EDI Initial Public Offerings
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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. -
Weak-Form Market Efficiency, Estimation Interval and the Nigerian Stock Exchange: Empirical Evidence
WEAK-FORM MARKET EFFICIENCY, ESTIMATION INTERVAL AND THE NIGERIAN STOCK EXCHANGE: EMPIRICAL EVIDENCE Onyemachi Maxwell Ogbulu, Abia State University Abstract Given the desirability of efficient capital markets in aiding optimal resource mobilization and allocation in the financial system, this paper is an attempt to investigate the efficiency level of the Nigerian Stock Exchange (NSE) across different data estimation intervals with reference to the weak-form variant of the Efficient Market Hypothesis (EMH). The paper employed daily, weekly, monthly and quarterly aggregate stock price data using the NSE All Share Index series from 4th January, 1999 to 31st December, 2013 to test for the weak-form efficiency of the NSE using a combination of seven (7) statistical and parametric tools namely- Autocorrelation tests, the ADF and P-P unit root tests, Variance Ratio tests, the Normality/Random Walk tests, the Granger Causality test, the ARCH-GARCH test and Regression rest. The empirical results of the investigation indicate that on balance the NSE is weak-form inefficient when daily, weekly, monthly and quarterly prices are examined irrespective of the estimation interval and the parametric test employed in the tests. It is to be noted from the findings that the NSE is still weak-form inefficient despite the implementation of various capital market reforms undertaken in the recent past as well as the adoption of automation and ICT in the operations of the Exchange. It is therefore recommended that these salutary reforms and policies should be intensified and sustained to ensure efficiency of the NSE. Keywords: Weak-form efficiency, Efficient Market Hypothesis, Estimation Interval, Parametric Tests. -
Report 2013 Year
2013 Year End Report 8th Avenue Belleville, St. Michael BB11114, Barbados T: (246) 436-9871/2 | F: (246) 429-8942 | www.bse.com.bb The following report reviews the overall performance of the companies listed on the Barbados Stock Exchange for the period January 1, 2013 to December 31, 2013 inclusive. Additionally, in an effort to provide greater detail on the market performance, fourth quarter information has been included. General discussion was also given to the overall economic situation of the country and its impact on the general performance of the market. The report has been structured as follows: • Overall Performance • Economic Factors • Trading activity by Market • Indices and Market Capitalization • Advancers/Decliners for 2013 • Historical Company Trading statistics • Market Events • The Regulatory Roundup • Concluding Remarks 3 Overall Performance General performance on the Board of the Barbados Stock Exchange Inc. (BSE) for the year 2013 showed comparable performance to that of the wider macro-economic environment. Trading for the year started well with the completion of transactions pursuant to the take-over of Republic Bank Barbados Limited (RBBL) by Republic Bank Limited. Average monthly trading was steady from that point until a surge in trading activity during the month of December which saw a spike in activity in both the Regular and Put Through Markets. The Put Through Market had the most improved performance in terms of increased activity as trades occurred on this Market every month with the exception of November. The Junior Market, although only recording one single trade, saw increases in performance in both trading volumes and values; there was one Block Trade transaction during the year 2013. -
Barbados Stock Exchange Inc. Market Activity Report
Barbados Stock Exchange Inc. Market Activity Report 2019 Report on the Trading Activity for the Securities Issued by the Listed Companies of the Barbados Stock Exchange Inc. • • • Overview The following report reviews the overall performance of the companies listed on the Barbados Stock Exchange Inc. for the year ended December 31, 2019. Additionally, to provide greater detail on the market performance, fourth quarter market statistics have been included. General discussion was also given to the overall economic situation of the country and its impact on the general performance of the market. The report has been structured as follows: • Overall Performance • Trading Activity by Market • Indices and Market Capitalization • Advancers/Decliners for 2019 • Historical Company Trading Statistics • Market Events – 2019 • The Regulatory Roundup – 2019 • Conclusion Overall Performance Overall market performance for securities listed and traded across the board of the Barbados Stock Exchange Inc. for the year ended December 31, 2019 showed promise as total trading volume and value increased by 2,891% and 2,825% respectively. The Regular market produced mixed results as the increases experienced in traded volume did not have a corresponding effect on the traded value which suffered a decline. The Put Through Market performed well, closing out 2019 with marked increases in both traded volumes and values when compared to its performance at the close of 2018. There was one (1) trade occurring on the Block Trade Market1 while no activity was recorded on the Innovation & Growth Market (IGM) or the International Securities 1 See Block Trade Market section. 1 • • • Market (ISM). The Bond Market recorded some activity as bondholders became more familiar, and comfortable, with these newly restructured fixed income securities. -
