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Modernizing the Public Equity Market in Nepal
Framing the Issues: Modernizing the Public Equity Market in Nepal JOHN SCHELLHASE, STACI WARDEN ABOUT THE MILKEN INSTITUTE CONTENTS The Milken Institute is a nonprofit, nonpartisan think tank. 2 INTRODUCTION AND OVERVIEW For the past three decades, the Milken Institute has served as a catalyst for practical, scalable solutions to global challenges by connecting human, financial, and 5 PART I FOUNDATIONS FOR CAPITAL MARKET DEVELOPMENT: educational resources to those who need them. Guided by a conviction that the POLITICAL AND MACROECONOMIC STABILITY AND A STRONG, STABLE BANKING SECTOR best ideas, under-resourced, cannot succeed, we conduct research and analysis and convene top experts, innovators, and influencers from different backgrounds and 7 Political and Macroeconomic Stability competing viewpoints. We leverage this expertise and insight to construct programs 8 The Banking Sector and policy initiatives. 13 PART II DEVELOPING THE NEPSE: ATTRACTING ISSUERS, These activities are designed to help people build meaningful lives in which EXPANDING THE INVESTMENT BASE, AND IMPROVING THE they can experience health and well-being, pursue effective education and TRADING ENVIRONMENT gainful employment, and access the resources required to create ever-expanding 14 Attracting Issuers opportunities for themselves and their broader communities. 25 Attracting Investors 31 Improving the Trading Environment and Increasing Liquidity ABOUT THE GLOBAL MARKET DEVELOPMENT PRACTICE 37 PART III OWNERSHIP, GOVERNANCE, AND REGULATION The Milken Institute’s Global -
Apêndice a País Código MIC Identificação Do Mercado/MTF
Apêndice A Código País MIC Identificação do Mercado/MTF ALBANIA XTIR TIRANA STOCK EXCHANGE ALGERIA XALG ALGIERS STOCK EXCHANGE ARGENTINA XBUE BUENOS AIRES STOCK EXCHANGE ARGENTINA XMAB MERCADO ABIERTO ELECTRONICO S.A. ARGENTINA XMEV MERCADO DE VALORES DE BUENOS AIRES S.A. ARGENTINA XMTB MERCADO A TERMINO DE BUENOS AIRES S.A. ARGENTINA XBCM BOLSA DE COMMERCIO DE MENDOZA S.A. ARGENTINA XROS BOLSA DE COMERCIO ROSARIO ARMENIA XARM ARMENIAN STOCK EXCHANGE AUSTRALIA XNEC STOCK EXCHANGE OF NEWCASTLE LTD AUSTRALIA XASX ASX OPERATIONS PTY LIMITED AUSTRALIA XSFE SYDNEY FUTURES EXCHANGE LIMITED AUSTRALIA XYIE YIELDBROKER PTY LTD AUSTRIA XNEW NEWEX OESTERREICHISCHE TERMIN- UND AUSTRIA XOTB OPTIONENBOERSE, CLEARING BANK AG AUSTRIA XWBO WIENER BOERSE AG AZERBAIJAN XIBE BAKU INTERBANK CURRENCY EXCHANGE BAHAMAS XBAA BAHAMAS INTERNATIONAL STOCK EXCHANGE BAHRAIN XBAH BAHRAIN STOCK EXCHANGE BANGLADESH XCHG CHITTAGONG STOCK EXCHANGE LTD. BANGLADESH XDHA DHAKA STOCK EXCHANGE LTD BARBADOS XBAB SECURITIES EXCHANGE OF BARBADOS BELGIUM XBRU EURONEXT BRUSSELS BELGIUM XEAS NASDAQ EUROPE BERMUDA XBDA BERMUDA STOCK EXCHANGE LTD, THE BOLIVIA XBOL BOLSA BOLIVIANA DE VALORES S.A. BOTSWANA XBOT BOTSWANA STOCK EXCHANGE BRAZIL XBVP BOLSA DE VALORES DO PARANA BRAZIL XBBF BOLSA BRASILIERA DE FUTUROS BRAZIL XRIO BOLSA DE VALORES DO RIO DE JANEIRO SOCIEDADE OPERADORA DO MERCADO DE BRAZIL XSOM ATIVOS S.A. BRAZIL XBMF BOLSA DE MERCADORIAS E FUTUROS BRAZIL XBSP BOLSA DE VALORES DE SAO PAULO BULGARIA XBUL BULGARIAN STOCK EXCHANGE MONTREAL EXCHANGE THE / BOURSE DE CANADA XMOD MONTREAL -
Report of the 5 Th Meeting
FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 The Marmara Hotel Istanbul, September 2011 1 FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 The Marmara Hotel Istanbul, September 2011 2 TABLE OF CONTENTS Final Report of the Fifth Meeting of the OIC Member States’ Stock Exchanges Forum ANNEXES I. Presentation by Mr. Thomas Krabbe II. Presentation by Mr. Roland Bellegarde III. Presentation by Mr. Lauri Rosendahl IV. Presentation by Mr. Stephan Pouyat V. Presentation by Mr. Philippe Carré VI. Presentation by Mr. Rushdi Siddiqui on behalf of Thomson Reuters VII. Presentation by Mr. Ibrahim Idjarmizuan on behalf of IFSB VIII. Presentation by Mr. Gürsel Kona from the Istanbul Stock Exchange IX. Presentation by Mr. Ijlal Alvi on behalf of IIFM X. Presentation by Avşar Sungurlu, on behalf of BMD Securities Inc. XI. Presentation by Mr. Hüseyin Erkan, as Forum Chairman XII. Presentation by Şenay Pehlivanoğlu on behalf of the Task Force for Customized Indices and Exchange Traded Islamic Financial Products XIII. Presentation by Mr. Charbel Azzi on behalf of S&P Indices XIV. Presentation by Dr. Eralp Polat on behalf of the Forum Secretariat XV. Presentation by Mr. Abolfazl Shahrabadi and Mr. Hamed Soltaninejad on behalf of the Task Force for Capital Market Linkages 3 FINAL REPORT OF THE FFIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 4 Original: English FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM (Istanbul, September 17-18, 2011) 1. -
Assessing for the Volatility of the Saudi, Dubai and Kuwait Stock Markets: TIME SERIES ANALYSIS (2005-2016)
