A lecture in Jordan Air Forces
The ASE's CEO Mr. Jalil Tarif gave a lecture in Jordan Air Forces in the headquarter of the Jordan Armed Forces. Mr. Tarif's lecture concentrated on the latest developments made on the ASE, the latest legislative and technical developments on the ASE, the most significant achievements made by the ASE over the last few years and investment opportunities on the ASE .
Palestinian SEC Delegation visits the ASE
Mr. Jalil Tarif the CEO of the ASE received a delegation headed by Dr. Atef Alawneh Executive officer of Palestinian National Authority (PNA) and accompanied by Dr. Hasan Yassin the General Manager of Palestine Securities Exchange. Mr. Tarif briefed the delegation on the nature work of the ASE and the latest legislative and technical developments on the Jordan Capital Market. The delegation toured the ASE facilities and Investor's Gallery.
The 1st Annual Seminar of STOXX and Dow Jones
The ASE, represented by Mr. Sami Hattab, Director of Research and International Relations Department, and Mr. Ammar Hamed, from the Information Technology and Communications Department, took part in the 1st Annual Educational Seminar of STOXX Ltd. and Dow Jones Indexes that was held in Rome, Italy during the period 17-18 November 2005. Mr. Hattab delivered a presentation on the latest legislation and technical developments on the ASE, and pointed out the growth of the ASE performance indicators in recent years. Moreover, Mr. Hattab pointed out the advantages of investing in the ASE of non-jordainian invesmentores. During the conference the participants discussed the latest developments in financial instruments, especially the investment instruments based on indexes such as Exchange Traded Funds (ETF).
ASE Participant's in Workshop on Exchange Technology
Mr. Nader Azar, deputy the CEO of the ase represented (ASE) in a workshop on exchange market technologies that was held in Boston, the United States of America during the period 20-23 November 2005. The workshop, which attended by representatives of (26) stock exchanges from around the world, discussed a number of issues related to technologies used in trading, monitoring, settling and cleaning systems, as well as technologies used by the stock exchanges in their operation. The workshop also discussed the future of these systems and methods of developing them to serve the interests of all financial markets. Additionally, the workshop discussed the contribution developmention technology used in raising trading systems in raising trading volumes, and the capacity of these systems and their management methods.
JSC Raises the Minimum Capital For Financial Services Companies
The JSC board of Commissioners issued “ Directives of Licensing and certifying financial services for the year 2005”, replacing the previous “Directives of Licensing Financial Services Companies and Certified Financial Professionals ”. The new directives are designed to strengthen supervisory and monitoring functions on parties under JSC's supervision. The instructions aim to increase the services companies' capital and to raise their competitive level and their ability to provide best services for investors, as well as their ability to manage risks related to their business management.
ASE Participation in the Second Jordan Economic Forum
The ASE, represented by Mr. Jalil Tarif, the ASE Chief Executive Officer and Mr. Nader Azar, Deputy CEO and number of ASE employees, participated in the second Jordan Economic Forum that was organized by Al-Iktissad Wal-Aamal Group in Amman during the period 27-28 November 2005. During the Forum, Mr. Tarif presented a working paper where he addressed the recent legislative and technical developments in the Jordanian capital market in terms that helped in attracting local or foreign investments. Mr. Taif also indicated that the increase of indirect investments is an evidance of trust in the Jordanian capital market in particular and the Jordanian economy in general, and that this increase helps in attracting direct investments and thus raising economic growth.
JSC Won the King Abdullah II Award of Excellence for Government Performance and Transparency
The Jordan Securities Commission (JSC) Won the King Abdullah II Award of Excellence for Government Performance and Transparency in the category of independent institutions participating for the first time. The award is based on five basic elements: Leadership, human resources, process, knowledge and finance. It is worthy to mention that (28) departments and authorities and (6) ministries have participated in this award, in addition to a large number of parties that seek to participate in the award for the next year.
ASE elected to chair supervising website committee of the Self-Regulatory Organizations (SRO) in the IOSCO
H.E. Mr. Mohammad S. Al-Hourani, Chairman of the Amman Stock Exchange (ASE) Board, Mr. Mansour Haddadin, ASE Vice Chairman, and Mr. Jalil Tarif, the ASE Chief Executive Officer, represented the ASE in the meeting of the Self-Regulatory Organizations (SRO) in the IOSCO that was held in Madrid during the period 17-18,October 2005. During the meeting, the SRO committee elected the ASE to chair the committee which is in charged of its website. The committee comprises around (52) members representing a group of developed and emerging international financial markets, as well as other SROs that are considered significant entities stemming from the IOSCO. The ASE has become an affiliate member of IOSCO since 2004.
