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Source: Thomson Reuters.   Last updated on Feb 22, 2019 at 23:50PM (UTC).   Delayed by at least 15 minutes.
The Palestine Exchange Discusses Securities Sector 2017 Developments and 2018 Prospects in a Meeting with Media Representatives
Jan 29, 2018
Palestine Exchange (PEX) and Palestine Capital Market Authority (PCMA) discussed the securities sector developments during 2017 and prospects for 2018, in light of the prevailing economic and political conditions in the region, in a meeting attended by local media representatives held on January 22 in Ramallah.
 
Ahmad Aweidah, CEO of PEX opened the meeting with a presentation reviewed key achievements of PEX during the year 2017, among which was :
  • The agreement with Nasdaq to purchase the next generation of trading platform "X-Stream".
  • The understanding with European Bank for reconstruction and development to prepare a gap analysis study on the securities sector.
  • Enhancing the market depth via targeting family businesses and listing a new company "SANAD" which added USD 160 m to market cap.
  • The restructuring and automation of PEX procedures which streamlined PEX daily operations and downsized its workforce.
 
This was achieved in parallel with PEX efforts in investor education via quality workshops and seminars.
Regarding 2018 prospects, Aweidah said that following up with "X-Stream" trading platform implementation, continue the cooperation with EBRD, finish the internal systems environment developments and enhance PEX presence on social media are among key goals.
 
On the sideline of the meeting Aweidah announced the launch of PEX app for mobiles and other smart devices working on Android and IOS. The app is available on both play store and App store. Aweidah pointed out that this app is practical in terms of its ease of use, flexibility and comprehensiveness.
In his turn Barraq Al-Nabulsi, GM of PCMA, talked about their achievements on the various sectors regulated by the PCMA:
  • Reviewed the mechanism of dealing with issued unlisted securities and prepared an initial draft of instructions for selling subscription rights at PEX.
  • Formed the supervisory team for the national assessment of Anti Money Laundering.
  • Adopted minimum information to be provided in the account opening forms complying with KYC and anti money laundering instruction.
  • certified 3 new companies raising the number of leasing companies to 14
  • Continued their cooperation with the ministry of transportation and lands authority to accelerate the issuance of needed instructions pertaining to financial leasing.
  • Applied the risk-based supervision approach and accordingly restructured the operations of the inspection in the insurance sector complying with the IAIS best practice.
  • Adopted a group of standards to certify new insurance companies.
 
In the same context, Al Nabulsi, mentioned that they concluded the national financial inclusion strategy along with its executive plan for the period 2018-2025, which was led jointly by both the PCMA and Palestine Monetary Authority (PMA) and approved by the cabinet, he expected implementation to start 2018.

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