FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
Arab Federation of Exchanges (AFE)
The Federation is working hard to fulfill the
dream of linking its members to carry the
performance of Arab Stock Exchanges to a
higher level.
Dr. Fadi Khalaf
Secretary General
Over the past year, the AFE and its members
have mainly accomplished the following:
• Restructuring the AFE and forming
an Executive Committee for it, which
implements AFE Council’s decisions.
• The accession of Qatar Exchange and
Dubai Financial Market to the membership
of the World Federation of Exchanges (WFE)
reflects the advanced level the Arab markets
have reached. Being qualified to move on to
a more advanced phases of work.
• The Federation is working hard to fulfill the
dream of linking its members to carry the
performance of Arab Stock Exchanges to
Background
AFE was established in June 1978 to be the
guiding body for the Arab stock exchanges,
under the recommendation of the Arab Central
Banks Conference, held under the auspices of
the General Secretariat of the League of Arab
States in the Hashemite Kingdom of Jordan.
Mission
The mission of the Federation is to create a
transparent environment for the Arab capital
markets, develop market members and reduce
the barriers of security trading across the
countries through establishing harmony across
the laws and regulations of the Arab countries,
adopting new technologies and advanced
trading and clearing settlements.
Vision
• Facilitating the exchange of views and
providing collaborative opportunities for the
members
• Knowledge transfer through workshops and
conferences
• Developing the legislations in the Arab
financial markets
• Resolving potential disputes
• Cooperating with regional and international
federations
• Increasing the value of the Arab stock
markets
Objectives
• Achieving the goals set by the AFE
• Developing the Arab financial markets
a higher level by expanding the circulation
base of Arab investors to cover all Arab
states instead of being restricted to its
country. The current condition of Arab Stock
Exchanges does not align its real potential,
nor does its performance with a healthy
economical performance for most Arab
economies, in particular the Gulf. In the past
year, the SPAFE 40 has achieved a growth
rate of 18.74% moving along with the MSCI
World Index which has achieved a growth
rate of 20.25%, while the MSCI Emerging
Market retracted by 4.98% during 2013. This
calls us to utilize all positive characteristics
and assets of our economies in a manner
to keep their performances in line with Arab
• Improving the integration and liquidity of the
Arab financial markets
• Developing the IPO process within the Arab
financial markets
• Increasing awareness regarding
technological advancements
Members of the Federation:
Exchanges
• Abu Dhabi Securities Market
• Amman Stock Exchange
• Bahrain Bourse
• Beirut Stock Exchange
• Casablanca Stock Exchange
• Damascus Securities Exchange
• Dubai Financial Market
• Egyptian Exchange
• Iraq Stock Exchange
• Khartoum Stock Exchange
• Kuwait Stock Exchange
• Libyan Stock Market
• Muscat Securities Market
• Palestine Exchange
• Qatar Exchange
• Saudi Stock Exchange (Tadawul)
• Tunis Stock Exchange
Clearing Settlement and Depository
Companies
• Kuwait Clearing Company
• MAROCLEAR
• Misr Company for Central Clearing,
Depository & Registry (MCDR)
• Muscat clearing & Depository Company
economies and global financial markets’
performances.
• To realize and acknowledge the difficulties,
is the first step on the correct path of finding
development and growth methods and
mechanisms for our Arab Stock Exchanges
through effort coordination, exchange of
expertise and beneficial cooperation to
develop the regulatory and organizational
environment as well as overcoming the
difficulties obstructing Arab investment,
expanding its base diversifying its tools and
driving Arab capitals into the investment and
• development of Arab states.
The headquarters of AFE is located in Beirut,
Lebanon.
Organization Structure of Arab Federation
of Exchanges:
Chairman: The President of the council is the
Head of the Stock Exchange who hosted the
latest annual council meeting. He is appointed
until the next annual council meeting.
Council: The Federation Council consists of all
Stock Exchanges and Clearing Settlement and
Depository Companies of the federation and
has the highest authority in the Arab Federation
of Exchanges. The council is responsible for
determining public policy within the framework
of the objectives and bylaws of the AFE.
Executive Committee: The Executive
Committee follows up on the implementation of
the Federation Council strategies, and plays an
advisory role related to general policies.
Secretariat: The Federation Secretariat is
the executive organization of the Federation,
headed by the Secretary General, who has the
financial and administrative powers to establish
the implementation of tasks related to the
Federation functioning.
CONTACT INFORMATION
Contact Name Dr. Fadi Khalaf
PAGE 98
E-mail [email protected]
Website www.arabstockexchanges.org/
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