A delegation of capital market institutions visits Athens Stock Exchange
A delegation of capital market institutions that included H.E. Dr. Bassam Al-Saket, JSC Board Chairman, Mr. Bassam Asfour, JSC Board member, H.E. Mr. Mohammad S. Al-Hourani, ASE Board Chairman, and Mr. Jalil Tarif, ASE Chief Executive Officer, visited the Athens stock exchange during the period 20-21 October 2005. The visit was designed to learn about and discuss the Greek experience in the area of demutualization of the stock exchange and to strengthen joint cooperation between the capital market institutions of the two countries.
Participation in the World Financial Information Conference (WFIC)
Mr. Nader Azar, the Deputy CEO, represented participated the Amman Stock Exchange (ASE) in the World Financial Information Conference (WFIC) that was held in Rome, Italy during the period 9-12 October 2005. During the conference, a variety of issues were discussed, most significantly the methods of financial information management and the best use of the information. On the sidelines of the conference, information providers and Venders institutions met to discuss the means of joint cooperation.
A Master Degree Delegation from the Syrian Arab Republic
Mr. Nader Azar the CEO deputy received a master degree delegation from the Arab Academy for Banking and Financial Services in the Syrian Arab Republic. Mr. Azar briefed the delegation about the nature work of the ASE and the latest developments on the Jordanian Capital Market. The delegation toured the ASE departments to closely monitor their activities and visited the ASE facilities and Investor's Gallery.
OECD Fifth Work Group Workshop
The CEO of the Amman Stock Exchange Mr. Jalil Tarif participated in the Fifth Work Group (WG5) workshop about Corporate Governance principles in Africa and Middle East MENA, which was organized by the Organization for Economic Cooperation and Development (OECD) and the International Finance Corporation in Al Rabat/ Morocco during the period 14-15 September 2005. Mr. Tarif participated in paper titled “Corporate Governance in Jordan, (Recent Developments)”.
The 11th General Assembly of Federation of Euro-Asian Stock Exchanges (FEAS)
Mr. Nader Azar, the Deputy CEO represented the ASE in the 11th General Assembly of Federation of Euro-Asian Stock Exchanges (FEAS) that was hosted by Tehran Stock Exchange in shiraz/ Iran on September 17, 2005. The ASE chaired the meeting of FEAS Working Committee held in during the Assembly meeting, several issues were discussed, most importantly the developing of the index for the Federation, FEAS work plan for the next year, amendment of the federation By Laws, and the bilateral training program and the schedule of exchange visits among FEAS members. At the General Assembly, the three new membership applications of Bahrain Stock Exchange (Kingdom of Bahrain), Iraq Stock Exchange (Iraq), and Montenegro Stock Exchange (Serbia and Montenegro) were approved, bringing the total number of FEAS members to 31 with 7 Affiliate members. The 12th General Assembly of FEAS in 2006 will be hosted by Cairo & Alexandria Stock Exchanges (CASE) in Egypt.
FEAS Round Table Meeting for Media
Mr. Amjad Al-Qudah, Director Awareness and Public Relations Department represented the Amman Stock Exchange in the Federation of Euro-Asian Stock Exchanges (FEAS) Round Table Meeting for Media held in Istanbul – Turkey during the period 1-2 September 2005. Two main important topics were discussed during the round table meeting which are the Importance of Media Coverage of FEAS Activities and forms of Media Coverage of Securities Markets in FEAS countries.
Belgrade SE delegation visits the ASE
A delegation from Belgrade Stock Exchange Visits the Amman Stock Exchange. During its visit, the delegation took a look on the ASE departments operation mechanisms especially the operation mechanisms of the listing and Operations Department and Control and Inspection Department. This visit came as part of the bilateral program between the members of the Federation of Euro-Asian Stock Exchanges (FEAS).
Election of the Chairman of the Securities Depository Center's Board of Directors
The Board of the Securities Depository Center elected Mr. Abdu Al-Hameed Al-Hiyari Chairman of the Board of the Center after being appointed a member of the Board by the Board of Commissioners of the Jordan Securities Commission. He replaces MR. Louay Mismar, the former Chairman who had submitted his resignation.
