Nasdaq Dubai and Amman Stock Exchange sign MoU on mutual cooperation
Nasdaq Dubai and Amman Stock Exchange (ASE) have signed a Memorandum of Understanding (MoU) to explore cooperation possibilities including facilitating a process for dual listings. The MoU calls for cooperation on a range of activities and exchange of information and expertise, including on dual listings for companies on the ASE and Nasdaq Dubai, in addition to establishing a framework for collaboration between the two markets.
The MoU was signed in Dubai by Nader Azar, Chief Executive of ASE, and Hamed Ali, Chief Executive of Nasdaq Dubai, in the presence of senior executives of both exchanges as well as Fadi Khalaf, Secretary General of the Arab Federation of Exchanges.
Nader Azar, said: "Our commitment to exploring collaboration with Nasdaq Dubai, as the region's international exchange, will strengthen our links with global capital markets for the benefit of Jordanian companies and investors. By sharing expertise and cross fertilising ideas we will enable both exchanges to grow and better serve their market participants."
Hamed Ali, said: "Jordanian businesses have a deserved reputation for entrepreneurial dynamism which Nasdaq Dubai is well placed to support. Through this agreement we look forward to building close relationships with Jordanian financial markets professionals, as well as companies that aim to raise regional and international capital and expand their visibility to a global audience. " The MoU was signed at Nasdaq Dubai on December 15, 2016.
A Special Application for Market Watch Live Program ( IPhone & IPad)
The Chief Executive Officer(CEO) of Amman Stock Exchange( ASE) Nader Azar said that from the ASE Permanent keenness to enhance transparency and disclosure of the capital market, and to meet the needs and requirements of the investors and those who are interested in the ASE; and under the ASE pursuit to improve and develop the services provided to individuals and business sector, and provide the required Data with high accuracy and at the appropriate time; ASE has completed the development of a special application for Market Watch Live Program (ASELIVE) , which can work through )IPhones & IPads( that use the operating system (IOS).
Azar added that this application will provide many privileges and services for Securities Dealers, which will help them to take the right investment decision, such as a summary of the performance and the index of the market, display the Market Depth, Intraday, and the most active companies, gainers, losers and unchanged in price companies, in addition to the ability to customize your own list. Note that the mentioned application will be officially launched as of Thursday, Dec 22, /2016.
It is worth mentioning that the above mentioned application can be uploaded on the devices (IPhone & IPad) by searching for (ASE or ASELIVE) on the Apple's App Store, or through access to the Internet through the below link:
Note that the user can use the same username and password used in the English version of the market Watch program (www.aselive.jo) on the Internet to access the mentioned program.
A Visit from the Committee of "Economy and Investment" to the Jordan Capital Market Institutions
The Executive Chairman of the Board of the Commissioners at Jordan Securities Commission (JSC) Mohammed Saleh Hourani in the presence of the Board of Commissioners and the CEO of the ASE Nader Azar, Deputy CEO Bassam Abu Abbas , and the CEO of the SDC received a delegation from "The Economy and Investment commission" in the parliament, chaired by Dr. Khair Abu Seilik the chairman of the committee; in a visit to the capital market institutions aims to enhance communication and continuous cooperation between both parts to stand in the most important developments and achievements of the capital market institutions in the various fields.
Holding such a meeting comes within the framework of the pursuit of capital market institutions to define the role of institutions and overview the current legislation and regulations that govern their work and the nature of the work market institutions. During the meeting they also agreed to keep holding continuous meeting between the capital market institutions and members of the committee. The committee emphasized on the importance of holding awareness and educational programs and the courses for citizens and those who are interested in securities.
A Visit to Amman Chamber of Commerce
Amman Stock Exchange(ASE) in cooperation with the Amman Chamber of Commerce has held awarness Lecture in the presence of Chairman of the Chamber Mr. Issa Haider Murad and General Manager of the Chamber, Mr. Muhannad al-Attar , the members of the chambers and the CEO and Seniors at the ASE.
The CEO of the ASE Mr. Nader Azar presented a lecture entitled "The Latest Developments at the ASE" where It aims to identify the ASE and its importance at the national economy and its role in developing the investment environment and introducing the ASE works , procedures ,its regulations , and the latest developments at the ASE ; at the end of the lectures all inquires and questions raised by attendees were answered .
Participation in a seminar entitled "Corporate Governance Environment in Jordan"
Amman Stock Exchange (ASE) represented by the CEO of the ASE Mr. Nader Azar, participated in panel session entitled "Corporate Governance Environment in Jordan", which was organized by the Jordan Institute of Directors (JIOD) and the International Finance Corporation (IFC); and held at the Sheraton Hotel -Amman, in the presence of a number of executives managers from the ASE and with the participation of a group of owners of knowledge and specialization involved in corporate governance.
On the sidelines of the seminar fifteen participants were graduated who have passed the requirements for obtaining a certificate of Certified Board Member out of 33 participants in the" Accredited Certified Board Member program" during 2016 ; They are a group of business men and women executives occupied high positions in the business world.
The ASE Participate at the FEAS Annual Meeting 2016
Amman Stock Exchange represented by the Deputy CEO Mr. Bassam Abu Abbas and the Head of the Research and International Relations Department Mr. Sami Hattab participated at the annual meeting of the Federation of Euro - Asian Stock Exchanges (FEAS), which was held in Sharm El-Sheikh, Egypt, during the period November 16-17, 2016.
