About Us – Arab Federation of Capital Markets

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About Us

OUR HISTORY

The Arab Federation of Capital Markets was established in June 1978 to be the guiding body for the Arab stock exchanges, under the recommendation of the Arab Central Banks Conference, held under the auspices of the General Secretariat of the League of Arab States in the Hashemite Kingdom of Jordan. The headquarters of the Arab Federation of Capital Markets is located in Beirut, Lebanon.

The AFCM is the Arab industry group for 17 exchanges and 3 Clearing houses (CSD’s), and multiple of affiliate members (financial institutions, brokerage firms) from all around the Arab regions (GCC, Levant and Arab African countries). The Federation was set up to contribute to the “development of regulations and promoting harmonized and proactive legislations, and exchanging viewpoints and providing opportunities for cooperation among members”.

MISSIOn & VISION

The mission of the Federation is to create a transparent environment for the Arab capital markets, develop market members and reduce the barriers of security trading across the countries through establishing harmony across the laws and regulations of the Arab countries, adopting new technologies and advanced trading and clearing settlements.
The Federation’s Vision:

Facilitating the exchange of views and providing collaborative opportunities for the members
Knowledge transfer through workshops and conferences
Developing the legislations in the Arab financial markets
Resolving potential disputes
Cooperating with regional and international federations
Increasing the value of the Arab stock markets

The AFCM is the Arab industry group for exchanges and Clearing houses (CSD’s), and financial institutions (brokerage firms) around the Arab regions (GCC, Levant and Arab African countries).
The Federation was set up to contribute to the “development of regulations and promoting harmonized and proactive legislations, and exchanging viewpoints and providing opportunities for cooperation among members”.

BOARD AND SECRETARIAT

Reforming AFCM's Governing Bodies

Financial Institutions Committee

Exclusive
to Affiliate Members

Fintech & Innovation Committee

Members allowed from full members, affilate members & Independent members

Business Development Committee

Members allowed from full members, affilate members & Independent members

Sustainability & ESGs Committee

Members allowed from full members, affiliate members & Independent members

Board of Directors

Saudi Stock Exchange (Tadawul)

The Egyptian Exchange

Amman Stock Exchange

Bahrain Bourse

Beirut Stock Exchange

Casablanca Stock Exchange

Kuwait Clearing

Misr for Central Clearing, Depository and Registry

Chairman

The Chairman of the Board of Stock Exchange who hosted the latest annual board meeting and appointed until the next annual board meeting.

The General Assembly

The general assembly consists of all the AFE members full and affiliated, besides all members have the right to vote.
The general assembly holds an ordinary annual meeting according to an agenda prepared by the General Secretariat. However, they might meet in an extraordinary meeting upon the request of the chairman also.
The general assembly meetings are valid in the presence of at least half of the working members.
The Chairmanship of the GA is taken by the member who hosted the last annual ordinary meeting.

The General Assembly undertakes the following tasks:

1. Approving the work plan submitted by the Board of Directors and its execution mechanism.
2. Approving the Federation’s annual report, budget, final accounts, and approving the budget.
3. Election of the members of the Board of Directors and the Audit Committee.
4. Approving the amendment of the articles of association of the Federation.
5. Any other topics duly presented to it.

The Board

1. The board of directors is made up of nine members, the membership duration is two years, and the representation of the members shall take into account the following:

a. Six full members representing the exchanges, distributed on the following basis:

•   Two active members representing the Arab Gulf region.
          •   Two active members representing the Levant region.
          •   Two active members representing the Arab African countries.

b. Two active members representing Arab clearing houses.

c. Chairman of the federation representing the host country for the annual meeting. In case the chairman is a member of the board already, then the number of members in this case is limited to only eight members instead of nine

AFCM COMMITTEES

Audit and Governance Committee

FINANCIAL INSTITUTIONS COMMITTEE

FINTECH AND INNOVATION COMMITTEE

BUSINESS DEVELOPMENT COMMITTEE

SUSTAINABILITY & ESG COMMITTEE

THE CHAIRMAN

Eng. Khalid Al-Hussan, the CEO and Board Member of the Saudi Stock Exchange (Tadawul), Chairman of the Securities Depository Center Company (Edaa) and Securities Clearing Center Company (Muqassa) and Tadawul Advanced Solutions Company. Khalid carries more than 14 years of capital market knowledge, his experience spans over business development, corporate planning to strategy and operations. Before being appointed as the Chief Executive Officer in March, 2016, Khalid assumed executive roles that covered Listings, Cash Markets, Asset Services and Depository as well as Strategy and Market Data. Khalid has sponsored key programs within the exchange that covered the introduction of QFIs framework, Introduction of Independent Custody Model, Tadawul’s inclusion in main international indices and sponsored the restructuring program of the Financial Infrastructure companies and Aramco IPO. Prior to joining Tadawul, Khalid has worked in the Insurance Sector, managing areas of business and product development, marketing, PMO, and strategy. Khalid is an engineer and holds an MBA from the University of Colorado. He is also a certified entrepreneur from the University of Colorado.

Eng. Khalid Abdullah Al-Hussan CEO and Board Member of the Saudi Stock Exchange (Tadawul)

AFCM TEAM