The Jordanian Businessmen and Investors Fourth Conference
Under royal patronage, the Economic and Development Department of the Royal Hashemite Court, the Jordanian Businessmen Association and the Jordan Investment Board organized the fourth meeting of the Arab business community during August 2005. More than 500 Arab and Jordanian businessmen took part in the conference. The conference addressed a number of issues, including the importance of investment in education, liberalizing the communications sector, the developments in the capital market, and the stability of the monetary policy. During a session about the promising investment opportunities in the economic sector in Jordan, Executive Chairman of the Jordan Securities Commission, Dr. Bassam Al-Saket, spoke about the available investment opportunities in the Jordanian stock exchange market and about the most significant developments achieved by the Jordanian stock exchange market in the past few years, as well as the exceptional performance of the Amman Stock Exchange and its comparison to Arab stock exchange markets. The Amman Stock Exchange (ASE) also took part in the conference through the Head of the Department of Research and International Relations, Mr. Sami Hattab, and participated in the exhibition that was held on the sidelines of the conference, in which ASE publications were displayed.
The Mediterranean: Development and Integration
The ASE participated in “The Mediterranean Conference: Development and Integration” held in Milan, Italy during the period 11-12 July 2005. Mr. Sami Hattab Head of Research and International Relations Department represented the ASE. The conference organized by the Chamber of Commerce of Milan. The conference was attended by more than 500, of which company's directors, Italian decision makers and representatives of international organizations and commissions. Mr. Hattab participated in the workshop titled “The creation of a Mediterranean Financial Market: the role of banks and exchanges” through a working paper on the latest developments that took place in the Jordan Capital Market in general and the ASE in particular.
Meetings with the Judicial Authority
Meetings between capital market institutions and the Judicial Authority, for the purpose of exchanging knowledge and expertise, continued at the headquarters of the Jordan Securities Commission. These meetings focused on legislations related to the securities market. The Securities Commission presented significant issues, most important of which are aspects of the Securities Law, the monitoring role of the Commission and its authorization in supervising and monitoring parties under its jurisdiction, in inspecting financial services companies, and in investigating violations. The ASE also presented the latest and most important legislative, technical and technological developments. The Securities Depository Center (SDC) presented its most significant achievements in the area of clearing & settlement and following up on securities and the safeguarding of shareholders' records.
26 th Annual Meeting of the Arab the Union of Arab Stock Exchanges
The ASE attended the 26 th Meeting of the Arab Union of Arab Stock Exchanges , held in Beirut for the period from 23 to 25 May 2005. Mr. Mohammad Saleh Hourani, Chairman of the Board, and Mr. Jalil Tarif, the CEO, represented the ASE at the meeting that was sponsored by the Lebanese Minister of Finance. The participants discussed the Secretary-General's report on the Unified Arab Stock Exchange and recent related developments. They also discussed the latest developments pertaining to Arab financial markets, the Union's Financial Reports for the years 2003 and 2004, as well as the estimated general budget for 2005.
Several working sessions were held along the margins of the meeting, incluuding sessions on the IMF of Report on Arab Financial Markets, the Arab Stock Exchange Project, the Arab Stock Exchanges E-trading Project and the cross listing experience Abu Dhabi Stock Exchange and Muscat Securities Market. Mr. Tarif chaired the working session that discussed the major changes in international standards in Fiuancial Reportings and their impact on Arab markets, specifically those standards related to the evaluation of investment and its impact on listed share prices and on capital markets in general, as well as other implications on disclosure and the protection of stock investors and operators.IMF Mission
Mr. Jalil Tarif, the CEO of the ASE, received the International Monetary Fund IMF delegation that visited Jordan during may , where the ASE latest developments at the legislative, technical and quantitative levels were discussed as well as their impact on enhancing market transparency, liquidity and efficiency. During the meeting, Mr. Tarif stressed the importance of recent ASE disclosure procedures that obliged the companies listed in the first market to provide the ASE with its reviewed quarterly reports, adding that the listed companies have responded positively to such requirements. He also highlighted the impressive progress achieved at the level of dissemination of information at all levels, noting in particular the ASE website. Quantitatively, Mr. Tarif asserted that the ASE had achieved remarkable performance during recent years, resulting in an increase in revenues, in trading volume as well as in market capitalization that exceeded JD 20 billion, and constituted 270% of the GDP.
