عربي English
HomeAbout UsMembersStatisticsPublicationsNewsEventsGalleryContact UsMembers Area
ADI 4288.86 (AED)  0.22% | AMGNRLX 2103.25 (JOD)  0.15% | BAX 1160.94 (BHD)  1.35% | BLSI 1207.903 (USD)  0.06% | MASI 10564.6172 (MAD)  -0.15% | DFMGI 3274.06 (AED)  -0.15% | EGX30 10688.16 (EGP)  4.52% | ISX 72.01 (IQD)  0% | KWSE 5275.04 (KWD)  -0.18% | MSI 6317.66 (OMR)  -0.55% | PLE 483.41 (JOD)  -0.01% | QE 12282.17 (QAR)  -0.42% | TASI 9717.9 (SAR)  -0.65% | TUNINDEX 5585.19 (TND)  0.45% | SPAFEUP 64.11 (USD)  -0.02%
Source: Thomson Reuters.   Last updated on Nov 21, 2017 at 00:34AM (UTC).   Delayed by at least 15 minutes.
Exchanges
The following is a listing of the AFE Exchanges members and key information on their organization:

The Abu Dhabi Securities Exchange (ADX) was established on 15 November 2000 by Local Law No. (3) of 2000, the provisions of which vest the Market with a legal entity of autonomous status, independent finance and management, and give ADX the necessary supervisory and executive powers to exercise its functions.

These functions are:
  1. Provide opportunities to invest savings and funds in securities in order to benefit national economy.
  2. Ensure the soundness and accuracy of transactions and to ensure the interaction between demand and supply in order to determine prices.
  3. Protect investors through establishing fair and proper dealing principles between various investors.
  4. Impose stringent controls over securities transactions to ensure sound and conduct procedure.
  5. Develop investment awareness by conduction studies and issuing recommendations in order to ensure that savings are invested in productive sectors.
  6. Ensure financial and economic stability and develop trading methods in order to ensure liquidity and stability of prices of Securities listed on the market.
Moreover, ADX has the authority to establish centers and branches outside the Emirate of Abu Dhabi. To date it has done so in Fujeirah, Ras al Khaimah, Sharjah and Zayed City.

The Abu Dhabi Securities Exchange’s board of directors is comprised of seven members nominated by Amiri Decree. The members of the board hold office for a term of three years. The first board of directors was constituted by Amiri Decree No. (8) of 2000.
More information on the Abu Dhabi Securities Exchange Website at http://www.adx.ae/.
 
The ASE was established in March 1999 as a non-profit, public institution with administrative and financial autonomy. It is authorized to function as an exchange for the trading of securities. The exchange is governed by a seven-member board of directors. A chief executive officer oversees day-to-day responsibilities and reports to the board. 
 
The ASE is committed to the principles of fairness, transparency, efficiency, and liquidity. The exchange seeks to provide a strong and secure environment for its listed securities while protecting and guaranteeing the rights of its investors. To provide this transparent and efficient market, the ASE has implemented internationally recognized directives regarding market divisions and listing criteria.
 
To comply with international standards and best practices, the ASE works closely with the Jordan Securities Commission JSC on surveillance matters and maintains strong relationships with other exchanges, associations, and international organizations. 
Also ensuring the provision of timely and accurate information of issuers to the market and disseminating market information to the public.
More information on the Amman Stock Exchange Website at http://www.ase.com.jo/.

Bahrain Bourse (BHB) was established as a shareholding company according to Law No. 60 for the year 2010 to replace Bahrain Stock Exchange (BSE) that was established in 1987. 

The Exchange officially commenced operations in June 1989 with 29 Bahraini shareholding companies listed. The only instruments traded at that time were common shares. 
 
In 2002, the legislative and regulatory authority and supervision of BHB was transferred from the Ministry of Commerce to the Central Bank of Bahrain (CBB) in which CBB regulates and supervises all the bourse's activities. 

