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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. -
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. -
Incoming Letter: Taipei Exchange Main Board and Taipei Exchange
New York Paris Northern California Madrid Washington DC Tokyo São Paulo Beijing London Hong Kong James C. Lin Partner Resident Hong Kong Partners Davis Polk & Wardwell 852 2533 3368 tel William F. Barron* Gerhard Radtke* Hong Kong Solicitors 852 2533 1768 fax Bonnie Chan* Martin Rogers † The Hong Kong Club Building [email protected] Karen Chan † Patrick S. Sinclair* 3A Chater Road Paul K. Y. Chow* † Miranda So* Hong Kong James C. Lin* James Wadham † Hong Kong Solicitors * Also Admitted in New York † Also Admitted in England and Wales August 29, 2019 Re: Application for Designation of the Taipei Exchange Main Board and Taipei Exchange Bond Market as a “Designated Offshore Securities Market” Michael Coco, Chief Office of International Corporate Finance Division of Corporation Finance United States Securities and Exchange Commission 450 Fifth Street. N.W. Washington, DC 20549 Dear Mr. Coco: We are writing to the United States Securities and Exchange Commission (the “SEC” or the “Commission”) on behalf of the Taipei Exchange (the “TPEx”) to apply for the classification of a “designated offshore securities market” for purposes of Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended, for (i) the portion of the TPEx known as the Taipei Exchange Main Board (the “TPEx Main Board”) and (ii) the portion of the TPEx known as the Taipei Exchange Bond Market (the “TPEx Bond Market” and together with the TPEx Main Board, the “TPEx Platforms”). Designation is being sought in order to assist market participants to the TPEx Platforms who are eligible for the safe harbor provision provided by Rule 904 of Regulation S to satisfy the requirements specified in that rule when reselling securities “in, on or through the facilities of” the TPEx Platforms. -
Significantly Regulated Organizations Added
Significantly Regulated Organizations Added ‐ September 2017 DUNS COUNTRY BUSINESS NAME TICKER SYMBOL EXCHANGE NAME NUMBER NAME 565406188 BRITISH AMERICAN TOBACCO ZIMBABWE ZIMBABWE BAT.ZW Zimbabwe Stock 565568949 MEDTECH HOLDINGS LTD ZIMBABWE MMDZ.ZW Zimbabwe Stock 565412350 NATIONAL FOODS LTD ZIMBABWE NTFD.ZW Zimbabwe Stock 565679081 STARAFRICA CORPORATION LTD ZIMBABWE SACL.ZW Zimbabwe Stock 555364141 CENTRAL PHARMACEUTICAL JOINT STOCK VIETNAM DP3 Hanoi Stock Exchange CHUONG DUONG BEVERAGE JOINT STOCK Ho Chi Minh Stock 555317798 COMPANY VIETNAM SCD Exchange 555297766 DANAMECO MEDICAL JOINT STOCK VIETNAM DNM Hanoi Stock Exchange DUC GIANG CHEMICALS AND DETERGENT 555345573 POWDER JOINT STOCK COMPANY VIETNAM DGC Hanoi Stock Exchange 555248250 Ha Long Canned Food Joint Stock Co. VIETNAM CAN Hanoi Stock Exchange 555530381 HA NOI INVESTMENT GENERAL VIETNAM SHN Hanoi Stock Exchange 555271543 HA TAY PHARMACEUTICAL JOINT STOCK VIETNAM DHT Hanoi Stock Exchange HOANG ANH GIA LAI JOINT STOCK Ho Chi Minh Stock 555335798 COMPANY VIETNAM HNG Exchange 555319636 HUNG HAU AGRICULTURAL CORPORATION VIETNAM SJ1 Hanoi Stock Exchange 555530218 HUNG VIET GREEN AGRICULTURE JOINT VIETNAM HVA Hanoi Stock Exchange KLF JOINT VENTURE GLOBAL INVESTMENT 555529792 JOINT STOCK COMPANY VIETNAM KLF Hanoi Stock Exchange 555340068 LAM DONG PHARMACEUTICAL JOINT STOCK VIETNAM LDP Hanoi Stock Exchange MECHANICS CONSTRUCTION AND 555303278 FOODSTUFF JOINT STOCK COMPANY VIETNAM MCF Hanoi Stock Exchange Ho Chi Minh Stock 555365190 NAFOODS GROUP JOINT STOCK COMPANY VIETNAM NAF Exchange NORTH PETROVIETNAM FERTILIZER & 555458287 CHEMICALS JOINT STOCK COMPANY VIETNAM PMB Hanoi Stock Exchange Ho Chi Minh Stock 555279715 S.P.M CORPORATION VIETNAM SPM Exchange SAIGON BEER ALCOHOL BEVERAGE Ho Chi Minh Stock 555254439 CORPORATION VIETNAM SAB Exchange 555341953 SAM CUONG ELECTRIC MATERIALS JS CO. -
Pricing and Spread Components at the Lima Stock Exchange
Pricing and spread components at the Lima Stock Exchange Luis Chávez-Bedoya, Carlos Loaiza Álamo and Giannio Téllez De Vettori ABSTRT AC This paper analyses three aspects of the share market operated by the Lima Stock Exchange: (i) the short-term relationship between the pricing, direction and volume of order flows; (ii) the components of the spread and the equilibrium point of the limit order book per share, and (iii) the pricing, order direction and trading volume dynamic resulting from shocks in the same variables when lagged. The econometric results for intraday data from 2012 show that the short-run dynamic of the most and least liquid shares in the General Index of the Lima Stock Exchange is explained by the direction of order flow, whose price impact is temporary in both cases. KEYWORDS Stock markets, stocks, prices, econometric models, Peru JEL CLASSIFICATION G11, G12, G15 AUS THOR Luis Chávez-Bedoya teaches finance at the esan Graduate School of Business, Lima, Peru. [email protected] Carlos Loaiza Álamo teaches at the Faculty of Administration and Finance of the Peruvian University of Applied Sciences (upc), Lima, Peru. [email protected] Giannio Téllez De Vettori is a teaching assistant at the Department of Economics of the Catholic University of Peru and a researcher affiliated with the esan Graduate School of Business, Lima, Peru. [email protected] CEPAL_Review_115_3.indd 115 06/08/15 08:18 116 CEPAL REVIEW 115 • april 2015 I Introduction The Peruvian stock market has struggled to develop obtain this information for the present study, however, sustainably as an investment alternative, yet little with a view to obtaining a better understanding of the basic or applied research has been done on it. -
