consideration of some benefits, as noted above. Such risks P.O.Box 54500 − Abu Dhabi, U.A.E. may lead to the loss and withdrawal of the Market Maker from the market or even from the Phone: +971 2 627 7777 • Fax: +971 2 612 8728 business as a whole. Email: [email protected] • Website: www.adx.ae The potential loss of the Market Maker, is mainly due to the condition that it should hold big Trading Times: Sunday to Thursday quantities of the stocks of the listed companies it makes their markets. The loss may result from Pre-opening Session: 9:30 − 10:00 the dramatic drop of the prices of the stocks of such a company, without getting favorable Continuous Trading: 10:00 − 2:00 opportunities to sell at a profit.

This is why the Market Maker or any other investor should ask itself whether it is ready to buy at high prices and in large quantities the stock of a company which is expected to collapse, or incur big losses?

There is no need to give an answer. Thus, the answer to the queries of some investors who think that the Market Maker is the savior of markets from collapse is that the Market Maker has no Published by: magic wand to save the collapsing markets, but its existence is, however; positive for markets in Media Department – Market Research & Publications Section - ADX so many cases, so as to revive markets and improve their liquidity and efficiency. Its existence also gives public investors confidence and satisfaction, that the trading prices are somehow supported ﺻﺎدره ﻋﻦ : .by experienced and knowledgeable persons إدارة ا£ﻋﻼم – ﻗﺴﻢ ﺑﺤﻮث اﻟﺴﻮق واﻟﻤﻄﺒﻮﻋﺎت – ﺳﻮق اﺑﻮﻇﺒﻲ ﻟﻼوراق اﻟﻤﺎﻟﻴﺔ

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