Assessing for the volatility of the Saudi, Dubai and Kuwait stock markets: TIME SERIES ANALYSIS (2005-2016) Yazeed Abdulaziz I Bin Ateeq This thesis is submitted in partial fulfilment of the requirements of the Manchester Metropolitan University for the award of Doctor of Philosophy Department of Accounting, Finance and Economics Manchester Metropolitan University 2018 Dedication I dedicate this thesis to my dad and mum Mr. Abdulaziz Bin Ateeq & Mrs Al Jawhara Bin Dayel My wife Afnan My Greatest boys Muhanad & Abdulaziz My lovely sisters Salwa & Hissa Table of Contents ACKNOWLEDGEMENTS…………………………………………… ………………………………………………………………………………. VII DECLARATION …………………………………………………………………………………………………………………………………… VIII List of Acronyms ………………………………………………………………………………………………………………………………………….IX ABSTRACT………………………….…………………………………………………………………………………………….… X CHAPTER 1. INTRODUCTION ...................................................................................................................................... 1 1.1. Background of research .................................................................................................................... 1 1.2. Justification of research .................................................................................................................... 4 1.3. The motivation of the study .............................................................................................................. 7 1.4. Research Questions and Objectives: ................................................................................................ -
DFM GUIDE to INVESTOR RELATIONS Version II
DFM GUIDE TO INVESTOR RELATIONS Version II DFM IR @DFMalerts Dubai Financial Market Dubai Financial Market IR App Available now www.dfm.ae DFM Guide to Investor Relations CONTRIBUTORS: Dubai Financial Market would like to thank all its contributors for sharing their valuable expertise to this guide. Adam Key Citi Director Adam Malik Investis Business Development Arnold Chambon Thomson Reuters Business Development Barry Dunne MerchantCantos Director Faye Mulvaney Deutsche Bank Vice President Fiona Piper Previously DP World Vice President Investor Relations Frank Kane The National Senior Business Correspondent Hassan Orooj HSBC, MENA Debt Capital Markets Hasnain Malik Citi Research, MENA Managing Director Kate Delahunty DP World Senior Vice President, Corporate Communications Micheal Chojnacki Closir CEO For more information contact: DISCLAIMER Mustafa Alrawi M:Communications Head of IR Consulting Investor Relations This publication is for informational and educational purposes only and is not intended to provide financial, investment, legal, accounting or other corporate advice. This guide should not be treated as a substitute for Middle East Investor Relations Society ME IRS Business Development Division specific professional advice; it should not be solely relied upon in this regard and should not be considered to make any investment decisions. Dubai Financial Market Nick Farmer Bell Pottinger Middle East T: 04 305 56 50 Dubai Financial Market (DFM) accepts no liability for the content of this guide. The chapters, case studies and text presented in this guide solely reflect the opinion of the contributors. Account Director E: [email protected] Names, organizations and company names referred to may be the trademarks of their respective owners. -
The Influence of Financial Markets on Countries' Economic Life
Economics World, May-June 2017, Vol. 5, No. 3, 268-280 doi: 10.17265/2328-7144/2017.03.007 D DAVID PUBLISHING The Influence of Financial Markets on Countries’ Economic Life Narcisa Roxana Mosteanu American University in the Emirates, Dubai, UAE This working paper aims to investigate one of the most present markets in whole economic life: financial market. Even if not everyone is playing on financial market, the result of trading on this markets can be seen and felt by any participant on economic life—individuals, businesses, and government. Those which are participating and trading on financial markets influence economic and social life in a way or another. The paper comes to showing how existence and trading on financial markets can change the money supply and behavior of individuals, businesses, and later they can affect entire economic and social life. The author uses financial data provided by international database such as: Eurostat, central banks, International Monetary Fund, World Bank, BMI Research, website of domestic ministries of finance, and/or economy. The research concluded that in those countries where there is an active and experienced financial market, with a huge volume of transactions, also exists a financial and fiscal stability. Unemployment rate is lower, and a higher level of confidence of investors. A very active financial market can also help governments to maintain their balance of payment in equilibrium and/or to accelerate the development of productive capacity, and for raising and maintaining social stability level. Keywords: financial market, financial institution, financial services, capital movements, international business, macro economy Introduction and the Importance of the Theme Nowadays it hears more about the financial market, the stock market, about stocks and bonds, on domestic and international level. -