Conference on privatization of infrastructure and the role of capital markets and investment opportunities
H.E. Sheik Dhiab ben Zayed Al Nahyan inaugurated the Conference on Privatization of Infrastructure and the Role of Capital Markets and Investment Opportunities , held in Abu Dhabi, under the patronage of Abu Dhabi Stock Exchange and the Water and Electricity Authority of Abu Dhabi. The ASE took part in the said conference, through its CEO, Mr. Jalil Tarif, who presented a paper on the impact of privatization on the capital market in Jordan. Mr. Tarif explained the relationship between privatization and the capital market in general, and added that the ASE had witnessed the privatization of several public shareholding companies over the last few years, stating that the legislative and technical environment ruling the Jordanian capital market had contributed to the success of privatization processes through the ASE. The paper discussed the main axes of the relationship between privatization and the capital market, hurdles facing the swift implementation of the privatization program, and the legal and technical aspects of this topic, and it reviewed some case studies of a number of privatization success stories.
It was underscored that an efficient and regulated securities market within a transparent regulatory and legislative framework greatly contributes to the success of privatization programs. It helps to discover the fair price of those projects that are in the process of privatization through market mechanisms, the presence of necessary expertise on the market and the marketing of securities issues. Moreover, corporate privatization and the conversion of ownership to the private sector be it institutions or individuals greatly affect market depth, efficiency and liquidity, and hence market performance and fair-trading.
The paper also underscored that Jordan capital market institutions made headway in shoring up supervision, disclosure and transparency principles and information dissemination. The Jordanian government adopted clear policies on privatization programs, the promulgation of a law regulating privatization and the use of its proceeds, and setting up of any independent board for this purpose. All of that had the largest effect on making the Jordanian privatization program a success. The ASE's liquidity rose in the light of the Jordanian government's privatization of some listed companies, where government ownership of listed public shareholding companies was cut to around 7%. Free float were consolidated and have come to represent more than two thirds of the market capitalization in some sectors.
Mr. Tarif chaired the closing session of the conference, which came up with a set of recommendations focusing on the importance of awareness programs, the adoption of transparent policies to encourage popular participation in privatization programs, and underscored the vital role of financial markets in making privatization programs a success. The conference was attended by an eminent group of experts and concerned people from several Arab and foreign countries as well as representatives of various international organs.
Royal Defense College visits the capital market institutions
A delegation from the Royal Defense College, made up of high ranking officials, trainees and students, paid a visit to the capital market institutions. Dr. Al-Saket briefed the delegation on developments made by the JSC since its establishments in terms of restructuring and development of the Jordanian capital market. He underscored the importance of communication between the capital market and public, security and civil institutions. Mr. Tarif gave a lecture on the latest developments made on the ASE. During its visit, the delegation took stock of the operation mechanisms of the capital market institutions, the electronic systems used in the ASE and how they operate, the latest legislative and technical developments on the ASE, the most significant achievements made by the ASE over the last few years and investment opportunities on the ASE.
A Provence University delegation visits the ASE
A delegation of MBA students from the University of Marsiellei-Provence-Aix in France was received by Mr. Jalil Tarif. This visit came as part of the cultural exchange program with the University of Yarmook. Mr. Sami Hattab, the head of the Research and International Relations Department briefed the delegation on the latest legislative and technical developments made by the ASE and showed them the ASE facilities and Investor's Gallery.
Banking, Insurance, Technologies and Exchange Exhibition BINTEX 05
The ASE took part in the “Syria, a Promising Investment Market” seminar held in Damascus. An open discussion took place on the latest developments in the banking, insurance and financial market sectors, with the contribution of experts from Syria, Jordan, Lebanon, Saudi Arabia and Dubai. The seminar was along the sidelines of BINTEX 05. Mr. Jalil Tarif, the CEO of the ASE presented a working paper on the qualitative leap made in the legislative, technical and technological fields, stating that the Securities Law of 2002 enhanced the role of capital market institutions in investor protection and deepened the principles of disclosure and transparency to support the efficiency and liquidity of the securities market. He said that the revival of the ASE, with a market capitalization of $23 billion representing more than 200% of the GDP, was mainly due to some important factors such as the impressive development of the legislative and technical infrastructure that the ASE has gone through recently and which has made it on par with the most advanced exchanges in the world, as well as the leap in disclosure and transparency following the promulgation of the new Securities Law of 2002. Mr. Tarif explained that control measures aiming at investor protection and strict monitoring of the capital market, by way of data dissemination and imposition of strict penalties on those parities that breach the Law, regulations and instructions and that are under the supervision and surveillance of the Jordan Securities Commission, have shored up investment in Jordanian securities and increased the number of Jordanian, Arab and foreign investors.