In 2010, Bahrain Bourse moved to its new premises at Bahrain Financial Harbour after preparing the new premises with the latest technological equipment in order to support the bourse's efforts to provide a variety of advanced services that satisfy issuers, brokers and investors. 
 
Since its establishment, BHB has joined several regional and international organizations such as the Union of Arab Stock Exchanges, Federation of Euro-Asian Stock Exchanges "FEAS", World Federation of Exchanges "WFE", Africa & Middle East Depositories Association "AMEDA", and Association of National Numbering Agencies "ANNA". Joining such organizations keeps the bourse updated on the legislative, technical, and administrative developments in the capital markets sector.
More information on the Bahrain Bourse Website at http://www.bahrainbourse.net/.

Beirut Stock Exchange (BSE) is a public institution. It is ruled by the provisions of the BSE bylaw, stipulated in the legislative decree number 120, dated September 16, 1983 (amended by decree 4729, dated 30/3/1988, and by law 418, dated 15/5/1995) and decree 7667, dated 16/12/1995.

The Beirut Stock Exchange is run by a committee including a Chairman, a Vice-Chairman and eight members appointed by virtue of a decree issued by the Council of Ministers, in accordance with a proposal by the Minister of Finance. The Committee’s mandate duration is set to four years.

In accordance with the provisions of the laws and regulations governing the Beirut Stock Exchange, the Committee is responsible for the following:
  • Managing, regulating, and developing the markets as stipulated by the law.
  • Protecting the interests of the investors trading at the Beirut Stock Exchange.
  • Monitoring the activities of the listed companies, and providing adequate source of information to the issuers and traders at the BSE on an equal footing.
  • The Committee may also present to relevant authorities any draft proposal for the amendment of the legislative and regulatory texts relating directly or indirectly to the Beirut Stock Exchange, or any new legislative or regulatory text.
  • The Buy-laws of the Beirut Stock Exchange stipulates the establishment of a disciplinary board formed by three members and entrusted with the task of examining any violation of the provisions of the law, the By-laws and the circulars by Beirut Stock Exchange members, registered brokers or listed companies.
More information on the Beirut Stock Exchange Website at http://www.bse.com.lb/.

The Casablanca Stock Exchange was established as long ago as 1929. At that time, it was known as the “Office de Compensation des Valeurs Mobilières” (Office for Clearing of Transferable Securities).

Since then, the Casablanca Stock Exchange has been rejuvenated. In 2000, the Société de la Bourse des Valeurs de Casablanca or “SBVC” has changed name to become the Casablanca Stock Exchange, a joint stock company (“société anonyme”) with a Board of Directors and a Supervisory Board.

In January 2007, the Casablanca Stock Exchange redesigned its visual identity with a wish to support its change in size.
 
In December 2008, creation of a Casablanca Stock Exchange follow-up committee created by the Board directors for the revamping of the statutes of the company and the shift from a model of dual governorship with Board directors and Supervisory Board to a model with Board of Directors and General Management.

In April 2009, the Casablanca Stock Exchange officially adopted a corporate governance with Board of Directors and General Management.
More information on the Casablanca Stock Exchange Website at http://www.casablanca-bourse.com/.

On 01.10.2006 Dr.Al Assad, the President of Syrian Arab Republic issued Decree 55 (Stock Exchange Act) establishing a market for the trade of securities, known as the Damascus Securities Exchange (the Exchange). 
The Exchange is a public institution. It is self financing although the setup cost and deficit are largely financed by Governmental loans. The intention is ultimately to transfer the Exchange into a shareholding company.

