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FOCUS Issue no. 259, September 2014 INTERVIEWS: Korea Exchange Bolsa de Comercio de Santiago Interview with Kyungsoo Interview with José Antonio Choi, Chief Executive Martinez, Chief Executive Officer Officer AUGUST 2014 WFE INDUSTRY NEWS MARKET STATISTICS CONTENT FEDERATION NEWS 3. Summary by WFE CEO Nandini Sukumar 19-21 October, 2015 WFE 55th General Assembly and Annual Meeting INTERVIEW Hosted by Qatar Stock Exchange 4. Qatar Exchange Interview with Qatar Stock Exchange CEO Rashid Bin Ali Al-Mansoori EXCHANGE HEADLINES 7. Asia 7. Africa 7. Middle East 8. Americas World Exchanges calls on EU Hill to consider emerging market impact of CCP recognition WFE MARKET INSIGHT AND delays COMMENT MLEX REGULATORY ANALYSIS Member exchanges wishing to have their news 10. Revised EU MIFID II Rules will shed highlights included in FOCUS are encouraged to a little more light on Bond Markets email us at but Commodity Traders set to face tougher Position Limits [email protected] SEPTEMBER 2015 MARKET STATISTICS 12. Market Capitalization 13. Number of Listed Companies 14. Value of Share Trading 15. Number of Trades 16. Stock Index Performance FOCUS October 2015 | Page 2 SUMMARY BY WFE CEO NANDINI SUKUMAR Welcome to the first edition of centre, to launch the world’s biggest Osaka Stock Exchange - 1899 WFE’s revived FOCUS magazine Sharia-compliant ETF and also which will be heading your way comments on the recent volatility in every month in an e-zine format. energy, commodity and financial markets as well as its implications In contrast to our weekly newsletter and the opportunities it presents. where the focus is strictly on regulatory developments, The WFE Research Team then offer us some compelling insights into “the core of FOCUS exchange market trends over the past year or so, basing their will be news from reflections on WFE’s pre-eminent and definitive global equity market our member database, which reaches back to exchanges 1975 and is accessible on our website at http://www.world- themselves.” exchanges.org/statistics. With our annual conference in Doha Finally, the Exchange News round-up looming large, we decided it would offers readers highlights of the major make sense for our regular governance, commercial, product exchange chief interview slot to be and even some strategic taken this month by Qatar Stock developments at WFE exchanges Exchange CEO Rashid Bin Ali Al- over the past month or so and is a Mansoori. In a wide-ranging and nice and timely illustration of the informative Q and A, Al-Mansoori diversity of our member exchanges explains his ambitions to make ahead of our annual get-together in Qatar Stock Exchange a regional IPO Qatar. FOCUS October 2015 | Page 3 INTERVIEW: QATAR STOCK EXCHANGE Interview with Rashid Bin Ali Al-Mansoori, CEO QSE CEO Al-Mansoori welcomes other GCC markets. MSCI EM Upgrade Boosts QSE WFE to Doha for its 2015 Annual Trading Conference and sets out QSE’s QSE launches ‘Venture Market’ To ambitions to become a regional IPO Fund SME’s QSE recognizes that developing centre, comments on recent liquidity in the market is financial market developments and The Qatar Stock Exchange is the important and we continue to his plans for the world’s biggest driving force behind a transparent develop and introduce initiatives Sharia-compliant ETF. Qatari capital market. By providing to enhance that. The upgrade to state-of-the-art infrastructure and emerging market status by MSCI, Tell us a little about QSE’s technology, engaging in product Standard & Poors and recently corporate vision, current business and market development and FTSE has led to significant model and growth strategy? taking comprehensive measures to increases in trading activity as well advance investment culture in as market depth. Since its inception, the Qatar Stock Qatar, the Qatar Stock Exchange Exchange has grown to become one contributes to the strengthening of As a way of deepening the market of the leading stock markets in the the domestic capital market and its and liquidity, the QSE continues to Middle East and GCC region with the international competitiveness. promote the exchange as an second -highest market capitalization attractive venue for new listings. in the region. The Qatar Stock Exchange We expend considerable contributes to the steady growth in resources in ensuring that QSE Sets Sights On Becoming Major supply of as well as demand for registered companies, whether Regional, Even Global IPO Center capital through its ongoing family or privately or indeed information and communications government owned, are aware of The primary aim of the Qatar Stock work on the national and the benefits of listing on the Exchange is to support Qatar’s international level. exchange. We recognize that economy by providing a venue for issuers are attracted to liquid capital raising by Qatari companies As part of its strategy, QSE markets as it demonstrates strong and to give investors a platform on recognizes the importance of the market fundamentals, giving them which they can trade a variety of SME sector, which globally