During the meeting, they discussed a number of important issues, the most notable were: the need to activate the Federation to regain its leading role as in the past and contribute to support its members, including the exchange of visits between members of the Federation which aimed at exchanging of experiences, and continue issuing publications and other projects. As well as the Activity Plan of the Federation for 2015 and 2016. In addition to the revenues and expenditure for the year 2016, also displaying the Federation activities during 2016. The budget for the year 2017, was discussed. Finally, the members agreed on holding the next General Assembly Meeting for the year 2017 in Abu Dhabi - United Arab of Emirates.
It is worth mentioning that during this meeting they elected Mr. Serkan Karaback as the new general secretary of the Federation , also re-elected Egypt Stock Exchange as a chairman of Federation , Muscat Securities Market as vice chairman and Kazakhstan Stock Exchange as head of the Working Committee, as well as electing the members of the Federation Council.
Participating in the Training Program organized by the Arab Federation of Exchanges (AFE)
Amman Stock Exchange (ASE) represented by the director of the Awareness and Public Relations Department Mr. Amjad Al-Qudah and the director of the Surveillance and Inspection Department Mr. SaadAlawnedparticipated in the extensive training program organized by the Arab Federation of Exchanges (AFE)in cooperation withDubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX). The programaimed atintroducing the attendees of the employees of Arab stock exchanges and financial institutions about the superb experience in implementing international best practices of capital markets' infrastructure and regulations in both exchanges. It also included numerous innovative and smart services.
The training program included an introduction about the structure of the capital markets sector in the UAE, world-class infrastructure (Operations- Market Surveillance- Brokers Affairs), DFM's and ADX's successes in implementing best practices of Clearing, Settlement and Depository (CSD), IPOs and the efforts to promote the best practices of Investor Relations. The program also showedthe paradigm shift in the field of financial services provided to investors and listed companies as well as corporate governance practices and disclosures systems in both exchanges
It's worth mentioning that this program was attended by 18 officials represented seven Arab exchanges and financial institutions namely; Kuwait Exchange, Iraq Stock Exchange, Muscat Securities Market, Muscat Clearing and Depository, Beirut Stock Exchange, Central Bank of Lebanon and Amman Stock Exchange.
ASE participated at the fifty-sixth annual meeting of the World Federation of Exchanges (WFE)
Amman Stock Exchange (ASE) represented by Mr. Marwan Bataineh the Chairman of ASE' Board of Directors and Mr. Nader Azar, the CEO of the ASE participated at the fifty-sixth annual meeting of the World Federation of Exchanges (WFE) which was held in Cartagena / Colombia during the period from November2-4, 2016, executives and representatives of member stock exchanges of the World Federation of Exchanges from all over the world attended the meeting, to discuss the key issues of interest to the securities industry.
During the meeting, they elected Ms. Chitra Ramkrishna, Managing Director & CEO, National Stock Exchange of India Limited as a Chairperson, of the WFE, and Dr. Urs Rüegsegger, Group CEO, SIX as a Vice Chairman and Mr. William Brodsky, Executive Chairman of the Board, Chicago Board Options Exchange (CBOE) as a Working Group Committee Chairman. The Federation also approved the Palestine Stock Exchange (PSE) since 2015 regarding granting full membership to be the member number 65 in the Federation, during the meeting they also agreed to hold the General Assembly and Annual Assembly for the year 2017 in Bangkok / Thailand.
On the sidelines of the meeting the CEO of the ASE Mr. Nader Azar, and the Executive Officer of Luxembourg Stock Exchange Mr. Robert Scharfe signed a Memorandum of Understanding (MOU) in the presence of the Chairman of the ASE Board of Directors, Mr. Maewan Bataineh Mr. Juan Pablo Cordoba Graces the Executive officer of Colombia Stock Exchange, the Chairman of the WFE Mr. Andreas Preuss, Deputy CEO of Germany Stock Exchange and chairman of the finance committee in the federation, and Ms. Sukumar Nandini the CEO of the Federation.
The aim of Signing the MOU is to enhance the safety of the securities markets in the two countries through providing a framework for mutual cooperation, exchange of experience, and information, within the extent permitted by the laws, regulations and instructions applicable to both parties. Under this MOU any of the two exchanges can train the other part staff in the topics related to the financial markets as well as provide technical support when needed. Moreover, the MOU will lay the foundations for mutual cooperation and develop a general framework to facilitate the exchange of information between the two exchanges.
It is worth mentioning that the WFE is considered the largest gathering for the stock exchanges in the world, based in London, and its membership includes 65 stocks exchanges from around the world, and about 45,000 listed companies, with$ 63 trillion market capitalization, and the Federation also considered an important reference in the securities industry in terms of international principles , that governed clearing and settlement process, brokers, disclosure and protection of investors and the other.
Academic day at Yarmouk University
Amman Stock Exchange (ASE) in cooperation with the Department of Finance and Banking / Faculty of Economics and Administrative Sciences held a lecture at the University in the presence of the Dean of Faculty Dr. Mohammad Taamneh, and the Head of the Department of Finance and Banking Dr. Dima Al-Rabadi, and a number of faculty members, and university students.
The CEO of the ASE Mr. Nader Azar presented a lecture entitled "Developments in the ASE -Opportunities and Challenges" in which he reviewed about the legislative, technical and quantitative developments witnessed by the ASE, the challenges facing the securities industry, and the role of the capital market institutions in providing an attractive environment for investment, especially in light of the national economy's openness on foreign investment.
Azar explained that the has started the implementation of a strategy plan for the becoming three years (2016-2018) which included a set of strategic objectives namely as: strengthening the investment environment in the ASE, strengthening the legislative and technical environment of the ASE, enhancing the presence of the ASE at the regional and international levels, developing the investment awareness by financial securities, and developing the mechanism of the ASE work and achieving organizational excellence.
