DOCSLIB.ORG

7Th Chairman Summit Programme

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
7Th Chairman Summit Programme 20 November 2019 Al Faisaliah Hotel, Riyadh GCC BOARD DIRECTORS INSTITUTE 7th CHAIRMAN SUMMIT 2019 IN COLLABORATION WITH TADAWUL CORPORATE GOVERNANCE - BEYOND SHAREHOLDER VALUE Special guest of honour: H.E Mohammed El-Kuwaiz Chairman Capital Market Authority Kingdom of Saudi Arabia Supported by About GCC Board Directors Institute Launched in 2007, GCC Board Directors Institute (GCC BDI) is a not-for-profit organisation that guides board directors of organisations, from family-owned businesses to listed companies, to acquire the know-how and the tools to reach and sustain effective governance. We are also supported by the regional regulatory authorities, including the Capital Market Authority and Saudi Arabian Monetary Authority of the Kingdom of Saudi Arabia, the Emirates Security and Commodities Authority of the UAE, the Central Bank and Capital Markets Authority of Kuwait, the Central Bank of Bahrain and the Capital Market Authority of Oman. GCC BDI has over 1400 members, who benefit from a network of senior business leaders and a variety of workshops designed for board directors and senior executives. GCC BDI is globally recognised and the only director institute from the region to be admitted to the Global Network of Director Institutes (GNDI). GCC BDI Founders GCC BDI Founding Content Partners GCC BDI Regulatory Partners GCC BDI Corporate Affiliates GCC BDI Communications Partner GCC BDI Marketing Partner 1 GCC Board of Directors Institute About Tadawul On the 19th of March 2007, the Council of Ministers approved the formation of The Saudi Stock Exchange (Tadawul). This was in accordance with Article-20 of the Capital Market Law establishing Tadawul as a joint stock company. Tadawul is the sole entity authorized in the Kingdom of Saudi Arabia to act as the Securities Exchange (the Exchange). It mainly carries out listing and trading in securities, as well as deposit, transfer, clearing, settlement, and registry of ownership of securities traded on the Exchange. The legal status, duties, and responsibilities of the Exchange and Depository Center are explicitly defined in the Capital Market Law (CML) issued by Royal Decree Number (M/30), dated on June 16, 2003. The Exchange is also the official source of all market information. The capital of Tadawul is SAR 1,200,000,000 divided into (120,000,000) shares of equal value of SAR 10; all of which are cash shares subscribed by the Public Investment Fund. Tadawul is an affiliate member of the International Organization of Securities Commissions (IOSCO), the World Federation of Exchanges (WFE), and the Arab Federation of Exchanges (AFE). VISION: To be an integrated financial exchange that fosters the development of a diverse Saudi capital market and competes internationally. MISSION: To offer sound, efficient and attractive capital market products and services that deliver superior value to our market participants and stakeholders. The Saudi stock market is the 24th largest stock market among the 67 members of the World Federation of Exchanges and is the dominant market in the Gulf Cooperation Council (GCC) comprising 50 percent of total GCC market capitalization and 77 percent of value traded. The Exchange is the 7th largest stock market amongst its emerging market peers. For more information see: www. tadawul.com.sa www.gccbdi.org 2 Agenda 0800 - 0900 Registration, refreshments & networking Al Omsiat Ballroom, Lower Ground Level 0900 - 0910 Welcome addresses Mistress of Ceremonies – Jane Valls, Executive Director, GCC Board Directors Institute Mohammed Al-Shroogi, Chairman, GCC Board Directors Institute Sarah Al-Suhaimi, Chairperson, Saudi Stock Exchange (Tadawul) 0910 - 0930 Keynote interview An interview with HE Mohammed El-Kuwaiz, Chairman of the Capital Market Authority, Saudi Arabia Moderated by Michael Morcos, Managing Partner, Heidrick & Struggles 0930 - 1000 Guest speaker address Conor Kehoe, Senior Partner Emeritus, Special Adviser, McKinsey & Company 1000 - 1030 Corporate Dialogue Interview with Daniel Hanna, Global Head Sustainable Finance, Standard Chartered Bank Moderated by Roland Bellegarde, Advisor to the CEO, Saudi Stock Exchange (Tadawul) 1030 - 1100 Coffee and networking break 1100- 1200 Panel 1 Creating Long Term Value Moderator Dr Hans-Martin Stockmeier, Senior Partner, McKinsey & Company 3 GCC Board of Directors Institute Panellists Andrew Steel, MD, Global Head of Sustainable Finance, Fitch Ratings Eng. Khalid Abdullah Al Hussan, CEO, Saudi Stock Exchange (Tadawul) Chris Stevens, Vice President, Nasdaq Rayan Fayez, Managing Director & Chief Executive Officer, Banque Saudi Fransi Nasser Bin Sulaiman Al Nasser, Group CEO, STC 1200 - 1230 Prayer and coffee break 1230 - 1330 Panel 2 Creating Value - Bringing ESG to the Board Moderator Hani Ashkar, Territory Senior Partner - Middle East, PwC Panellists H.E. Dr. Ghassan Al-Sulaiman, Chairman, National Center For Family Businesses Katherine Garrett-Cox, CEO of GIB UK and Member of the Supervisory Board, Deutsche Bank, AG Charles Tilley, CEO, International Integrated Reporting Council Mutlaq Al Morished, Chief Executive Officer, Tasnee Daniel Hanna, Global Head Sustainable Finance, Standard Chartered Bank Dr Waddeh S. Ghanem Al Hashmi, Senior Director - Sustainability, Operational & Business Excellence, ENOC 1330 - 1345 Wrap up and close 1345 Lunch www.gccbdi.org 4 Biographies H.E. Mohammed A. El-Kuwaiz Chairman Capital Market Authority (CMA), Kingdom of Saudi Arabia H.E. Mohammed A. El-Kuwaiz was appointed as the Chairman of the board of the Capital Market Authority (CMA) of Saudi Arabia in July 2017. Prior to being Chairman, Mohammed was Vice Chairman of the board of the CMA since August 2016. Furthermore, Mohammed was the Co-founder and CEO of Derayah Financial Company. He was formerly a management consultant with McKinsey & Company. Prior to that, he worked in investment banking and corporate finance with Samba Financial Group. Moreover, Mohammed has served in various roles in the financial and corporate industry. Mohammed obtained an MBA from New York University’s Leonard N. Stern School of Business, specializing in finance and entrepreneurship. He holds a Bachelors of Administrative Sciences with Honors from King Saud University in Saudi Arabia majoring in Law. 5 GCC Board of Directors Institute Biographies Sarah Al-Suhaimi Chairperson Saudi Stock Exchange (Tadawul) Sarah Al Suhaimi is the Chairperson of Saudi Stock Exchange Company (Tadawul). She is also the CEO of and a member of the Board of Directors of NCB Capital, the investment arm of the National Commercial Bank. Sarah has served a two- year term as the Vice Chairperson of the Advisory Committee to the Board of the Capital Market Authority. Previously she led the Asset Management and Wealth Management business lines of Jadwa Investment, where she was also the Chief Investment Officer and a member of its Management Committee. Prior to that she was a member of Samba’s Asset Management team. Sarah graduated with Honors from King Saud University with a Bachelor’s Degree in Accounting. www.gccbdi.org 6 Biographies Mohammed Al-Shroogi Chairman GCC Board Directors Institute Mohammed Al-Shroogi is the Chairman of GCC Board Directors Institute and formerly the Co-Chief Executive Officer of the global investment group, Investcorp. He was responsible for helping guide the firm towards achieving its strategic objectives. Over the course of a career that began more than four decades ago, Mohammed has built and nurtured a wide network of strategic business relationships across the Middle East and North Africa, spanning key regulators, central banks, financial institutions, corporates and senior government officials. Mohammed joined Investcorp in 2009 as President of the firm’s Gulf business. He oversaw the development of US private equity investment business in MENA and Turkey and Investcorp is now the largest private equity investor in the Gulf. He also was instrumental in rebuilding the Placement and Relationship Management team after the financial crisis and this team is raising more capital in alternative investments than any other firm in the Gulf. Mohammed has been a member of the Bahrain Shura Council, Member of the Board of Trustees at Bahrain University and a member of the Bahrain Economic Development Board, as well as serving as Chairman of Investcorp Saudi Arabia Financial Investments Company. Mohammed holds a BA in Commerce from Kuwait University and has attended the Harvard Management Executive Program. 