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. -
Integration Level of Equity Markets in APEC's Emerging
Integration level of equity markets in APEC’s emerging countries: Are emerging markets regionally or globally integrated? Authors: Cynthia Ho Szee Yah Dinh Thi Quynh Anh Supervisor: Per Nilsson Student Umeå School of Business Autumn semester 2010 Master thesis, two-year, 30 hp Integration level of equity markets in APEC’s emerging countries: Are emerging markets regionally or globally integrated? Anh Dinh Cynthia Ho Abstract Supported by the investment barriers removal, financial deregulation and improved macroeconomic policies during the last three decades, the process of financial integration in those markets, emerging markets in general and emerging markets within Asia Pacific Economic Cooperation (APEC) in particular, has been pro-actively accessed these days. Moreover, recent trend in globalization in many APEC countries and especially in the emerging markets has triggered a stronger financial integration progress across countries. Nevertheless, it is surprising to find that these countries not only benefited from regional financial integration but also experienced global financial integration in the same period. Markets over the last two decades, which have been highlighted by financial crises occurred among those APEC emerging countries in the early of the year 1997, have raised political, social and economic questions. One of prominent questions among them: “Are emerging markets in APEC regionally or globally integrated?” has raised our interest in measuring the integration level in these countries. Our thesis paper, therefore, seeks to answer the question on the degree of financial integration level in nine APEC emerging countries. Collecting stock indexes from the Chile (Santiago Stock Exchange), China (Shanghai Stock Exchange), Indonesia (Indonesia Stock Exchange), Malaysia (Bursa Malaysia), Mexico (Mexican Stock Exchange), Philippines (Philippines Stock Exchange), Peru (Lima Stock Exchange), Russia (RTS Russian Stock Exchange), Thailand (Thailand Stock Exchange), we compute empirically the integration scores for these nine countries. -
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. -
Equity Market Development in Latin America
1. INTRODUCTION 1 Equity Market Development in Latin America Peru This report examines and makes recommendations aimed at strengthening equity market development in Peru. It was developed as part of the work of the OECD Latin American Corporate Governance Roundtable’s Task Force on Equity Market Development, and served as a reference for Task Force discussions that took place in Argentina in June 2018. The report on Peru and additional country reports on Argentina, Brazil, Chile, Colombia and Mexico have drawn upon an OECD survey of company and investor perceptions in these six countries as well as additional research and interviews with market regulators, participants and other stakeholders. The six country chapters have also served as a reference for the 2019 OECD publication, “Equity Market Development in Latin America: Enhancing Access to Corporate Finance”, which provides a more comparative perspective on developments across all six countries. The report was prepared by Andres Bernal ([email protected]) and Edna Correa, under the supervision of .Daniel Blume, Senior Policy Analyst, OECD Corporate Governance and Corporate Finance Division Special thanks are due to Marco Antonio Saldivar and Magaly Martinez of BVL, Gerardo Gonzalez of Procapitales, Miguel Puga of PWC and Enrique Solano. SMV also helped us to acquire information, interviews and data required to prepare this document. This work is published under 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 OECD or of the governments of its member countries or those of the European Union. 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. -
Market Highlights for First Half-Year 2012
23 July 2012 Market highlights for first half-year 2012 The size of global markets (the global market capitalization) increased by 5.3% in the first half of 2012. In Americas and Asia Pacific, the relative good performance of stock markets in the first half of 2012 (market capitalization up 9.1% and 4.6% respectively) was not sufficient for market capitalization to reach the levels observed one year ago, before the sharp decline in the summer 2011. In EAME region, the market capitalization in USD did not grow. It was mainly due to the lower performance of stock markets in Europe following the sovereign debt crisis as well as the exchange rates. In constant USD, the EAME region’s market capitalization did increase by 2.1% in the first half of 2012. In Asia Pacific region, the growth rate of market capitalization in constant USD1 was also higher (+6%) than in current USD. Growth in market capitalization is sometimes the result of an increased number of listed companies, but in the first half of 2011 the total number of listed companies at WFE level was steady. Decline of trading volumes on stock exchange Despite the higher market capitalization, the total value of share trading2 of WFE member exchanges continued to decrease significantly falling 14% in the first half of 2012 after an earlier drop of 4% in second half-year of 2011. The most significant decrease was observed in the Americas region (-20%). This was mostly due to US exchanges (accounting for 90% of the value of share trading) that decreased by 21%.