List of Execution Venues Made Available by Societe Generale
List of Execution Venues made available by Societe Generale January 2018 Note that this list of Execution Venues is not exhaustive and will be kept under review and updated in accordance with Societe Generale’s execution practices. Societe Generale reserves the right to use other Execution Venues in addition to those listed below where it deems it appropriate in accordance with execution practices. Where Societe Generale acts as the Execution Venue, it will consider all sources of reasonably available information to obtain the best possible outcome. Fixed Income . The main Execution Venue is Societe Generale SA (and its affiliates) . When the trading obligation for derivatives applies, execution will take place on MiFID trading venues (Regulated Markets, or MTF or OTF or all equivalent venues as SEF) Alternative Venues include: BGC Bloomberg Bloomberg FIET Brokertec GFI Marketaxess MTP MTS TP ICAP Tradeweb Tradition Forex . The main Execution Venue is Societe Generale SA (and its affiliates) Alternative Venues include: 360T Alpha BGC Bloomberg Currenex EBS Equilend FX Connect FX Spotstream FXall Hotpspot ICAP Integral FX inside Reuters Tradertools Cash Equities Abu Dhabi Securities Exchange EDGEA Exchange NYSE Amex Alpha EDGEX Exchange NYSE Arca AlphaY EDGX NYSE Stock Exchange Aquis Equilend Omega ARCA Stocks Euronext Amsterdam OMX Copenhagen ASX Centre Point Euronext Block OMX Helsinki Athens Stock Exchange Euronext Brussels OMX Stockholm ATHEX Euronext Cash Amsterdam OneChicago Australia Securities Exchange Euronext Cash Brussels Oslo -
Cooperation Among the Stock Exchanges of the Oic Member Countries
Journal of Economic Cooperation, 27 -3 (2006), 121-162 COOPERATION AMONG THE STOCK EXCHANGES OF THE OIC MEMBER COUNTRIES SESRTCIC In response to the increased competition prevailing in the international financial markets, national stock exchanges around the world recently made several attempts to upgrade their cooperation and improve their integration. Those attempts took often the form of coalitions, common trading platforms, mergers, associations, federations and unions. Like others, the OIC countries have recently intensified their efforts to promote cooperation among their stock exchanges with a view to developing and consolidating a mechanism for a possible form of integration among themselves. This paper reviews the experiences of various stock exchange alliances established at regional and international levels and draws some lessons for the OIC countries’ stock exchanges in terms of the need for harmonising their physical, institutional and legal frameworks and policies and sharing their investor base. 1. INTRODUCTION As the international trade and financial flows accelerated, the global economy witnessed an increase in the pace of integration. This process of globalisation is most evidently observed in the capital and financial markets. One important element that has led to such a result is the technological advancement in the information and telecommunications sector. Hence, financial transactions became instantaneous and the information guiding investments open to everybody. In this context, technological advancements and the resulting accelerated flow of information have increased efficiency, fairness, transparency and safety in the international financial and capital markets. 122 Journal of Economic Cooperation As those developments introduced new prospects and benefits to the stock markets all around the world, they increased competition among the financial markets, securities exchanges in particular. -
Doing Data Differently