7 GCC Board of Directors Institute Biographies Conor Kehoe Senior Partner Emeritus & Special Adviser McKinsey & Company Conor Kehoe is an Adviser and former Senior Partner at McKinsey & Company. He founded McKinsey’s Private Equity/Investor Industry Practice and was also involved in board and owner governance and in corporate strategy. He was a founding member of the Executive Committee of McKinsey Solutions, a Venture Capital activity that invests in software tools for management decision support, and, originally a software engineer, has led McKinsey’s Tech and Telecom Practice in Europe. He was a member of McKinsey’s Global Risk Committee and is also an adjunct lecturer at Tsinghua University in Beijing. Recently, he has refreshed his software engineering skills – completing Stanford’s Machine Learning Course in May 2018. Conor joined McKinsey from the then FTSE#100 Granada Group where he was a member of the Board Executive Committee and a Divisional Chairman. He has a first class honours degree in electronic engineering from Trinity College
Load more

Recommended publications
  • Intraday Herding on a Cross-Border Exchange
    CORE Metadata, citation and similar papers at core.ac.uk Provided by CURVE/open Intraday Herding on a Cross-Border Exchange Andrikopoulos, P, Kallinterakis, V, Pedro Leite Ferreira, M & Verousis, T Author post-print (accepted) deposited by Coventry University’s Repository Original citation & hyperlink: Andrikopoulos, P, Kallinterakis, V, Pedro Leite Ferreira, M & Verousis, T 2017, 'Intraday Herding on a Cross-Border Exchange' International Review of Financial Analysis, vol 53, pp. 25-36 https://dx.doi.org/10.1016/j.irfa.2017.08.010 DOI 10.1016/j.irfa.2017.08.010 ISSN 1057-5219 Publisher: Elsevier NOTICE: this is the author’s version of a work that was accepted for publication in International Review of Financial Analysis. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in International Review of Financial Analysis, [53, (2017)] DOI: 10.1016/j.irfa.2017.08.010 © 2017, Elsevier. Licensed under the Creative Commons Attribution- NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ Copyright © and Moral Rights are retained by the author(s) and/ or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This item cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder(s). The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders.
    [Show full text]
  • Filed by the NASDAQ OMX Group, Inc
    Filed by The NASDAQ OMX Group, Inc. (Commission File No. 000-32651) Pursuant to Rule 425 under the Securities Act of 1933, as amended Subject Company: NYSE Euronext (Commission File No. 001-33392) NASDAQ OMX and ICE Issue Joint Statement on Superior Proposal New York, NY and Atlanta, GA (April 25, 2011) NASDAQ OMX (NDAQ) and IntercontinentalExchange (ICE) today issued a joint statement with regard to their superior proposal for NYSE Euronext: NYSE Euronext investors should be highly skeptical that after two years of exploratory merger discussions, including more than six months dedicated to finalizing the transaction, NYSE Euronext has suddenly found a reported €100 million in additional synergies. This increase appears not to be a matter of sharpening a pencil, but an unexplained shift in strategy. The discovery that initial synergies having been understated by one-third comes after receiving a superior proposal from NASDAQ OMX and ICE that achieves greater synergies. Importantly, if there are additional synergies to be found after the merger economics have been agreed, then it has to come at the expense of NYSE Euronext stockholders because there has been no increase in the price they are being offered. NYSE Euronext should describe these newly-found synergies in detail in order to support the credibility of these revised estimates, particularly in light of commitments to retain two technology platforms and two headquarters. Increasingly it appears that NYSE Euronext is more focused on protecting the transaction than its stockholders. NASDAQ OMX and ICE have described in detail our proven and focused long-term strategy from which stockholders would benefit and our companies demonstrated outperformance relative to their proposed strategy of creating a financial supermarket.