 
Management: The exchange would be controlled by a Board of Directors which consists of 9 members .These members would be named by the Prime Minister upon a suggestion from The Syrian Commission on Financial Market & Securities. The Board consist of :
· Two members who represent two Corporate Firms that issue securities, members in the exchange.
. Two members who represent two Brokerage Firms that are authorized by the Commission.
. Three members who are experienced and have qualifications in Securities Exchange and these are chosen by the Board of Commissioners.
. A member who represents the Syrian Commission on Financial Market & Securities.
. A member who represents the Central Bank of Syria.
A Chief Executive Officer and a Vice Executive officer is appointed for the exchange .They are appointed by the Prime Minister by a recommendation from the Syrian Commission on Financial Markets & Securities and upon a suggestion from the Board of Directors. They are chosen by their Educational Qualification and Work Experience in the management of securities exchange. They should posses a PHD or Masters Degree in Economics or Financial Market.
 
Financial Resources: The exchange financial resources consist of the following:

1.     Membership Fees or The yearly fees.

2.     The trading commissions that the exchange gets through the selling and buying transactions.

3.     The amounts that are assigned to the exchange by the government.

4.     The donations that the exchange gets from any agency that the Commission approves.

5.     The fines that the exchange gets from penalties that occurred.

6.     Any other resources approved by the Commission.

 
Membership: Membership of the exchange would be mandatory to the Brokers approved by the Syrian Commission on Financial Market and Securities (except Financial Consultancy Limited Liability Firms), and the Joint Stock companies that gained the acceptance to be listed in the exchange. The membership rules shall define the requirements and the obligations of acquiring the membership.

Securities: The Joint Stock companies that are listed in the Exchange  are divided into the following sectors:

1.     Agricultural Sector 2.     Insurance Sector 3.     Banking Sector 4.     Industrial Sector 5.     Services Sector

In addition to equities, the Exchange will trade Corporate, Governmental and local authority (municipal) bonds. There will also be a provision for the trade of mutual funds (collective investment schemes) and Islamic products (Soukouk).
The Exchange will operate on two tiers:

1. Main market  2. Growth market which consist of: Growth market A and Growth market B
Companies shall be transferred between markets in compliance with the Listing Rules published by the Exchange.
Companies listed on the Exchange will be required to maintain their share registers in electronic form (soft copy). The Exchange will act as the national central registrar for all securities listed on the Exchange.

 
Trading: Trading take place at the Exchange every Sunday, Monday, Wednesday and Thursday. Initially the trading hours are From 10:30 am tell 1:15 pm in each trading day. This shall increase as the market develops. Trading in equities will be by continuous auction. The exchange in equities will be order driven whereas the market in Governmental Bonds shall be quote driven. Margin Trading, Future contracts and short selling are forbidden in the exchange for now.
Trading is conducted on a central trading floor in Damascus although remote order entry from brokers’ offices is available.
The Exchange assures that the Ownership Restrictions that are mentioned in the exchange registers whether they were written or electronic or any documentation issued by it are an evidence of Trading in the securities exchange.

Clearing and settlement: Settlement will take place on T+2(which means after the trading session in two days); the Exchange will use a single settlement bank which is The Central Bank of Syria  through which all brokers will be required to settle the net position of their transactions.
Damascus Securities Exchange was established to facilitate the investment of financial resources. Adding to it, it was established to provide and facilitate the required capital to expand the economical activities by implementing an appropriate trading environment for the trading of securities.

More information on the Damascus Securities Exchange Website at http://www.dse.sy/.

Dubai Financial Market was established as a public institution having its own independent corporate body by a Resolution from the Ministry of Economy No 14 of 2000.

DFM is operating as a secondary market for trading of securities issued by public joint-stock companies, bonds issued by the Federal Government or any of the Local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the Market. The Market commenced operations on 26th March 2000. 

The Executive Council of Dubai decided to transform the DFM into a public shareholding company with a capital of AED 8 billion divided into 8 billion shares, and 20% of the capital, equal to 1.6 billion shares, was offered through an IPO. The public offering was met with great demand that exceeded all expectations, with subscriptions amounting to AED 201 billion.

On 7th March 2007, the Dubai Financial Market Company was listed on the market with the trading symbol DFM.
More information on the Dubai Financial Market Website at http://www.dfm.ae/.
 
