07 October 2015
MUSCAT: Talks are still under way to have an integrated GCC Stock Market and a meeting in this regard was held as recently as last month in Doha, revealed Abdullah Salim al Salmi, executive president of the Capital Market Authority, on Wednesday.
"We hope to make it possible at the earliest, but still there are some issues to be sorted out. As one big stock market we will be more attractive to investors, who now have to deal with some small exchanges. In the new scenario, the company that wants to be listed, it will be able to do it from one common market and through common brokers."
On the Ministry of Finance's decision to debut RO 200m sovereign Sukuk for subscription on October 8, Salmi said: "It is important not just because government needs some sort of financing, but it also offers more diversified products to investors, besides equities. It is also important for the capital market to have a benchmark and yield curve, which is not possible with the fixed income bonds.
He said response will be good for Sukuk, more of which will be expected in the future.
Meanwhile, the capital markets of Kuwait and Oman signed a memorandum of understanding for the exchange of information and mutual cooperation on in the presence of Ahmed Saleh al Marhoon, Director-General of Muscat Securities Market, Abdullah Ahmed al Nabhani, Director- General of Muscat Clearing and Depository Company and Ahmed Said Kashob, Chairman of Oman Securities Association.
Salmi was also present on the occasion.
The aim of the MoU is to enhance cooperation between the two authorities to develop the legislative infrastructure of the securities markets and to benefit from the experiences of both countries whether with regard to investment instruments, regulations and clearing and depository systems as well the practices in the regulation of the companies operating in securities and promotion of the brokerage profession.
The MoU includes a number of clauses on exchange of information to enhance investor protection and the integrity of the stock markets by providing a framework for cooperation and upgrading the mutual understanding based on exchange of information and professional expertise between the two countries.
They agreed on exchange of information and mutual cooperation, encouraging cooperation between capital market institutions including stock markets, clearing and depository institutions, financial services companies and dispute resolution according to the applicable laws and regulations.
The MoU included problem solving for investors in securities in addition to cooperation in enforcement of the laws and legislations pertaining to securities and other investment instruments, advices and cooperation in supervising the markets, clearing and depository systems, monitory compliance and application of high standards of fairness, integrity and professional conduct.
MUSCAT: Talks are still under way to have an integrated GCC Stock Market and a meeting in this regard was held as recently as last month in Doha, revealed Abdullah Salim al Salmi, executive president of the Capital Market Authority, on Wednesday.
"We hope to make it possible at the earliest, but still there are some issues to be sorted out. As one big stock market we will be more attractive to investors, who now have to deal with some small exchanges. In the new scenario, the company that wants to be listed, it will be able to do it from one common market and through common brokers."
On the Ministry of Finance's decision to debut RO 200m sovereign Sukuk for subscription on October 8, Salmi said: "It is important not just because government needs some sort of financing, but it also offers more diversified products to investors, besides equities. It is also important for the capital market to have a benchmark and yield curve, which is not possible with the fixed income bonds.
He said response will be good for Sukuk, more of which will be expected in the future.
Meanwhile, the capital markets of Kuwait and Oman signed a memorandum of understanding for the exchange of information and mutual cooperation on in the presence of Ahmed Saleh al Marhoon, Director-General of Muscat Securities Market, Abdullah Ahmed al Nabhani, Director- General of Muscat Clearing and Depository Company and Ahmed Said Kashob, Chairman of Oman Securities Association.
Salmi was also present on the occasion.
The aim of the MoU is to enhance cooperation between the two authorities to develop the legislative infrastructure of the securities markets and to benefit from the experiences of both countries whether with regard to investment instruments, regulations and clearing and depository systems as well the practices in the regulation of the companies operating in securities and promotion of the brokerage profession.
The MoU includes a number of clauses on exchange of information to enhance investor protection and the integrity of the stock markets by providing a framework for cooperation and upgrading the mutual understanding based on exchange of information and professional expertise between the two countries.
They agreed on exchange of information and mutual cooperation, encouraging cooperation between capital market institutions including stock markets, clearing and depository institutions, financial services companies and dispute resolution according to the applicable laws and regulations.
The MoU included problem solving for investors in securities in addition to cooperation in enforcement of the laws and legislations pertaining to securities and other investment instruments, advices and cooperation in supervising the markets, clearing and depository systems, monitory compliance and application of high standards of fairness, integrity and professional conduct.
© Oman Daily Observer 2015