Inaugural Listing the International Securities Market Welcomes Productive Business Solutions Limited
INAUGURAL LISTING THE INTERNATIONAL SECURITIES MARKET WELCOMES PRODUCTIVE BUSINESS SOLUTIONS LIMITED Productive Business Solutions he Barbados Stock Exchange is proud to announce the inaugural securities listing on its PBS is the largest exclusive Xerox distributor in the Western Hemisphere operating across 14 International Securities Market (ISM) – Productive Business Solutions Limited (PBS), the parent countries in the Caribbean and Central America. The company also distributes other T of the PBS group of companies. multinational information technology brands such as Cisco, Oracle and Lenovo, and offers comprehensive document solutions and equipment rentals to a diverse customer base. PBS, an international business company incorporated and licensed under the laws of Barbados, was welcomed to the ISM during a listing ceremony on November 2, 2017 that marked the successful cross- listing of its Jamaica Stock Exchange (JSE) traded security. The event was attended by representatives of Why the ISM the lead arranger CIBC FirstCaribbean, listing sponsor ListAssist, the BSE and representatives of PBS’ The International Securities Market is a global market exchange that operates from the heart of subsidiaries. the Caribbean. The ISM offers a unique investor pool that combines both regional and international wealth for securities trading. With a growing ecosystem of quality market Paul B Scott, Chairman of the PBS Group, said that the company made a deliberate decision to offer a participants, the ISM provides a dynamic market for companies looking to raise capital and secondary listing on the BSE to offer investors access to a regional company and support the vision for a improve their corporate visibility. more integrated and regional securities exchange. -
STOCK MARKET VOLATILITY SPILLOVER from DEVELOPED MARKETS to REGIONAL MARKETS TIFFANY GROSVENOR and KEVIN GREENIDGE ABSTRACT This
STOCK MARKET VOLATILITY SPILLOVER FROM DEVELOPED MARKETS TO REGIONAL MARKETS TIFFANY GROSVENOR AND KEVIN GREENIDGE1 ABSTRACT This paper builds on the work of Kim and Langrin (1996) to investigate the co-movement in stock markets between the developing countries of the Caribbean as well as from developed markets. Multivariate Generalised Autoregressive Conditional Heteroscedasticty (GARCH) is employed to examine the volatility spillover between the three regional exchanges namely that of Jamaica, Trinidad and Barbados, and from the New York Stock Exchange (NYSE). The study utilises daily data on the composite index of each stock market to assess the extent to which volatility spillovers exist. Results suggest that significant spillovers indeed exist between each of the regional exchanges, as well as from the NYSE. Keywords:Caribbean, Stock exchange, GARCH, Volatility spillover. 1Corresponding author: Kevin Greenidge, Research and Economic Analysis Department, Central Bank of Barbados, Tom Adams Financial Centre, Bridgetown, Barbados. Tel:246-436-6870; Fax:246-427-1431; Email: [email protected] TIFFANY GROSVENOR AND KEVIN GREENIDGE / 45 1.0 Introduction The last two to three decades have witnessed increasing levels of financial integration among the world economies, as restrictions on capital mobility across countries have gradually weakened. The consequential increase in cross-border financial flows, along with the increasing regionalisation of economic activity, has resulted in greater interdependence of major financial markets all over the world. Caribbean countries are no exception here, being part of a regional grouping; many of these countries have instituted a continuing policy of financial market liberalisation, which should have resulted in increasing internationalisation of their financial markets. -
The Determinants of Realised Volatility on Caribbean Stock Exchanges
