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World Federation of Exchanges upgrades the membership of Palestine Stock Exchange to “Affiliate”

2011-06-26

World Federation of Exchanges decided to upgrade membership of Palestine Stock Exchange to become as an Affiliate in the Federation. The decision came during a meeting of the board of directors of the Federation in June 8, whereby approved the request of the PEX to be promoted from correspondent to an affiliate. The federation indicated that this decision came within the development that the PEX had achieved during the last years, and as an encouraging step to strengthen the PEX locally and its contribution to the capital formation process and the progress in the region.

Commenting on this important step, the Board of directors" Chairman of Palestine Stock Exchange Prof. Rami AL-Hamdallah praised this resolution, which represented an important development of the Palestinian capital market and a positive indication of their commitment to the global practices and international standards of the  financial markets, pointing out that this resolution was the result of the significant developments in the Palestinian capital market in general and particularly Palestine Stock Exchange in the recent years, as well as to the important improvements achieved by Palestine stock exchange on the levels of regulatory, legislative and technical, in addition to its commitment to the standards of governance ,transparency , disclosure and investors" protection.

From his side, the Chief Executive of Palestine Stock Exchange, Mr. Ahmad Aweidah assured on the importance of this resolution, which came after meeting the requirements and demands of the World Federation of Exchanges to be an affiliate member, considering that this resolution constitutes a qualitative step forward by the stock exchange towards attracting the attention of the international investors and the institutional global investments to the environment of the  Palestinian Stock Exchange, especially within the major progress in the electronic infrastructure and the legislations in addition to the distribution and information broadcasting tools, stressing out that this is a big step to approach the full membership of the federation that will constitute a significant incentive and a push towards encouraging investors on the local, regional, and international levels to invest in the Palestinian listed stocks, and will contribute in developing additional financial tools that are able to meet investors needs.

Under this membership, Palestine Stock Exchange will be able to participate in the forthcoming annual meeting of the World Federation of Stock Exchanges that will be hold in Johannesburg, South Africa. In which will open up wider prospects for the Bourse to promote investment opportunities and attract more international investments. This membership opens a greater opportunity for correlate and benefit from global activities in the field of capital markets, considering the World Federation of exchanges is the most important international reference in the securities industry in terms of the principles that govern the operations of the trading, clearing & settlement, financial intermediation, governance, disclosure and the investor’s protection.

The World Federation of Exchanges is the largest compound Stock Exchanges in the world, and is headquartered in the French Capital Paris, and comprises of 52 bourses from various regions of the world, including three Arab stock markets: Amman, Egypt and Casablanca. The Federation is currently managed by a Board of Directors composed of 17 members.