    [Show full text]
  • Intercontinental Exchange Reports Ice and Nyse May Volume
    INVESTORS INTERCONTINENTAL EXCHANGE REPORTS ICE AND NYSE MAY VOLUME Released : 04 June 2014 ATLANTA--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE: ICE), the leading global network of exchanges and clearing houses, today reported exchange traded volumes for May 2014. ICE’s May average daily volume (ADV) was 5.4 million contracts, a decrease of 15% compared to May 2013. • Commodity futures and options ADV decreased 23% in May due primarily to continued low price volatility across most energy products. • Financial futures and options ADV decreased 9% in May due primarily to the low interest rate environment in Europe. This was partially offset by a 23% increase in equity derivatives ADV year to year, including a 32% increase in Liffe single stock futures. • NYSE cash equities ADV decreased 13% and Euronext cash equities ADV was flat compared to the prior May. NYSE equity options volume decreased 23% year to year. ICE Futures & Options ADV (contracts in 000s) ADV May ADV May Change ADV YTD ADV YTD Change May ’13 2014 2013 y/y May ‘14 y/y COMMODITIES Energy Brent 594 670 -11% 617 712 -13% Gasoil 214 266 -19% 220 272 -19% Other Oil (1) 248 244 2% 254 255 0% TOTAL OIL 1,055 1,179 -10% 1,092 1,239 -12% Natural Gas (2) 714 1,241 -42% 983 1,363 -28% Power (3) 131 141 -7% 130 144 -10% Emissions & Other (4) 32 30 6% 48 46 5% TOTAL ENERGY 1,932 2,591 -25% 2,252 2,792 -19% Agricultural Sugar (5) 115 113 1% 167 146 15% Other Ags & Metals (6) 156 162 -4% 192 188 2% TOTAL AGRICULTURAL & METALS 270 276 -2% 360 334 8% TOTAL COMMODITIES 2,203 2,867 -23% 2,612 3,125 -16% FINANCIALS Interest Rates Short-term Interest Rates (7) 1,729 2,213 -22% 1,761 2,312 -24% Medium & Long-term Interest Rates (8) 195 233 -16% 177 192 -8% TOTAL INTEREST RATES 1,924 2,445 -21% 1,938 2,504 -23% TOTAL EQUITY DERIVATIVES (9) 1,297 1,058 23% 1,051 1,170 -10% TOTAL FX (10) 20 43 -54% 24 38 -38% TOTAL FINANCIALS 3,241 3,547 -9% 3,012 3,712 -19% TOTAL FUTURES & OPTIONS 5,444 6,414 -15% 5,625 6,837 -18% Note: Figures may not foot due to rounding.