Munich Personal RePEc Archive Convergence of Caribbean Stock Exchanges Howard, Stacia and Craigwell, Roland Research Department, Central Bank of Barbados, Department of Economics, University of the West Indies, Cave Hill Campus, Barbados 2010 Online at https://mpra.ub.uni-muenchen.de/40930/ MPRA Paper No. 40930, posted 29 Aug 2012 04:31 UTC DRAFT Convergence of Caribbean Stock Exchanges Stacia Howard1 Research Department Central Bank of Barbados P.O.Box 1016 Bridgetown Barbados and Roland Craigwell Department of Economics University of the West Indies Cave Hill Campus Barbados November, 2010 1 Corresponding author; email: [email protected] 1 DRAFT Convergence of Caribbean Stock Exchanges Stacia Howard and Roland Craigwell Abstract This paper uses daily data for market returns as well as for the cross-listed securities on the three main stock exchanges in the Caribbean: the Barbados Stock Exchange, the Trinidad and Tobago Stock Exchange and the Jamaica Stock Exchange to examine the beta-convergence and sigma- convergence of the markets. The results suggest that with respect to sigma-convergence, while the markets are becoming increasingly integrated, the convergence of the returns of the cross- listed securities is debatable, indicating some degree of information asymmetry. The results of the beta-convergence imply that the speed of convergence is still rather slow in comparison to other markets throughout the world. JEL No: G29; O47; O54 Keywords: Stock Exchanges; Convergence; Caribbean 2 DRAFT Introduction The three main stock exchanges in the Caribbean – the Barbados Stock Exchange (BSE), the Jamaica Stock Exchange (JSE) and the Trinidad and Tobago Stock exchange (TTSE) – have struggled with inefficiency in their 30 odd years of existence. -
On Determination of Market Price of One Ordinary Registered Share of the Moscow Exchange (State Registration Number 1-05-8443-H Dated 16.11.2011)
2, 3-ya ulitsa Yamskogo Polya, bld. 7, office 301, Moscow, 125040 Tel.: +7 (495) 717-01-01 +7 (495) 557-07-97 www.evcons.ru REPORT No. 134/16 dated June 29, 2016 On determination of market price of one ordinary registered share of the Moscow Exchange (state registration number 1-05-8443-H dated 16.11.2011) Customer: Moscow Exchange Contractor: Everest Consulting Moscow 2016 EVEREST Consulting LLC 1 Att: Evgeny Fetisov CFO Moscow Exchange Dear Evgeny, Under Agreement No.134/16 dated 16.06.2016 executed by and between Everest Consulting Limited Liability Company (hereinafter Everest Consulting LLC, the Contractor), and Public Joint-Stock Company Moscow Exchange MICEX-RTS (hereinafter the Moscow Exchange, the Customer), the appraiser employed by the Contractor (hereinafter the Appraiser) carried out valuation of one registered ordinary share of the Moscow Exchange (hereinafter the Object of Valuation). The principle task and intended use of valuation was to measure the market price of the Object of Valuation for the purpose of share buyback from shareholders who voted against the corporate restructuring or failed to participate in voting in pursuance with clause 1 and clause 3 Article 75 of the Federal Law No.208-FZ On Joint-stock Companies dated 26 December 1995. The valuation was done in accordance with the Federal Law No.135-FZ On Valuation Activity in the Russian Federation dated 29 July 1998, Federal Evaluation Standard General Concepts of the Valuation, Approaches and Requirements to Carrying Out the Valuation (FES No.1) approved by the Order of the Ministry of Economy No. -
Msci Index Calculation Methodology
INDEX METHODOLOGY MSCI INDEX CALCULATION METHODOLOGY Index Calculation Methodology for the MSCI Equity Indexes Esquivel, Carlos July 2018 JULY 2018 MSCI INDEX CALCULATION METHODOLOGY | JULY 2018 CONTENTS Introduction ....................................................................................... 4 MSCI Equity Indexes........................................................................... 5 1 MSCI Price Index Methodology ................................................... 6 1.1 Price Index Level ....................................................................................... 6 1.2 Price Index Level (Alternative Calculation Formula – Contribution Method) ............................................................................................................ 10 1.3 Next Day Initial Security Weight ............................................................ 15 1.4 Closing Index Market Capitalization Today USD (Unadjusted Market Cap Today USD) ........................................................................................................ 16 1.5 Security Index Of Price In Local .............................................................. 17 1.6 Note on Index Calculation In Local Currency ......................................... 19 1.7 Conversion of Indexes Into Another Currency ....................................... 19 2 MSCI Daily Total Return (DTR) Index Methodology ................... 21 2.1 Calculation Methodology ....................................................................... 21 2.2 Reinvestment -
The Barbados Stock Exchange