Azar also said that there are a number of important projects will be implemented in the near future, the ASE will implement a new version of the trading system (Optiq), and XBRL Disclosure System.
Azar added that the ASE is keen to be transformed to a public shareholding company totally owned by the government as a first step, and then the second step is to go through an IPO. This will realize further benefits for the ASE, the shareholders and the national economy in future. The Change of the legal status will provide for more flexibility and help the ASE to diversify services and products as well as concluding agreements with the regional and international exchanges. Thus, the ASE competence will be enhanced; its liquidity and capacity to attract new investments will be increased.
Also Azar explained that the ASE was affected by external conditions and regional and international crises as the other exchanges in the region. The economic situation of the Kingdom is affected, in general, and the performance of the ASE is affected, in particular, by these conditions. In spite of these conditions in the region, the ASE is considered as a magnet for Arab and foreign investors, where the foreign investments at the ASE are considered as a confidence certificate in the national economy and in the Jordanian capital market, which allows non-Jordanian to invest by shares without restrictions or conditions.
The meeting includes Q&A sessions, where Azar encouraged the students to make a field visit to the ASE to have an overview on the practical side and attend the daily trading session. It is worth mentioning that this event witnessed a remarkable attendance from students and those who are interested in trading securities.
Participation in the Annual Meeting for XBRL Organization
A The Amman Stock Exchange (ASE), represented by Mr. Moayyad Tahtamony, the Head of Listing & Operations Department participated, in the meeting of the General Authority for the members of the international organization responsible for the application of XBRL, in addition to the conference, which was organized on the sidelines of the above mentioned meeting, which were held in Singapore during the period November 7-10, 2016
During the General Assembly meeting , they discussed and displayed the achievements and activities of the organization and its various committees during the year 2015-2016, in addition to discussing the future plan of the Year 2017 .
During the meeting, they presented some practical samples of the application of disclosure using the language of XBRL in various countries around the world, ; reviewed the new models of the approved surveillance data in developed economies such as the United States and Western Europe, Japan, in addition to displaying the most important means, programs and techniques (Business intelligence) used in the preparation of reports using the XBRL language.
ASE Receives Student's Delegation
The Amman Stock Exchange (ASE) received students' delegations from the American University of Mdaba , Philadelphia University, and Al-Zahra Private Secondary School, Awareness and Public Relations Department, presented a briefed the delegations on the latest legislative and technical developments of the Jordan capital market as well as its future projects during the coming years. Also Operations and Dissemination of Information Division at Listing and Operations Department presented a live trading session and an explanation on the main features of the applied electronic trading system at the ASE.
Financial Statements of the Third Quarter 2016
The Deputy Chief Executive Officer (CEO) of the Amman Stock Exchange (ASE) Mr. Bassam Abu Abbas, said that According to the listing securities directives for the year 2016; all companies listed at the ASE should submit with their quarterly reports reviewed by their auditors within one month of the end pf the said quarter.
Abu Abbas added that (219) companies constituting (97.8%) of the (224) overall Listed companies submitted the ASE with the quarterly report within the time limit ended on October 2016.
Abu Abbas confirmed that the ASE circulates these reports to the brokerage firms, and post them on the ASE websitewww.exchange.jo (Arabic Version) in circulars and disclosures/quarterly reports window.
On the other hand, Mr. Abu Abbas said that only (5) listed companies Namely: Jordan Press and Publishing (AD-DUSTOUR), Al-Ahlia Enterprises, First National Vegetable Oil Industries Co, Awtad For Diversified Investment PLC, Jordan Paper and Cardboard Factories did not submit their reviewed quarterly reports within the time limit breaching the provisions of Article (8/A/3) of Listing Directives at the ASE, Noting that the First Four companies are suspended from trading. Where ASE suspended the trading on the shared of Jordan Paper and Cardboard Factories that did not submit its reviewed quarterly reports within the time Limit; and its shares will be suspended from trading until Submitting the ASE with the required data according to the listing securities directives at the ASE.
It is worth mentioning that the shares of the Jordan Press and Publishing (AD-DUSTOUR), Al-Ahlia Enterprises, First National Vegetable Oil Industries Co are currently trading at the over-The- Counter (OTC) Market and will still be traded their until further notice.
Sustainable Stock Exchanges (SSE) regional Perspectives
Amman Stock Exchange(ASE) represented by Mr. Nader Azar, the Chief Executive Officer (CEO) of the ASE participated as a keynote speaker at the " Sustainable Stock Exchanges (SSE) regional Perspectives " Which came on the sidelines of the of the fourteenth session of the meeting of the United Nations Environmental Programme Financial Initiative (UNEP-FI) 2016 Global Roundtable , which was held in Dubai - United Arab Emirates, during the period 25-26 / 10/2016.
This event has witnessed the participation of the largest financial services companies in the world in addition to the elite of decision-makers in government entities and the chief executives Officers of many of the leading financial and industrial institutions.
During the meeting, they discussed the most important issues facing the financial sector and the role of policies in support of technology and innovation in the future financing and improving methods and tools for measuring the environmental and social risk and review opportunities for green Islamic finance.
It is worth mentioning that the ASE is one of the leading stock exchanges in the region; on March 2009 ASE joined this important initiative which was launched by the General Secretary of the United Nations, where the overall number of members constituting (68) members; aims at increasing the transparency and the obligation for the ASE listed companies of social and environmental responsibility and corporate governance issues .
The U.S Ambassador Visits the ASE
The Chairman of the ASE Board of Directors Marwan Bataieneh received the US Ambassador to the Kingdom Alice Wells in the presence of the CEO of the ASE Nader Azar, and a number of the ASE employees. During the visit, they discussed the common subject of mutual interest in the economic field.