provides the confidence to tap the market products in a transparent and the foundation for successful as a source of equity finance. efficient manner. economies. Strong Economic Fundamentals The Qatar Stock Exchange will be With the addition of the QE Underpin Qatari Equity Market key to the government’s goal of Venture Market, we are providing creating a viable financial services young and entrepreneurial One of the main factors industry and an efficient capital companies a customized route to supporting the Qatari equity market in order to diversify the market. The characteristics of the market is the strength of the economy. The Qatar Stock Exchange market reflect the objectives of underlying economy. Qatar's aims to be a major centre for allowing SMEs to list and raise public sector infrastructure regional and international initial capital more easily and cheaply and projects and investments are also public offerings (IPOs) as companies with less stringent requirements going ahead as planned and will look to access investors in the than would be the case on the Main not be impacted by the recent region. Additional cash market Market. drop in oil prices. products are being developed and sophisticated indices have been The second factor in the positive designed for investors in Qatar and outlook for Qatar's equity market FOCUS October 2015 | Page 4 is population growth, which will lead Roadshows reveal rising QSE has transformed itself into a to increased demand for public international interest in Qatar world-class exchange working in sector infrastructure projects. High line with global best practice. public spending rates will mean There has been a clear increase in profitable construction projects for interest in Qatar overall and in our Currently, securities lending and many Qatari companies. listed companies, both before the borrowing is allowed only for formal MSCI inclusion and delivery versus payment (DVP) As an exchange group, we are thereafter. We saw this in the processing and liquidity provision. interested in revenue diversification roadshows we held in 2014 and We are working with the regulators and looking at opportunities to 2015, where there was increased on further expanding availability to expand into different geographies interest among a broader spectrum professional investors, allowing and complementary businesses like of investors in meeting QSE-listed them to gain additional income by technology, exchanges, market data companies. lending their shares. This will mean and indices. We also see post trade an increase in the market free float as a key revenue driver for the QSE. Qatari investment in new mega and provide additional trading infrastructure and energy projects opportunities for licensed investors. How global/international is QSE? Is will support the growth of real the exchange open and accessible estate, transportation, banking, With the introduction of margin to foreign investors? industry, insurance and other trading, investors will be given the related sectors represented by opportunity to increase the size and Qatar Stock Exchange has achieved many blue chip firms listed on the scope of their portfolios without significant growth since its exchange. That is likely to having to tie up more of their inception. It is now a well- encourage foreign investors to feel capital. This will also improve established national institution that bullish about the Qatari economy in market liquidity. Our product- offers various investment coming years. diversification strategy is simple; list opportunities for both local and products that provide access to international investors. QSE is known for its transparency markets outside Qatar and allow and strong governance standards easier access to a broader range of Based on this pivotal role, Qatar and so can assure investors they are asset classes inside the country. Stock Exchange has introduced safe at the QSE. The exchange is various mechanisms to assist also known as the perfect place to World’s Largest Sharia-Compliant investors, including DvP, liquidity invest in different sectors as a result ETF Planned provision and Direct Market Access of having listed companies that are (DMA) schemes. spread across diverse sectors. We are working towards launching These listed companies are not only a number of ETFs which will provide QSE is working to expand its global the largest companies in Qatar, but access to Emerging Market debt business beyond its local market and among the largest in the region. and equities. We are also planning the GCC. the introduction of ETFs that will With regard to attracting foreign allow investors to invest in all of the Qatar’s upgrade to Emerging Market investment, the Qatar Stock components of the QSE 20 index status reflects the fact it meets the Exchange continues its quest to with a single trade. Sharia - qualitative requirements for provide best practice for attracting compliant products are also part of inclusion in the EM category, foreign investment into its domestic our product diversification strategy.
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