He stressed that the ASE always seeks to bolster cooperation among international and Arab institutions in line with the ASE overall strategy for building ties of collaboration with Arab, regional and international financial markets. The ASE has assisted in setting up several Arab and non-Arab financial markets, and is currently contributing in the establishment of a highly modern and developed financial market in Syria.
The ASE ward attracted large scores of visitors and interested people, be it Arab or foreign ministers, eminent personalities or businessmen, who expressed their admiration of the progress made by the ASE.
Collaboration meeting with OIC exchanges
Mr. Nader Azar, deputy CEO, and Mr. Sami Hattab, head of the Research and International Relations Department represented the ASE at a meeting organized by Istanbul Stock Exchange in cooperation with the Committee for Economic and Commercial Cooperation of the Organization of Islamic Conference (COMCEC), with a view to fostering cooperation among OIC stock exchanges. Mr. Azar added: several issues were discussed such as enhancing conformity among laws and financial market regulations and finding mechanisms to ensure compliance amongst adopted procedures within the various exchanges, and opening up channels of communication and cooperation among OIC Members' stock exchanges. Two working committees were formed; the Technical Committee and the IT Committee. The Technical Committee which consists of the ASE, Muscat Securities Market, Istanbul Stock Exchange, Saudi Stock Market, Palestine Stock Exchange and Dubai Financial Market, will work on creating common index, Islamic depository receipts, cross listing opportunities, and bridging to other Islamic exchanges and institutions. The IT Committee which consists of Istanbul Stock Exchanges, Tehran Stock Exchange, Dubai Financial Market, and Bursa Malaysia Berhad, and will work on the assessment of technological levels of the participating stock exchanges and creation of a data center.
It is worth mentioning that the OIC in its sixth meeting which was held in Morocco in 1994; had adopted the action plan to develop the financial sector in the OIC member countries. A decision of strengthen and increasing the cooperation between the members exchanges in the 10 th meeting held in Malaysia in 1993. Following this decision, the Statistical, Economic, Social Research and Training Center for Islamic Countries (SESRTCIC) in Ankara, and the Islamic Center for Development (ICD) and Trading in Casa-Blanca, are responsible to make a report for the COMCEC. The COMCEC take the responsibility of coordinating and cooperation between the OIC members, and this meeting came as a further step in the field. Then it was agreed that the next meeting will be held in Casa-Blanca.
It is worth mentioning that the OIC currently consists of 57 members, and 25 of which has stock exchanges in their countries.
Workshop on Municipal Funding through Bonds
In cooperation with the Ministry of Municipalities and AMIR program, and with funding from the USAID, the JSC organized a workshop entitled “Funding Municipalities through Bonds”. It was attended by the director of Jordanian Development Agency, the acting director of the Economic Opportunities Office and a representative of the Minister of Municipal Affairs at the JSC headquarters.
The workshop laid out modern methods of funding capital projects of municipalities. A comprehensive presentation was made on municipal bonds through which citizen savings can be mobilized in the municipal regions. Among other issues discussed were municipal budgets, accounting and basic principles applying to financial officers at the municipalities.
More than 60 persons participated representing mayors, financial managers and accountants from municipalities, the Ministry of Municipal Affairs, Amman Municipality, the Development Bank of Cities and Villages, ASEZA and capital market institutions. Participants were presented with the expertise of highly experienced international consultants in US capital markets, particularly in the financing and issuance of government, corporate and local government bonds. Jordanian experts from the Jordanian capital market institutions also gave presentations on this issue.