The CEO of the ASE Nader Azar briefed the delegation about the latest legislative, technical and quantitative developments achieved by the ASE in recent years and the current challenges facing the securities industry and its role in providing a stable and safe environment, with respect to the openness of the national economy to foreign investment.
The Chairman of the ASE Board of Directors Marwan Bataieneh, also praised the historical and political relations between the two countries; stressing on intensifying efforts by both parties at the government levels and the private sector to enhance bilateral cooperation in all aspects, urging on the U.S side to intensify its investments in Jordan.
The U.S Ambassador Alice Wells praised the ASE efforts and appreciated the strategic relations between the two countries, also mentioned her country's commitment to supporting Jordan in all areas and enhancing cooperation in the economic field in general and at the level of financial markets in particular.
The Coordination Meeting of Arab Federation of Exchanges and the Union of Arab securities Authorities
The Chief Executive Officer (CEO) of Amman Stock Exchange (ASE) Mr. Nader Azar participated in the coordination meeting of Arab Federation of Exchanges and the Union of Arab Securities Authorities which was held in Cairo/ Egypt September 1st, 2016.
A number of important issues were discussed during the meeting as: presenting the global developments that are related to KYC and the GATCA, credit funds, in addition to the latest developments that are related to the Omnibus Accounts, and activate the trading between Arab Stock Markets by unifying the legislation and regulations of the Arab Financial Markets.
It is worth mentioning that this first of its kind meeting had brought together all of Arab federation of Exchanges and the Union of Arab Securities Authorities and representatives of the Arab brokerage firms.
United Nations 2016 SSE Global Dialogue
The Chief Executive Officer (CEO) of Amman Stock Exchange (ASE) Mr. Nader Azar participated as a Keynote Speaker in the United Nations 2016 SSE Global Dialogue, which was held in Singapore September 6, 2016.
During his speech, Azar expressed his pleasure for joining the SSE initiative, considering that the ASE is one of the leading stock exchanges in the region that joined this important initiative which was launched by the Secretary General of the United Nations in 2009. The initiative aims at increasing the transparency and the commitment of Environmental, Social and Corporate Governance (ESG) of listed companies.
The event welcomed (150) participants from finance and corporate sectors, policy makers, legislators, investors and listed companies. Noting that this is the first participation of the ASE in the above mentioned Forum after joining this initiative.
Launching the First Trading Session of OTC Market
On Thursday 4th August 2016, the first trading session of Over- The- Counter (OTC) Market was launched which came as a result with the enforcement of "The Regulating Directives for Trading in Unlisted Securities for the Year 2016" and" Listing Securities Directives for the year 2016".
The volume for the first trading session reached JD (65.4) thousand and the number of traded shares reached (1.8) million shares executed through (180) contract. Meanwhile, (9) companies had been traded out of the (28) companies which are allowed to be traded at the OTC Market. Noting that the prices of all companies' shares that were allowed to be traded through that market were floated, and the price discovery mechanism was left to supply and demand forces at the market.
It's worth mentioning that the OTC Market was introduced to give an opportunity for shareholders of unlisted and suspended companies to sell their shares according to supply and demand and market forces through a specific market on the Electronic Trading System that is efficient and transparent, where the interested parties can watch, sell and buy through their certified broker.
The ASE had created at its website a special menu containing all related information related to this market.
For more information about the OTC Market at the ASE, please visit the following links:
Applying the " The Regulating Directives for Trading in Unlisted Securities at the ASE"
The Amman Stock Exchange (ASE) will start applying the " The Regulating Directives for Trading in Unlisted Securities at the ASE" which were issued by virtue of the provisions of Article 72 of the Securities law No. 76 of 2002 as of the 4th of August,2016 coincide with applying the" Listing Securities Directives for the year 2016". The issued directives introduced new concepts and advanced overview taking into consideration the international standards in transparency and disclosure, and introducing mechanism for trading in unlisted securities in a separate market that is the Over-The-Counter (OTC) Market.
the ASE in cooperation with the Jordan Securities Commission (JSC) and the Securities Depository Center (SDC) prepared The Regulating Directives for Trading in Unlisted Securities at the ASE, which allowed trading in ulisted securities. The ASE also issued the Listing Securities Directives for the year 2016 in consistence with the inception of the OTC Market, where it conducted The necessary technical modifications to the Electronic Trading System so as to ensure trading of these companies through the System.
In accordance with the new Directives, The OTC Market is introduced to give an opportunity for the shareholders of unlisted companies and listed companies that are suspended from trading to sell their shares through an electronic system prepared for this purpose, and according to supply and demand forces. Also, enabling the investors who are interested in buying the shares of these companies to do so.
The companies which will be allowed to be traded in the OTC Market are; companies that were delisted from the ASE and still registered at the Ministry of Trade and Industry's records as public shareholding companies, newly established private or public shareholding companies ,public or private shareholding companies which have never been listed at the ASE and to be listed at the JSC and the SDC, listed companies which are suspended from trading on the organized market, and are temporarily transferred to be traded in the OTC market. According to Directives, the SDC shall provide the ASE on the effective date of these Directives with a list of securities of all companies mentioned earlier to enable the ASE to take the necessary procedures to start trading in these shares in the OTC Market.
Note that the trades of the OTC Market will be independent from the trades of the ASE organized markets and will not affect the ASE calculated indices as well. The OTC-Traded securities will be permitted to trade within (+10%) thresholds of the reference price. Taking into consideration that the trading time in that market will be according to the time table as set forth below within the continues trading group:
8:30 - 9:45 Inquiry
9:45 - 9:50+ Pre-Opening
9:50 + Opening
9:50+ - 10:15 Continuous Trading
- 12:30 12:45 Block Trades
On the other hand, the Directives determined the cases of suspension as following; all cases determined by the JSC and by the ASE, the cases of voluntary and compulsory liquidation, changing the legal status of the company, or written it off from the Ministry of Industry and Trade's records, capital reduction and merger cases.