EGX Vision
To be a World-Class, Egypt-based Exchange: the Premier Capital Market in the Middle East & North Africa Region that best serves its stakeholders.

EGX Mission
The mission of EGX is to operate and develop a high quality market for the benefits of its Egyptian and international clients.
EGX will serve and empower its customers by providing top notch market technology, innovative products, fair, transparent and efficient market.

EGX Values
EGX system of values have a common denomination of ethics practiced with all its stakeholders: customers, members, issuers, managers, employees, regulators, the international and local investment communities.
  • Customers (issuers, members, and investors) come first.
  • Just and equitable business environment.
  • High standards of integrity and the highest ethical standards from our employees and market participants. We regulate our market in accordance with international best practices.
  • Continuous learning and employee training enable EGX to better serve its customers.
More information on the Egyptian Exchange Website at http://www.egx.com.eg/.

Erbil Stock Exchange (ESX) was established as a joined stock company between Kurdistan Regional Government, private companies and individual investors. It is expected to operate by the end of 2014.

ESX vision is to support Kurdistan region’s economy by giving investors a stock market which they can trade fairly and efficiently in local securities.

ESX mission is to offer new instruments that diversify investors’ opportunities from investing in traditional real estate, banking and trade sectors.
It will provide the region’s businesses with new source of raising capital to finance their growth.
More information on the Erbil Stock Exchange Website at http://www.erbil-esx.com/.

Objectives
  • The ISX’s headquarters are in Baghdad and has the right to open branches in other Iraqi cities.
  • The ISX has its own set of operating rules independent from rules of the member brokers and recently completed a draft of new By-laws.
  • The ISX is a completely separate entity from the Baghdad Stock Exchange and is not responsible for any outstanding liabilities or obligations incurred by that organization, which no longer exists.
  • The ISX is committed to developing a transparent, open, and competitive trading environment.
  • The ISX is financially and administratively independent from the Iraqi government including the Ministry of Finance. It is organized as a non-profit entity that is owned by its members, the Brokers. It is regulated by the Iraq Securities Commission and follows the operational procedures outlined in its By-laws that are fully compliant with the Iraqi Securities Law.
  • The ISX has the right to file lawsuits and bring matters to the proper investigative authorities. The Chairman of the Board of Governors will represent the ISX with regard to such matters.
Board of Governors
The ISX Board of Governors (BOG) was formed in 2004 in accordance with Order # 74 known as the Securities Law. The members of the Board of Governors were named in June 2004 via the Iraqi Incidents Issue #3983. Under the supervisory auspices of the Iraq Securities Commission (ISC), the Board of Governors established and opened the ISX in June 2004.

As required by the Securities Law, the ISX held elections for a new Board of Governors on June 21, 2005. This election was supervised by the ISC and the following people were named to be on the Board.
More information on the Iraq Stock Exchange Website at http://www.isx-iq.net/.

Khartoum Stock Exchange has completed by the end of the year 2013, 19 years, which witnessed the march of Khartoum Stock Exchange several stages and transitions, the most recent was the market transformation to electronic trading and the following is profiles of the most important stages in the life of the market:
  • The idea of establishing a stock exchange in Sudan started in 1962 whereby many formalities such as studies and communications had been started by the Ministry of Finance and Bank of Sudan jointly with IFC one of the arms of the World Bank .
  • The Stock Exchange Board had been formed in 1992. In November of the same year the Council of Ministers amended the Stock Exchange Act of 1982, but the amended Act did not cover all the required necessary   objectives to establish a Stock Exchange.
  • On the 2nd of January 1995 the secondary market was completed and the market started dealing in the shares of the first listed companies.
  • In 1999 the Parallel Market started its operation, as well as the classification of listed companies according to their adherence to conditions regulating the companies listed either in the regular market or the parallel one.
  • In 2001 a number of Investment Funds (Sukuk) and Government Musharaka Certificates (Shehama) were issued and listed in KSE.
  • In 2003 the Khartoum Index was declared, listing the KSE in the Arab Monetary Fund data base and cross listing Sudatel in Abu Dhabi Securities Market were carried out.
  • In 2007 Khartoum Stock Exchange joined the African Markets Union which is going to open new horizons of cooperation with regional stock markets.
  • In the year 2010 was the adoption of the market as an observer in the Arab Federation of Exchanges to enjoy full membership at the next meeting of the federation.
  • In the year 2011 was the completion of the tests of electronic trading systems, the adoption of KSE to be a permanent member in the association of Arab Stock Exchanges and the start of the trial run of a program for electronic trading.
  • In the year 2013 was the Start of the second stage of electronic trading
More information on the Khartoum Stock Exchange Website at http://www.kse.com.sd/.