THE BARBADOS STOCK EXCHANGE FACILITATING WEALTH CREATION BARBADOS STOCK EXCHANGE The Barbados Stock Exchange FACILITATING WEALTH CREATION The Barbados Stock Exchange (BSE) was established in 1987 by the Parliament of Barbados as a statutory body under the Securities Exchange Act of 1982. According to its General Manager, Marlon Yarde, up until that time, “a lot of trading of securities was done in attorneys’ offices, and it was believed that we had reached a stage in our development where we needed our own stock exchange to create the opportunity for capital formation for companies that were AT A GLANCE | THE looking for financing in the jurisdiction.” BARBADOS STOCK EXCHANGE For the first several years of its existence, WHAT: A shareholder-owned company for the the BSE, which was known at the time as the trading of stocks and securities Securities Exchange of Barbados, functioned as a government-sponsored entity. In 2001, WHERE: Bridgetown, Barbados it re-incorporated as a not-for-profit organi- WEBSITE: www.bse.com.bb zation and the government established the Barbados Securities Commission, now the Financial Services Commission, which took on the role of regulating the country’s capital markets. BARBADOS STOCK EXCHANGE “At that point, we still had the responsibility to regulate the members and the companies listed on the Stock Exchange,” explains Yarde. “We had 16 ordinary members and four des- ignated members, which are various interest groups in the society who, at the time of es- tablishment, the government thought should have a say in how the Stock Exchange was run. They included the Central Bank of Barbados, the Barbados Bar Association, the Barbados Chamber of Commerce and Industry, and the Barbados Ministry of Banking and Finance.” In December 2015, the BSE demutualized, moving from being a member-owned com- pany to a shareholder-owned company. -
The List of Approved Stock Exchanges
November 9, 2018 The following stock exchanges are approved by the Cayman Islands Monetary Authority for purposes of the Regulatory Laws pursuant to the Authority’s Regulatory Policy – Approved Stock Exchanges. Note: This list is for illustrative purposes only and is subject to change. To verify whether a stock exchange is approved by the Cayman Islands Monetary Authority, please refer to the Regulatory Policy – Approved Stock Exchanges. Amman Stock Exchange Deutsche Borse Athens Exchange Dusseldorf Stock Exchange Australian Securities Exchange EDX London Barbados Stock Exchange Eurex BATS Exchange Euronext Bayerische Borse AG Fukuoka Stock Exchange* Berlin Stock Exchange Gibraltar Stock Exchange Bermuda Stock Exchange Hong Kong Exchange and Clearing BM&F Bovespa Indonesia Stock Exchange BME Spanish Exchanges Intercontinental Exchange BOAG Borsen AG International Securities Exchange Bolsa de Comercio de Buenos Aires Irish Stock Exchange Bolsa de Comercio de Santiago Istanbul Stock Exchange Bolsa de Valores de Caracas* Jamaica Stock Exchange Bolsa de Valores de Colombia JASDAQ Bolsa de Valores de Lima Johannesburg Stock Exchange Bombay Stock Exchange Korea Stock Exchange Borsa Italiana SPA London Stock Exchange Bratislava Stock Exchange Ljubljana Stock Exchange Bucharest Stock Exchange Luxembourg Stock Exchange Budapest Stock Exchange Madrid Stock Exchange Bulgarian Stock Exchange Malaysia Stock Exchange Cayman Islands Stock Exchange Malta Stock Exchange Channel Islands Stock Exchange* Mexican Stock Exchange Chicago Board Options Exchange -
New Customers, New Revenues and New Partnerships for the World’S Established and Emerging Trading Venues
13th annual 27 - 28 February 2018 Muscat, Sultanate of Oman NEW CUSTOMERS, NEW REVENUES AND NEW PARTNERSHIPS FOR THE WORLD’S ESTABLISHED AND EMERGING TRADING VENUES Hosted by Created by www.terrapinn.com/WEC2018 #WECOman Confirmed Speakers Patrick Birley, CEO, NEX Exchange Renuke Wijayawardhane, Chief Regulatory Officer, Colombo Stock Exchange Ahmad Aweidah, CEO, The Palestine Exchange Bernardo Mariano, Managing Director, Equity Research Desk Bo Wang, Chief Technology Officer, Shanghai Stock Exchange Chris Richardson, CEO, Percival Software Tiaan Bazuin, Chief Executive Officer, Namibian Stock Exchange Paul McKeown, Senior Vice President, Market Technology, Nasdaq Li Zhengqiang, Chairman, Dalian Commodity Exchange Charbel S. Azzi, Head of Middle East, Africa & CIS, S&P Dow Jones Indices Rashid bin Ali Al-Mansoori, CEO, Qatar Stock Exchange Robert Scharfe, CEO, Luxembourg Stock Exchange Neeraj Kulshrestha, Chief Business and Operations Officer, Bombay Stock Exchange Ludwig Nießen, COO/CTO, Vienna Stock Exchange Jalil Tarif, Secretary General, Arab Union for Securities Commissions Krishika Narayan, CEO, South Pacific Stock Exchange Aleš Ipavec, President of the Management Board, Ljubljana Stock Exchange Michael Völter, Chairman of the Board, Vereinigung Baden-Württembergische Amina Turgulova, Deputy CEO, Astana International Exchange Stephan Pouyat, Global Head of Capital Markets and Funds Services, Euroclear Ivan Takev, Executive Director, B.S.E. Sofia Gerard Hartsink, Chairman, The Global Legal Entity Identifier Foundation Ivana Gazic,