    [Show full text]
  • Equity Markets USD 47 Tn
    19 January 2012 2011 WFE Market Highlights 2011 equity volumes remained stable despite a fall in market capitalization. Derivatives, bonds, ETFs, and securitized derivatives continued to grow strongly. Total turnover value remained stable in 2011 at USD 63 tn despite a sharp decrease of the global market capitalization (-13.6% at USD 47 tn). High volatility and global uncertainty created from the sovereign debt crisis affected volumes all year through and made August 2011 the most active month in terms of trading value, a highly unusual annual peak for markets. Despite overall unfavorable conditions for primary markets in several regions, WFE members increased their total listings by 1.7% totaling 45 953 companies listed. Total number of trades decreased by 6.4% at 112 tn. This trend combined with the stability of turnover value led to a small increase in the average size of transaction which was USD 8 700 in 2011. The high volatility and lack of confidence that affected financial markets globally probably drove the needs of hedging as derivatives contracts traded grew by 8.9%. WFE members continued to diversify their products range as other products such as bonds, ETFs, and securitized derivatives all had solid growth in 2011. Equity Markets Market capitalization USD 47 tn -13.6% Domestic market capitalization declined significantly in 2011 to USD 47 401 bn roughly back to the same level of end 2009. The decline affected almost all WFE members, as there were only four exchanges ending 2011 with a higher market capitalization. The magnitude of the decline is quite similar among the three time zones: -15.9% in Asia-Pacific, -15.2% in EAME and -10.8% in the Americas.
    [Show full text]
  • Balance Sheet
    (Formerly known as Saudi Hollandi Bank) (A Saudi Joint Stock Company) INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Un-audited) FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2017 0 Alawwal bank (Formerly known as Saudi Hollandi Bank) (A Saudi Joint Stock Company) NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the three month period ended March 31, 2017 1. GENERAL Alawwal bank (Formerly known as Saudi Hollandi Bank) (the "Bank") is a Saudi Joint Stock Company incorporated in the Kingdom of Saudi Arabia and was formed pursuant to Royal Decree No. M/85 dated 29 Dhul Hijjah 1396H (corresponding to December 21, 1976). The Bank commenced business on 16 Shaaban 1397H (corresponding to August 1, 1977) when it took over the operations of Algemene Bank Nederland N.V. in the Kingdom of Saudi Arabia. The Bank operates under commercial registration No. 1010064925 dated 6 Jumada II 1407H (corresponding to February 5, 1987) through its 65 branches (December 31, 2016: 65 branches and March 31, 2016: 60 branches) in the Kingdom of Saudi Arabia. The postal address of the Bank’s head office is: Alawwal bank (Formerly known as Saudi Hollandi Bank) Head Office Al - Dhabab Street P O Box 1467 Riyadh 11431 Kingdom of Saudi Arabia The objective of the Bank and its subsidiaries listed below (collectively referred to as "the Group") is to provide a full range of banking and investment services. The Group also provides to its customers Islamic (non commission based) banking products which are approved and supervised by an independent Shariah Board established by the Bank.
    [Show full text]
  • HSBC City Report: Riyadh the Essence of Past, Present, and Future
    HSBC City Report: Riyadh The essence of past, present, and future 1 2 HSBC City Report: Riyadh Contents Riyadh’s rapid growth path p.4-8 Key development issues for Riyadh p.9-10 Future plans and ambitions p.11-13 COVID-19 and the next cycle of Riyadh p.14-16 HSBC a key partner in the sustainable evolution of Riyadh’s next chapter p.17-23 3 The Next Chapter of Riyadh 1. Riyadh’s rapid growth path As the capital city of the fast growing US$ 800 billion Saudi economy, the largest in the Middle East, North Africa and Turkey (MENAT) region, 1 Riyadh has evolved in the last 50 years into one of the region’s most important economic, governmental, and cultural centres. The city has benefited from several successive cycles of local and foreign direct investment, urban planning expertise, infrastructure investment and inward migration of workers. Today it is a key node in the Middle East system of cities. Figure 1: Riyadh’s population growth; Source: UN World Urbanisation Prospects 2018 Since the 1970s Riyadh has seen its population increase by more than 8% per year. Its population has almost doubled since 2000, and is still expected to grow by more than 25% up to 2035, making it one of the world’s fastest growing cities and the largest agglomeration in the Gulf region. 2 In line with population growth, Riyadh’s spatial footprint grew from 64km2 in 1970 to more than 1,500km2 in 2020. Compared to other fast-growing cities, Riyadh’s housing supply has kept pace with the rapid population growth, and demands on public services and infrastructure have continued to intensify.