Organization for Economic Cooperation and Development Forum
In cooperation with the Organization for Economic Cooperation and Development (OECD), the Jordan Securities Commission (JSC) held at its headquarters the Forum on Corporate Governance in the MENA Region. The meeting was attended by a large number of officials and experts from more than 15 countries and was opened by Dr. Bassam Saket, chairman of the JSC who underscored the need to have rules and principles that protect the interests of all stakeholders in the corporate sector, the capital market and the financial sector, given their importance in securing economic growth in any country. He stated that the JSC, in its capacity as a supervisor aiming to protect market investors, fully realized the significance of good governance in Jordan as a basic requirement for a sound, credible, efficient and transparent capital market that protects investors. He affirmed that the JSC shall cooperate with local and international organs, including the World Bank and the OECD, to establish such rules and standards for companies listed on the ASE, and explained that amongst the most important players in drafting good governance rules are supervisory bodies, the ASE, the judiciary and the legislative, professional associations such as Certified Financial Professional Association, the Auditors Association and the Chambers of Commerce and Industry. Mr. Jalil Tarif, CEO of the ASE presented a working document and said that the World Bank's report on Jordan corporate governance in (ROSC) framework showed positive indicators as to Jordan's commitment to the OECD good governance principles. He underlined the important legislative and technical steps made by the Jordanian capital market institutions, noting in particular the completion of the legislative framework governing investor protection. Standards of disclosure and transparency were strengthened along with the provision of data related to companies listed on the ASE; listed companies are now required to disclose their preliminary results within 45 days of the end of year, and to submit their annual and semi-annual reports to the ASE and the JSC. He went on to say that for the first time in the history of the Jordanian capital market the Listing Directives of the ASE for the year 2004 obliged public share holding companies listed on the First Market to file quarterly audited reports with the ASE. Said companies are also compelled to sign listing agreements and to appoint a liaison officer. The Forum adopted several recommendations, such as to conduct a general survey of the state of governance of public and private companies in the Arab region as well as a survey of the banking and financial sector and corporate good governance in the region; and to work on raising awareness in the importance of corporate governance in the region.
Training seminar at the Amman Chamber of Commerce
The Amman Chamber of Commerce organized a training seminar for its members entitled “Capital Market Efficiency and its Impact on Trading in Shares and Bonds”. Lecturers from the ASE, the JSC and the Securities Depository Center (SDC) participated in the seminar. Mr. Tarif gave a lecture about the ASE and its overall developments, his deputy Mr. Nader Azar, gave a lecture on trading mechanism and listing securities at the ASE, and Mr. Sami Hattab, head of the Research and international Relations Department introduced shares and bonds and their evaluation methods.
Capital Markets Regulating Study
In 2004 the World Federation of Exchanges (WFE) Working Committee undertook a study on the role of exchanges in capital market regulation. It circulated a survey to its members requesting them to identify their duties and responsibilities as well as their future orientation, how much do they share such responsibilities with government organs, and the actual cost born by the exchange while performing its functions. The study indicates that stock exchanges believe that regulation constitutes a significant part of their strategies and heads their priority list. In order for them to keep their powers, they have to exert all efforts to adapt with market and legislative changes by using IT and finding appropriate solutions for any obstacles that may arise in the future. As to the role of the exchange in market regulation operations, the study indicated that exchanges lay out rules for regulating trading, supervising trades and imposing fines and penalties on breaching members. As to their responsibilities, the results of the study showed that 88% of the covered stock exchanges are responsible for licensing members, 50% supervise settlement and clearance, 56% organize dispute settlement and 75% monitor corporate disclosure. As for adoption of international standards, the study showed that most of the stock exchanges have adopted international listing, governance and surveillance standards. As for demutualization of stock exchanges, the survey results indicate that it did not lead to major changes in responsibilities, but was rather reflected in the manner of performing said duties. On the real cost of regulation tasks performed by stock exchanges, the study revealed that the average cost of regulatory operations represents 35% of the overall transaction costs. Expenditure costs on IT and regulation have gone up as compared to three years before, which is a normal increase reflecting the rise in regulatory charges. Said increase in spending on IT is expected to have a positive impact on cost reduction.
Jordan Capital Market Ranked 10 th
The US-based Wilshire Associates Incorporated, an independent employee-owned company, issued recently a revised report including a list of emerging markets that have an attractive investment climate in securities markets. Jordan ranked as the 10 th among the 27 attractive stock market of emerging markets, two steps a head of the Jordan's rank in 2003. The improvement in Jordan's ranking can be attributed to regulatory, legislative and technical developments that have been implemented over last year. Those changes raised Jordan's rank from 2 to 2.25 out of 3. This report was prepared upon the request of one of the largest US-based pension funds “ The California Public Employees Retirement System” (CalPERS). The total assets of this fund are around US$168 billion invested all around the world including emerging markets.