The Directives gave the traded companies in the OTC market the right to submit an application to list their shares in the Second Market after fulfilling all listing conditions in the ASE organized market. OTC-traded securities shall be transferred from the OTC Market to the ASE's organized markets in the two following cases: Demising the reasons of suspension from trading in the organized market and a period not less than three month should have been elapsed from its trading in the (OTC) market and after the company fulfilling the listing conditions in the organized market.
In regard to the OTC-Traded company's obligations, companies traded in that market should disclose the ASE with the annual reports, semi annual reports, information and decisions passed by them, which might affect the price of the share, the agenda of their general assembly meetings and the decisions passed by them and any information or statements deemed necessary by the ASE.
Mr. Azar said that once the Listing securities Directives for the year 2016 and The Regulating Directives for Trading in Unlisted Securities at the ASE are effective, the third market will be cancelled as of 16/4/2017 and the companies listed at the Third market will be transferred to the Second market if they fulfill its listing conditions. Companies which do not meet the listing conditions will be delisted and transferred to be traded in the OTC Market.
the most important amendments included in the Listing Directives for the year 2016 were: suspending the trading on the company's shares directly if it doesn't provide its reviewed audited annual reports and reviewed interim reports at the specified date; until the company provides the ASE with the required reports, where this amendments aims at increasing awareness on the importance of disclosure in the financial markets field. Note that the competent authority that issued the decision of suspension of the listed companies' shares at the ASE organized market has the right to transfer the shares of the suspended company to the OTC market or not.
the Listing Securities Directives for the year 2016 allowed for the first time the listing of the private shareholding companies' shares at the ASE upon their request, consistent with the Companies Law in force which considers that the shares and the bonds that had been issued by private shareholding companies as securities that the company may ask to be listed and traded at the market, where all the provisions of Listing Securities Directives will be applied in case of listing their shares at the ASE.
The Semi Annual Financial Statements 2016 of Listed Companies at the ASE
All companies listed at the ASE should submit their semi annual reports reviewed by their auditors within one month of the end of the relevant period.Amman Stock Exchange (ASE), according to the listing securities Directives for the year 2012;
(216) companies submitted their semi annual reports representing (96%) of the overall (225) companies within the time limit which ended with the end of July 2016.
The ASE circulated these reports to the brokerage firms, and posted them on the ASE website www.exchange.jo(Arabic Version) in circulars and disclosures/semi annual reports windows.
On the other hand , (9) listed companies did not submit the ASE with their reviewed semi annual reports within the time limit; breaching the provisions of Article (9) of Listing Directives at the ASE; noting that Al-Qaria Food & Vegetable Oil Industries(UCVO) submitted its reviewed semi annual reports after the time limit, where companies that didn't submit the ASE with their semi annual reports within the time limit were suspended from trading for one trading session on Monday August 1st,2016 based on the provisions of Listing Directives at the ASE and applying the disciplinary penalty which was set by the ASE Board of directors on 29/6/2015.
Below are the companies that did not submit their semi annual reports:
1- Jordan Dubai Islamic Bank ( JDIB).
2- Al-Bilad Medical Services (ABMS).
3- Jordan Paper and Cardboard Factories (JOPC).
4- Jordan Phosphate Mines (JOPH).
5- Jordan Press & Publishing / (AD-DUSTOUR) (JOPP).
6- Al-Ahlia Enterprises (ABLA).
7- First National Vegetable Oil Industries (FNVO).
8- Awtad for Diversified Investments (AWTD).
New version of the “Market Watch Live” Program
The Amman Stock Exchange (ASE) launched the new version of the “Market Watch Live” Program which is started on Monday, the 20th of June 2016. This new version characterized by the ease of use and display of the information using the Pop-Up windows method inside the web browser
The program offers many features and services that can help investors in following up the trading sessions, such as; displaying lists of the companies trading prices that increased or decreased or not changed, the executed trades in the market, the most active securities besides a group of illustrative graphs.
The ASE index Quarterly review
Mr. Nader Azar the CEO of the Amman Stock Exchange (ASE) declared that the ASE has conducted the periodic quarterly review of the ASE index constituents in purpose of ensuring that the ASE General Price Index reflects the market performance and the trading activity of the listed companies. By this rebalancing, the activity of listed companies in regard to trading during the last quarter has been reviewed. After that, the ASE has conducted its screening process for all listed companies using the full market capitalization of the companies and the number of trading days during last quarter. It is worth mentioning that the criteria adopted by the ASE are similar to the international practices applied in this field. These criteria are applied by many leading international index providers.
Mr. Azar added that as a result of this review, eleven companies had been excluded from the index sample and other eleven companies had been added. The companies that had been excluded from the index sample were: Future Arab Investment, Arab International Hotels, Petra Education, Jordan Loan Guarantee Corporation, Zara Investment, Alisraa for Islamic Finance and Investment, Jordan Poultry processing and Marketing, Alsharq investments projects, National Chlorine industries, Transport and Investment Barter, and Comprehensive Land Development and Investment.
The companies that had been added to the index sample were: Alia- The Royal Jordanian Airlines, Taameer Jordan Holdings, Amoun International for Investments, First Insurance, Real Estate Development, Middle East Insurance, Philadelphia International Educational Investment, National Poultry, Al-Eqbal Printing and Packaging, Jordan French Insurance, and Jordan Insurance.