Boursa Kuwait is a private entity that was established in April 2014 with the aim to manage the exchange and progressively develop Kuwait’s stock market operations, while delivering transparency, efficiency and accessibility.
 
Boursa Kuwait’s strategic approach focuses on the development of investment tools, restructuring the market to increase its competitiveness, working to increase liquidity, and attracting investments.
 
To ensure its successful transition, Boursa Kuwait has brought in a pool of experts and has devised a specific transition strategy. This strategy focuses on ensuring smooth progress as the company’s services expand and on enhancing the overall status of the Kuwait market. It addresses market needs by introducing new products and tools, and upgrading Kuwait Stock Exchange’s infrastructure and business environment to international standards.  Through this approach Boursa Kuwait is creating a robust, transparent and fair capital market platform that serves all relevant asset classes, whilst focusing on clients’ interests.
 
Boursa Kuwait was founded by the Capital Markets Authority (CMA) Commissioners’ Council, under resolution No. 37/2013, dated 11/20/2013 and the Capital Markets Authority (CMA) Law No. (7/2010). 
More information on the Boursa Kuwait Website at http://www.boursakuwait.com.kw.

On 03-04-2008 AD launched trading and electronic system for clearing and Central Depository System Settlement Guarantee Fund after it has been linking the headquarters of the market in Benghazi and Tripoli linked electronically using optical fiber and also link up with satellites to be one of the pioneers in this field in Libya.

On the international level, the Libyan capital market and, despite the short-old has succeeded in attracting the attention of other Arab markets and get the honor of the presidency of the Board of Directors of the Arab stock markets in 2010 and also the membership of the Executive Committee of the Organization of African States Deposit and the Middle East) Alameda (As the market belonged to the International Organization for investor protection and was one of the first Arab countries acceding to membership of the Union as well as the stock exchanges and the membership of the Organization of African ego numbering and international membership of the World Federation of Exchanges as an observer.

After the liberation of Libya and the appointment of a transitional government and the stability of the situation began to take market management measures for the resumption of trading in the market and on 03/15/2012 AD bell to start trading amid "zoom" to resume the work of the Libyan capital market amid expectations Pantashh after free him from the constraints and is re-launching the Libyan capital market trading symbol of the willingness of Libya to economic activity.
More information on the Libyan Stock Market Website at http://www.lsm.ly/.

The Muscat Securities Market (MSM) was established by the Royal Decree (53/88) issued on 21 June 1988 to regulate and control the Omani securities market and to participate, effectively, with other organizations for setting up the infrastructure of the Sultanate's financial sector.

After ten years of continuous growth there was a need for a better functioning of the Market. The MSM has been restructured by two Royal Decrees (80/98) and (82/98(.

The Royal Decree (80/98) dated November 9th 1998 which promulgated the new Capital Market Law provides for the establishment of two separate entities, an exchange, Muscat Securities Market (MSM) where all listed securities shall be traded and the Capital Market Authority (CMA) - the regulatory. The Exchange is a governmental entity, financially and administratively independent from the regulatory but subject to its supervision. 

The former settlement mechanism was involving only three parties in the clearance and settlement, MSM, Muscat Clearing and Depository Company (S.A.O.C) and the broker .The newly introduced settlement formula is through a Settlement Bank with a Settlement Guarantee Fund (SGF).