General Company Overview Doing data differently V.14.9. Company Overview Helping the global financial community make informed decisions through the provision of fast, accurate, timely and affordable reference data services With more than 20 years of experience, we offer comprehensive and complete securities reference and pricing data for equities, fixed income and derivative instruments around the globe. Our customers can rely on our successful track record to efficiently deliver high quality data sets including: § Worldwide Corporate Actions § Worldwide Fixed Income § Security Reference File § Worldwide End-of-Day Prices Exchange Data International has recently expanded its data coverage to include economic data. Currently it has three products: § African Economic Data www.africadata.com § Economic Indicator Service (EIS) § Global Economic Data Our professional sales, support and data/research teams deliver the lowest cost of ownership whilst at the same time being the most responsive to client requests. As a result of our on-going commitment to providing cost effective and innovative data solutions, whilst at the same time ensuring the highest standards, we have been awarded the internationally recognized symbol of quality ISO 9001. Headquartered in United Kingdom, we have staff in Canada, India, Morocco, South Africa and United States. www.exchange-data.com 2 Company Overview Contents Reference Data ............................................................................................................................................ -
Over 100 Exchanges Worldwide 'Ring the Bell for Gender Equality in 2021' with Women in Etfs and Five Partner Organizations
OVER 100 EXCHANGES WORLDWIDE 'RING THE BELL FOR GENDER EQUALITY IN 2021’ WITH WOMEN IN ETFS AND FIVE PARTNER ORGANIZATIONS Wednesday March 3, 2021, London – For the seventh consecutive year, a global collaboration across over 100 exchanges around the world plan to hold a bell ringing event to celebrate International Women’s Day 2021 (8 March 2020). The events - which start on Monday 1 March, and will last for two weeks - are a partnership between IFC, Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact, UN Women, the World Federation of Exchanges and Women in ETFs, The UN Women’s theme for International Women’s Day 2021 - “Women in leadership: Achieving an equal future in a COVID-19 world ” celebrates the tremendous efforts by women and girls around the world in shaping a more equal future and recovery from the COVID-19 pandemic. Women leaders and women’s organizations have demonstrated their skills, knowledge and networks to effectively lead in COVID-19 response and recovery efforts. Today there is more recognition than ever before that women bring different experiences, perspectives and skills to the table, and make irreplaceable contributions to decisions, policies and laws that work better for all. Women in ETFs leadership globally are united in the view that “There is a natural synergy for Women in ETFs to celebrate International Women’s Day with bell ringings. Gender equality is central to driving the global economy and the private sector has an important role to play. Our mission is to create opportunities for professional development and advancement of women by expanding connections among women and men in the financial industry.” The list of exchanges and organisations that have registered to hold an in person or virtual bell ringing event are shown on the following pages. -
RAFI™ Global Equity Universe: Methodology
This Version: March, 2021 RAFI™ Global Equity Universe: Methodology Introduction The RAFI Global Equity Investable Universe (GEIU) is the starting point for all index strategies available through RAFI Indices. These include RAFI Fundamental Index Series, RAFI Multi- Factor Index Series, RAFI ESG Index Series, and RAFI Diversity & Governance Index Series. Data Source The data source for the GEIU is derived from Bloomberg Back Office. Eligible Exchanges and Equity Security Types The eligible exchanges for developed and emerging markets are shown in Appendix A: Eligible Exchanges. Eligible securities consist of all common equity securities traded on primary eligible exchanges, and preferred shares in countries where preferred shares are economically equivalent to common, issued by companies that are assigned to countries classified by RAFI as developed and emerging markets. Table 1 DEVELOPED MARKETS* EMERGING MARKETS* Americas Europe Asia Latin America EMEA Asia Canada Austria Australia Brazil Czech Rep China United States Belgium Hong Kong Chile Egypt India Denmark Japan Colombia Greece Indonesia Finland New Zealand Mexico Hungary South Korea France Singapore Peru Kuwait Malaysia Germany Poland Philippines Ireland Qatar Taiwan Israel Russia Thailand Italy Saudi Arabia Netherlands South Africa Norway Turkey Portugal UAE Spain Sweden Switzerland United Kingdom *As of March 2021, there are 23 developed market countries and 25 emerging market countries eligible for inclusion. This Version: March, 2021 Country Assignment RAFI assigns companies to countries and promulgates that assignment to securities. The country assignments are based on country of primary listing, domicile, and incorporation. When these factors conflict, additional factors are considered. Eligible Investible Equity Securities Securities and companies are eligible to be included in the GEIU by meeting certain criteria defined below: 1. -
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.