As part of the process, the ASE calculated the free float for all listed companies at the ASE based on the data available at the Securities Depository Center (SDC) website. This review also includes the reduction of the weights for some companies to maintain the 10% cap that applied to index constitutes.
Mr. Azar clarified that the index sample includes one hundred companies which are the most active in the ASE and the highest in terms of market capitalization. The full market capitalization of the index constituents' represent (90.9%) of the total market capitalization of the companies listed at the ASE. The free float market capitalization of the index constitutes' represents (93.6%) of the total free float market capitalization of the listed companies at the ASE.
In light of the above, the index constituents will be modified on 3rd of July 2016. Interested parties can access to the constituents of the index with the new weights through the following link:
Islamic Sukuk Workshop
Amman Stock Exchange (ASE) held a workshop on Islamic Sukuk sponsored by Jordan Islamic Bank, in the presence of the Chairman of the Jordan Securities Commission (JSC) HE. Mr. Mohammed Al- Hourani, Chief Executive Officer and General Manager of the Jordan Islamic Bank Mr. Mosa Shehadeh, the CEO of the ASE Mr. Nader Azar, the Chairman and Commissioners of Islamic Sukuk Board, the members of the ASE Board of Directors, the chairman of the SDC board and the CEO of the SDC and representatives of the JSC , Ministry of Finance , and Central Bank of Jordan, listed companies and financial firms as; Issuance Managers, Issuance trustee, Custodians, Financial Advisors, Auditers and those who are interested.
the chairman of the JSC thanked the ASE for organizing and holding this event. He mentioned that the JSC has accomplished the regulations which are related to the islamic sukuk and the preparation of the appropriate investment, technical and administrative environment in order to succeed the Sukuk issuance. He also added that the capital market institutions hope that Jordan to be an attractive markets in this field.
Mr. Mosa shahadh, the Chief Executive Officer and the General Manager of the Islamic Bank of Jordan, presented the historical initiation for Islamic finance in Jordan, and the bank leadership in this field . He also explained the advantages and benefits associated with Sukuk, its impact on economic development and its important role in mobilizing the national savings and providing new financial investment tools .
The CEO of the ASE Mr. Nader Azar said in his speech that hosting and organizing this event come within the ASE pioneer role in enhancing Jordan Capital Markets and introducing all advanced available investment tools and techniques to the related parties. Taken into considerations the ASE role in raising = the investment culture and increasing awareness to all related parties. Mr. Azar also explained the most important figures and statistics that indicate the market value for sukuk around the world and most active countries in this field.
The workshop agenda which was presented by Dr. Basil Shaer covered the main topics in relation to Islamic Sukuk such as but not limited to; the definition of Islamic Sukuk types, the impact of Sukuk on economic development, the benefits for issuers and investors of Sukuk, laws and regulations which organizes the issuance of Sukuk in Jordan and introduce the different stages and an application model for the issuance process. It's worth mentioning that more than 200 participants attended this workshop from different entities for two full days 29th and 30th, May.2016.
The AFE Annual Conference 2016
The Amman Stock Exchange (ASE) hosted Arab Federation of Exchanges (AFE) Annual Conference 2016 under the patronage of the Prime Minister H.E Dr. Abdullah Ensour over two days 27&28 April, 2016. More than 400 participants attended the conference from local, regional, and international exchanges, regulatory bodies of the financial markets, brokerage firms, investment fund managers, investment banks, selective high net worth individuals, economic journalists, research firms, corporate/listed companies, rating agencies, technical associations, and banks.
The CEO of the ASE Mr. Nader Azar declared that the conference plays an important role in gathering the leaders of the Arab financial markets with regional and international experts. It also encompasses all stakeholders within the equities field where Arab stock exchanges got the opportunity to meet and promote their listed companies to the potential international and regional investors. Mr. Azar stressed that the conference aims to develop Arab Stock Exchanges and promote integration among them to increase liquidity and to develop the IPO process within the Arab financial markets and increase the awareness of technological advancements in the equities field.
Azar added that more than 35 local and international experts representing the most important institution that works in financial services participated in the panel discussions. They also reviewed the most important trends, challenges and opportunities facing the global financial markets besides more than 30 financial markets and global financial companies participated in panel discussion as: NASDAQ, S&P Dow Jones Indices, MSCI, World Federation of Exchanges, Thomas Murray, Bloomberg, Thomson Reuters, OCC, ISC, EBRD, Standard Chartered, HSBC, Blackrock, DLA Piper (US), Weild&Co.
A number of important panels that related to financial markets were discussed as: Capital formation and economic growth, Financial services institutions, our gate way for internationals, classifications, ratings and reforms in Arab region, presentations on XBRL, How internationals view the Arab Markets?, International and Arab markets are at a crucial point, what are the expectations?, the role of media in the exchange industry.
The conference concluded on the importance of increasing and enhancing cooperation among the Arab capital markets to meet the challenges they face and to take advantage of the expected investment opportunities.
In addition to the importance of the development of the Arab capital markets according to the best international practices in this field to improve the services provided to all sides under the competition faced by regional and international financial markets, and attracting more local, regional and international investments.
It is worth mentioning that the presidency of the Federation has been transferred to the ASE as of April 26, 2016 for one year.
ASE is Elected as a Member of the AFE Executive Committee
Amman Stock Exchange (ASE) represented by the CEO of the ASE Mr. Nader Azar participated in the AFE Executive Committee during the AFE General Assembly Meeting, which was held in Amman in the twenty-sixth of April,2016. Where the ASE was elected to be a member of the AFE Executive Committee for the next three year.
The AFE Executive Committee played an important varied responsibilities including follow up the implementation of Federation strategies, and advise on the federation general policies.