Until 1998, the MSM had been managing the exchange and acting as the central depository. Now, we are separating the Exchange and the Depository from the Regulator. Today we have three separate organizations, each with its own Board of Directors.

The Exchange (MSM) has maintains the previous name i.e. Muscat Securities Market. The Exchange exercises an important self-regulatory function over the brokers and the listed companies, in addition to continuing running the exchange and provides services to its members.
More information on the Muscat Securities Market Website at http://www.msm.gov.om/.

Established in 1995 as a private shareholding company to promote investment in Palestine, the PEX held its first trading session in February 1997. In 2010, PEX transformed into the only publicly-traded Arab stock exchange entirely owned by the private sector, and operates under the supervision of the Palestinian Capital Market Authority.
The PEX provides investors with a fair, transparent and fully automated trading environment. It focuses on attracting a wide range of regional and global investors including those among the Palestinian Diaspora.
Since inception, the Palestine Exchange has leveraged the latest technology to ensure maximum transparency, integrity and investor protection.  PEX trading is carried out via the HORIZON system and overseen by the SMART electronic surveillance system. Clearing, settlement and depository functions are performed by the Clearing Depository & Settlement Center (CDS) using the EQUATOR system. Both the trading and CDS systems are NASDAQ OMX products and are tightly coupled.
PEX is included as a standalone country within both MSCI and S&P indices, the FTSE Russel has upgraded PEX to frontier market status as of September 2016.
More information on the Palestine Exchange Website at http://www.pex.ps/.

Established in 1995, the Doha Securities Market (DSM) officially started operations in 1997. Since then the exchange has grown to become one of the leading stock markets in the GCC region.
In June 2009, Qatar Holding, the strategic and direct investment arm of Qatar Investment Authority (QIA), and NYSE Euronext, the world’s leading exchange group, signed an agreement to form a major strategic partnership to establish the Exchange as a world-class market. The DSM was renamed the Qatar Exchange on the conclusion of the deal.

The primary aim of the Qatar Exchange is to support Qatar’s economy by providing a venue for capital raising for Qatari companies as part of their corporate strategy and giving investors a platform through which they can trade a variety of products in a transparent and efficient manner. The Qatar Exchange also provides the public with access to market information and ensures correct disclosure of information.
More information on the Qatar Stock Exchange Website at http://www.qe.com.qa.

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 both the Securities Exchange (the Exchange) and the Securities Depository Centre (the Center). 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 the Exchange of Exchanges (WFE), and the Arab Federation of Exchanges (AFE).
More information on the Saudi Stock Exchange Website at http://www.tadawul.com.sa.

The Stock Exchange is the place where investors buy and sell capital equities or debt securities issued by companies, the State and local collectivities. As a market it ensures the liquidity of the securities held by the investors. This liquidity provides the issuers with funds necessary to increase their expansion by calling for public shareholding. For this purpose, the Stock Exchange constitutes one of the major sources of financing the economy.

The management of the Tunisian transferable securities market by:
  • The admission of new securities to the Stock Exchange official list;
  • The organization of exchanges and the quotation of securities under the best conditions of fairness, safety and transparency;
  • The diffusion of exchange information.
The promotion and the improvement of the exchange market.
The Stock Exchange official list is reserved for the negotiation of securities which meet the admission requirements provided for in the Stock Exchange regulations. It includes the following markets:
  • The Principal Market reserved for the large and high performance companies;
  • The Alternative Market reserved for small and medium-sized companies which have promising prospects;
  • The Bond Market reserved for the negotiation of debt securities.
The parallel market is opened to the securities of pubic shareholding companies not admitted to the Stock Exchange official list.
The transactions on the securities of private shareholding companies are subject to a formality of registration at the Stock Exchange.
More information on the Tunis Stock Exchange Website at http://www.bvmt.com.tn/.