    [Show full text]
  • Bonds Denominated in USD to List for the First Time on NYSE Euronext Lisbon Market BPI Quotes 12 Million on 12Th of March
    CONTACT | Media: CONTACT | Investor Relations: +31.20.550.4488 (Amsterdam), +32.2.509.1392 (Brussels) +1.212.656.5700 (New York) +351.217.900.029 (Lisbon), +44.20.7379.2789 (London) +33.1.49.27.58.60 (Paris) +1.212.656.2411 (New York), +33.1.49.27.11.33 (Paris) Bonds denominated in USD to list for the first time on NYSE Euronext Lisbon market BPI quotes 12 million on 12th of March March 11, 2010 – NYSE Euronext (NYX) is pleased to welcome Banco Português de Investimento as the first listed issuer of non-euro currency on Euronext Lisbon. Banco Português de Investimento, a company with a market capitalization of € 1.750 billion, will list two bond issues denominated in USD on the Lisbon market of NYSE Euronext on 12th March 2010: • an issue of USD 6 million of Index Linked Interested Notes “BPI AMERICAN OUTPERFORMANCE 2010-2013” and • an issue of USD 6 million of Index Linked Interest Notes “BPI JPYUSD 350% 2010- 2013”. Both bonds will be issued under the BPI’s Euro Medium Term Note Programme. The listing of these two new products will see the start of a service to trade non-Euro currency via NYSE Euronext in Lisbon. The non-Euro settlement service will be provided by Interbolsa using the non-Euro payment system operated by Caixa Geral de Depósitos. Trading member firms will need to have a clearing member firm (CMF) and a settlement agent (SA) with a settlement account at Interbolsa for the securities side and an account with Caixa Geral de Depósitos for the cash side of the settlement process.
    [Show full text]
  • NZX Limited NZX Participant Rule Procedures
    NZX Limited NZX Participant Rule Procedures Contents Section A: Interpretation and Construction ...................................................................... 3 A.1 Interpretation ................................................................................................................ 3 A.2 Construction ................................................................................................................. 3 Section 1: Error Trade Cancellation Procedure .............................................................. 4 1.1 Notice by Trading Participant ........................................................................................ 4 1.2 NZX Action ................................................................................................................... 4 1.3 Information to be provided to NZX ................................................................................ 5 1.4 Trading Error Register .................................................................................................. 5 Section 2: Capital Adequacy and Monthly Reporting ....................................................... 9 Capital Adequacy and Monthly Reporting Procedure ...................................................... Error! Bookm 2.1 Recognised Market Index ............................................................................................. 9 2.2 Recognised Market ..................................................................................................... 10 2.3 Monthly Reporting ........................................................
    [Show full text]
  • KPMG KSA Banking Perspectives 2020
    Kingdom of Saudi Arabia Banking Perspectives 2020 KPMG in Saudi Arabia March 2020 Foreword Our evaluation of the key financial and providing incentives and indicators for the past year infrastructure support to achieve these. suggests a positive outlook for The program is aptly supported by Saudi the banking environment in Saudi Arabian Monetary Agency (SAMA) which is defining and shaping regulations Arabia, with promising profit catering to the evolving model of growth fueled by a proactive banking. government and a range of initiatives driven by the regulators. We foresee the banks will continue their preference to finance large public We are pleased to introduce you to the infrastructure projects but higher first edition of our annual Kingdom of volumes and yields are expected from Saudi Arabia Banking Perspectives report growth in SME and mortgage finance. 2020. We have examined pertinent Moreover, non-technological aspects issues and trends affecting global such as workforce diversity, women banking today, with a particular focus on empowerment and ever-relevant Saudi Arabia. cost optimization continue to have a significant bearing on management’s Banks today face profound industry operating style and stakeholder challenges driven by evolving customer expectations. Khalil Ibrahim Al Sedais expectations, digital challengers and increasing regulatory compliance. Banks across the Kingdom would soon Office Managing Partner, Riyadh However, big challenges often mean be striving for a future that is more KPMG in Saudi Arabia big opportunities and therefore, the interconnected, more collaborative and disruptors of today are likely to create a frictionless – one where trust, growth future paradigm that is far beyond the and delivering value are paramount.