It is worth mentioning that the Executive Committee of the federation is comprised of four members namely: Casablanca Stock Exchange and Abu Dhabi Securities Exchange and Misr for Central Clearing, Depository and Registry in addition to the Amman Stock Exchange.
ASE Receives Student's Delegation
The Amman Stock Exchange (ASE) received students' delegations from the University of Jordan over two consecutive visits, , Tafila Technical University, Jadara University, and Ajloun National University Awareness and Public Relations Department, presented a briefed the delegations on the latest legislative and technical developments of the Jordan capital market as well as its future projects during the coming years. Also Operations and Dissemination of Information Division at Listing and Operations Department presented a live trading session and an explanation on the main features of the applied electronic trading system at the ASE.
ASE's Seventeenth General Assembly Meeting
Amman Stock Exchange (ASE) held its Seventeenth General Assembly Meeting on Thursday, March 24, 2016. The meeting chaired by Mr. Marwan Al-Bataineh the chairman of the Board of Directors, in the presence of the members of the Board, the CEO of the ASE Mr. Nader Azar and a representative of the Jordan Securities Commission (JSC) Mr. Mithqal Obeidat . During the meeting, they discussed the report of the Board of Directors on the activities of the ASE for the year 2015 and its future plan; the participants listened to the Auditor's Report on the ASE financial statements, and the financial position for the year 2015. Moreover, they also discussed the balance sheet, the account of revenues and expenditures, and the cash flow for the ASE. The financial statements for the year ended December 31st, 2015 have been endorsed.
Amman Stock Exchange joins United Nations initiative for sustainable and transparent capital markets
The Amman Stock Exchange (ASE) expressed its commitment to promoting socially and environmentally responsible business and sustainable investment by joining the United Nations Sustainable Stock Exchanges (SSE) initiative as a Partner Exchange. ASE is the 49th stock exchange to partner with this initiative which works with capital market leaders and policymakers to create sustainable and transparent capital markets.
"The Amman Stock Exchange is pleased to join the SSE initiative and we look forward to working in cooperation with the SSE experts and with our stakeholders in Jordan to improve sustainability practices within our listed companies and making greater impact on the investment community," Mr. Nader Azar, the CEO of ASE xchange said.
The ASE fully supports and understands the benefits that socially and environmentally responsible business and sustainable investments provide," he added.
The SSE is a peer-to-peer learning platform for exploring how exchanges-in collaboration with investors, regulators, and companies-can encourage sustainable investment and enhance corporate transparency, and ultimately performance, on ESG (environmental, social and corporate governance) issues. The SSE is convened by the UN Conference on Trade and Development (UNCTAD), the UN Global Compact, the UN Environment Program Finance Initiative (UNEP FI), and the Principles for Responsible Investment (PRI).
The Annual Financial Statements of Listed Companies at The ASE
The CEO of the ASE, Mr. Nader Azar, said that according to the listing securities Directives for the year 2012; all companies listed at the ASE should submit their annual reports reviewed by their auditors within three month of the end of its fiscal year. Note that the number of listed companies at the ASE reached 225 companies, including (7) suspended from trading.
Mr. Azar added that the number of companies which submitted their reviewed annual reports reached (209) companies representing (93%) of the overall companies within the time limit of submitting their annal reports ended in March2016. It is worth mentioning that the number of traded companies that provided the ASE with its annual reports within the time limit are 207 companies constituting (95%) of the overall companies listed and traded at the ASE.
Mr. Azar stressed that the ASE circulates these reports to the brokerage firms and post them on the ASE websitewww.exchange.jo (Arabic Version) in circulars and disclosures/Annual reports window.
On the other hand Mr.Azar said that Jordan Insurance, Arabia Insurance Company, The Holy Land Insurance, AL-Manara Insurance, Jordan Emirates Insurance, Philadelphia Insurance, Arab Union International Insurance, Jordan Paper& Cardboard Factories Submitted the ASE with its un reviewed annual reports within the time limit. As for the Capital Bank of Jordan submitted the ASE with its reviewed annual reports after the time limit. Where Jordan Projects For Tourism Developments and Model Restaurants did not provide the ASE with the required data within the dead line will breaching Article (9) of Listing Securities Directives. Where the mentioned companies are suspended from trading for one trading session as of Sunday morning 3/4/2016 by virtue of Listing Securities Directives and an observation of the disciplinary procedures approved by the Board of Directors of the ASE
The ASE index Quarterly review
Mr. Nader Azar the CEO of the Amman Stock Exchange (ASE) said that the ASE has conducted the periodic quarterly review of the ASE index constituents in purpose of ensuring that the ASE General Price Index reflects the market performance and the trading activity of the listed companies. By this rebalancing, the activity of listed companies in regard to trading during the last quarter has been reviewed. After that, the ASE has conducted its screening process for all listed companies using the full market capitalization of the companies and the number of trading days during last quarter. It is worth mentioning that the criteria adopted by the ASE are similar to the international practices applied in this field. These criteria are applied by many leading international index providers.
Mr. Azar added that as a result of this review, eleven companies have been excluded from the index sample and other eleven companies have been added. As part of the process, the ASE calculated the free float for all listed companies at the ASE based on the data available at the Securities Depository Center (SDC) website. This review also includes the reduction of the weights for some companies to maintain the 10% cap that applied to index constitutes.
Mr. Azar clarified that the index sample includes one hundred companies which are the most active in the ASE and the highest in terms of market capitalization. The full market capitalization of the index constituents' represent (90.1%) of the total market capitalization of the companies listed at the ASE. The free float market capitalization of the index constitutes' represents (92.2%) of the total free float market capitalization of the listed companies at the ASE.
In light of the above, the index constituents will be modified on 3rd of April 2016. Interested parties can access to the constituents of the index with the new weights through the following link:
ASE's Seventeenth General Assembly Meeting
The Amman Stock Exchange (ASE) will hold its seventeenth General Assembly Meeting on Thursday, March 24, 2016 at 2:00 pm. The meeting will be chaired by Mr. Marwan Al-Bataineh the Chairman of the ASE Board of Directors, in the presence of the members of the Board, Mr. Nader Azar the CEO of the ASE and a representative of the Jordan Securities Commission. During the meeting, The ASE members will discuss the report of the Board of Directors on the activities of the ASE for the year 2014 and its future plan; the members will listen to the Auditor's Report on the financial statements of the ASE which comprises the statement of financial position as of December 31, 2015, and the final statements of account will discuss the balance sheet, the account of revenues and expenditures, and the cash flow for the ASE. The financial statements for the year ended December 31, 2015 will be endorsed, and discuss any other issues.
Launching the Initiative of Gender Equality in Jordan in the celebration of International Women's Day
On the Ninth of March 2016 Amman Stock Exchange) ASE), hosted the 2nd Annual Celebration of the Gender Equality Initiative in Jordan "2016 Ringing Bell for Gender Equality Stock Exchange Initiative" which was organized by the ASE in cooperation with the International Finance Organization (IFC), throughout ringing the bell of starting the trading session at the ASE on celebration of Women's International Day in the presence of the CEO of the ASE Mr. Nader Azar, H.E Mr. Mohammed Saleh Al Hourani, the Chairman of Jordan Securities Commission(JSC), Dr. Fadi Khalaf the General Secretary of Arab Federation of Exchanges(AFE), and Dr. Yahya al-Husseini - Corporate Governance Officer - International Finance Corporation in Jordan (IFC), Mr. Giuseppe Balseto Representative , UN women countryOffice for Jordan and H.E Mr. Reem Badran, the Chairwoman of Alhura Company for Management & Business Development, Ms. Taghreed Al-Nafisi, the President and CEO of Al-Multaqaa Brokerage and Investment Company, and Ms. Oraib Qabbaj, Chief Operations Officer, Jordan Institute of Directors (JIOD), and a number of public figures, brokerage firms , and representatives of the capital market institutions.
Mr. Azar declared that hosting this celebration comes in the belief of raising awareness in gender equality in the field of sustainable development and economic activity. This celebration also aims at raising awareness of the importance of promoting gender equality in the private sector as well as encouraging business leaders around the world to make serious steps to empower women in the work place and society.
Mr. Azar also stressed on the ASE interest in empowering women in carrying a leading duties in the Jordanian capital market, where the ASE believes of the important role of women in promoting economic activity and participation in labor market and in its ability to development and creativity. Accordingly, the percentage of women's contribution in the human force in the ASE has risen from 15% since establishing the ASE in 1999 reaching more than 48% as of today. Also, women hold more than 28% of the leadership positions in the executive management of the ASE.
During the ceremony, the participants gave speeches about the importance of empowering women in participation in economic activities, in addition to view report prepared by IFC on the impact of Gender Diversity on the Economic Performance of Companies in Jordan . Where the result showed that the listed companies characterized by the women representation on its board have achieved better financial results than those that did not have, where the celebrants rang the bell on the beginning of the trading session to celebrate International Women's Day and as a recognition in its active contribution in all economic, social and political aspects.
It is worth mentioning, that this initiative is an important international event adopted by a group of global parties in the field of financial markets, namely:
UN Global Compact, UN women, Sustainable Stock Exchanges Initiative, World Federation of Exchanges و Women in ETFs, and it is launch in various countries around the world to celebrate International Women's Day.
Investment seminar on "Investment Trading for Middle East and North Africa
Amman Stock Exchange(ASE) represented by Mr. Nader Azar, the CEO of the ASE, as a keynote speaker at the seminar investment entitled "" Frontier Exchange Middle East and North Africa (MENA), which was held in London/ UK during the period of January 20-21, 2015 in the presence of Jordan's ambassador of HE Mr. Mazen Al-Hmoud.
The CEO of the ASE, presented the most important legislative, technical and quantitative developments witnessed by the ASE in recent years and the challenges that facing the securities industry. Moreover; Mr. Azar pointed out the role of the capital market institutions in providing an attractive environment for investment, especially in light of the national economy openness to foreign investment. He explained that the ASE set a strategic plan for the coming years (2016-2018), which are compatible with Jordan 10 years blue print for economic development. The strategic plan includes a set of objectives, initiatives and projects that go in line with the ASE goals.
It is worth mentioning that this event has witnessed presence of all parties, where it is attended by board chairman and executives officers from the elite companies at the Middle East and North Africa, in addition to a number of investors. At the local level, a number of companies participated in this event, such as: Jordanian Duty Free Shops, Capital Bank of Jordan, Jordan Investment Trust, Artline Interiors Contractor, and Union Land Development Corporation.
The 6th Meeting for Asian Countries Using XBRL
The Amman Stock Exchange (ASE), represented by Mr. Moayyad Tahtamony, the Head of Listing & Operations Department participated, in the 6th Meeting for Asian Countries Using extensible Business Reporting Language (XBRL) , which was held in Mumbai -India in the period between 21-22 January 2016.
During this meeting China, Japan, India, Indonesia, Korea, Singapore and Taiwan presented their experiences about XBRL. Presented the New Development in the Field of Implementing this technology and its future plans for the coming Years. On the sidelines of the meeting, the intentional organization responsible for the implementation the XBRL explaining the development in this field on the international level.