    [Show full text]
  • 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
    [Show full text]
  • The Dynamics of Stock Market Development in the United States of America
    Risk governance & control: financial markets & institutions / Volume 3, Issue 1, 2013, Continued - 1 THE DYNAMICS OF STOCK MARKET DEVELOPMENT IN THE UNITED STATES OF AMERICA Sheilla Nyasha*, NM Odhiambo** Abstract This paper highlights the origin and development of the stock market in the United States of America. The country consists of several stock exchanges, with the three largest being the NYSE Euronext (NYX), National Association of Securities Dealers Automated Quotation (NASDAQ), and the Chicago Stock Exchange. Stock market reforms have been implemented since the stock market crash of 1929; and the exchanges responded positively to some of these reforms, but not so positively to some of the reforms. As a result of the reforms, the U.S. stock market has developed in terms of market capitalisation, the total value of stocks traded, and the turnover ratio. Although the U.S. stock market has developed over the years, its market still faces wide-ranging challenges. Keywords: United States of America, New York Stock Exchange Euronext, NASDAQ, Stock Market, Reforms *Department of Economics, University of South Africa, P.O Box 392, UNISA, 0003, Pretoria, South Africa Email: [email protected] **Corresponding author. Department of Economics, University of South Africa, P.O Box 392, UNISA, 0003, Pretoria, South Africa Email: [email protected], [email protected] 1 Introduction investors, but they also facilitate the inflow of foreign financial resources into the domestic economy; and Stock market development is an important component they promote risky, entrepreneurial investments of financial sector development, and it supplements through their risk-sharing and monitoring functions. the role of the banking system in economic Even the most recent studies have confirmed the vital development.
    [Show full text]
  • Appendix a – Integrated Exchanges Integrated Exchanges
    Appendix A – Integrated Exchanges Integrated exchanges The integrated exchange model exists in several market places BM&F TMX TMX ASX DB Bovespa (CURRENT) (Alpha+CDS) Trading Equities Exchange Fixed Income Exchange Derivatives Exchange ATS Clearing & Settlement Equities Fixed Income Derivatives Depository Equities Fixed Income Derivatives Source: Public filings ASX is fully integrated, offering multi-asset trading and post-trade operations Listed Derivatives/ Equities Fixed Income Energy OTC Derivatives ASX Ownership ASX Bilateral National Stock Exchange ASX Group Australia Financial SIM Venture Yieldbroker Security Exchange Institutions Independent Asia Pacific Exchange Trading FIIG Securities ASX Futures & Options Proposed build IMB ATS/ Multiple expected Liquidnet Australia Bloomberg BondTrader Chi-X Australia BGC Partners Chi-East LCH ASX Clear Clearing CME NYPC SFE Austraclear ASX Clear (Futures) ASX Settlement / Settlement ICE Clearing House Electronic Settlement System Others (CHESS)1 Depository Australian OTCD CCP Reserve Bank Information and Transfer System RITS RITS CLS RITS CLS Payment (RITS) 1. CHESS operated by ASX Settlement Note: ASX Clear, ASX Clear (Futures), ASX Settlement and Austraclear are all part of ASX Group Overview of Australian Securities Exchange The Australian Securities Exchange functions as a market operator, clearing house and payments system facilitator Business Overview Key Milestones 2002 – Sydney Futures Exchange demutualised in 2000 and listed on Listing – Offers both national and international
    [Show full text]