Market Closed Date 29/03/2017
2015

December

Meeting of the Executive Committee of the AFE

 The Amman Stock Exchange (ASE), represented by the CEO of the ASE, Mr. Nader Azar, participated at a Meeting of the Executive Committee of the Arab Federation of Exchanges (AFE), which was held in Dubai / United Arab Emirates during December 14-15, 2015 in the presence of Secretary General of the AFE, Dr. Fadi Khalaf and members of the Executive Committee. The Executive Committee, of which the ASE is a member, consists of (5) members as namely: Bahrain Bourse, Misr for Central Clearing, Depository and Registry (MCDR), Casablanca Stock Exchange, and Saudi Stock Exchange (Tadawul). The Executive Committee followed up the strategies implementation of the AFE Council, and has an advisory role with everything related to the general policy of the AFE.

During the meeting, the participant members approved the minutes of the previous meeting of the Executive Committee, which was held in Manama-Bahrain in April 2015. They also discussed future strategy of the AFE, and discussed the items of the agenda of the Committee on financial services companies which are the members of the AFE. The organizational structure of this committee was approved, and the membership was increased to involve investment bank and investment portfolios and other of financial services companies. Further, they reviewed the financial situation of the AFE for the end of 2015, and the draft budget of the AFE for the year 2016. They also recommended holding training courses regarding funds of Real Estate Investments Trust (REITs) and the bond market and Islamic instruments and others.

The preparations for the next annual conference of the AFE were discussed for the year 2016 to be held in Amman, Jordan, in cooperation with the ASE during April 2016.

The ASE Participates in FEAS’ 21st General Assembly & Annual Meeting

The Amman Stock Exchange (ASE) represented by Mr. Nader Azar, the CEO of the ASE participated in the Federation of Euro-Asian Stock Exchanges’ (FEAS) 21st General Assembly and Annual Meeting which was held in Isfahan/ Iran on November 17 - 18, 2015, hosted by Tehran Stock Exchange. The Meeting was attended by FEAS Working Committee, Executive Board, General Assembly and participating members. 

During the Meeting, The Executive Board and General Assembly gathered to develop a multi-year strategy of the Federation in further assisting the members alongside discussing executive and financial elements of the FEAS business. Further, a membership was accepted for Cyprus Stock Exchange as a full member and European Bank of Reconstruction and Development (EBRD) as an affiliate member. Such additions highlight the inclusive role of the Federation which is filling a gap for development of small to medium-size markets in the Eurasian region.

The Working Committee (WC) also discussed a wide range of agenda items including capacity building, regulation, surveillance, exchange analytics and financials, investor relations, SMEs market, interrelationship of market participants, sustainability and other facets of the regional capital markets.

The next Working Committee Meetings will be hosted by Bucharest Stock Exchange in Bucharest, Romania in May, 2016 and the upcoming next annual meetings of 2016 will be hosted by Bahrain Bourse in Manama, Bahrain.

 

The ASE index Quarterly review

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 in a number of leading international index providers such as the S&P Dow Jones.

as a result of this review, seven companies have been excluded from the index sample and other seven companies have been added. As part of the rebalancing, 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.

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 (90.7%) of the total market capitalization of the companies listed at the ASE. The free float market capitalization of the index constitutes' represents (91.6%) 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 starting 3rd of January 2016. Interested parties can access to the constituents of the index with the new weights through the following link:

http://www.exchange.jo/en/constituents

 

The ASE Participates in a Training Workshop on XBRL System

 The Amman Stock Exchange (ASE), represented by Miss Haneen Mubarak from the Listing and Operations Department, and Miss Tala Sawalha and Mrs. Nagham Malahmeh from Research and International Relations Department, participated in a training workshop on the disclosure system (XBRL) which is coordinated by the Indian Company developing the system "IRIS Business Services", which was held in Dubai / United Arab Emirates. The workshop was opened by the Secretary General of the Arab Federation of Exchanges (AFE), Dr. Fadi Khalaf and with the participation of members of the AFE.

During the workshop, they illustrated the elements and the advantages of the disclosure system, the importance and role to disseminate information to increase the level of transparency on preparing financial statements. The system is based on global standards for financial reporting (IFRS) which increases its reliability and accuracy in financial information. At the end of the workshop, the IRIS Business Services Ltd Company, the Saudi Stock Exchange (Tadawul), Abu Dhabi Securities Exchange, and Dubai Financial Market reviewed their experiences on the application of the electronic disclosure system (XBRL).

ASE Receives Students Delegations

The Amman Stock Exchange (ASE) received students' delegation from Hittein College, where Miss. Malak Al-Jazzazi from Awareness and Public Relations Dept. briefed the delegation on the latest legislative and technical developments of the Jordan capital market at the legislative and technical level. Also, the delegation visited the Investor's Gallery in the Housing Bank Complex and they toured a number of brokerage firms.

 

November

A Delegation from Amman Chamber of Commerce visits the Capital Market Institutions

The Chairman of the Board of Commissioners of Jordan Securities Commissions (JSC), Mr. Mohammed S.AlHourani, received a delegation from Amman Chamber of Commerce, headed by the Chairman of the Chamber Mr. Issa Haider Murad, accompanied by a number of members, in the presence of the Board of Commissioners of JSC , the Chairman of the Board of Directors of the Amman Stock Exchange (ASE) Mr. Marwan AlBatayneh , the CEO of the ASE Mr. Nader Azar , the chairman of the Board of Securities Depository Center (SDC ), Mr. Said Hammami, and the Acting CEO of the SDC, Mr. Khalil Nasser, in a visit aiming at strengthening communication and cooperation between the Amman Chamber of Commerce and the Jordanian Capital Market Institutions.

The chairman of the JSC has welcomed the delegation and thanked them for their interest in the Jordanian Capital Market. He also displayed the most important economic indices and legal frameworks that govern the capital market and the JSC functions and competences in area of surveillance, legislation, law enforcement, and investor protection. He also addressed the role of the JSC and capital market institutions in regulating, monitoring and developing the various market legislations. 

The Commissioner and the General Secretary at the JSC Mr. Mazen Al- Wathaifi explained about the JSC role as regulatory body of the capital market and its functions and role for investor protection and its mission to develop the performance of the capital market to achieve a supportive environment for savings and investment with transparent, efficient and sovereignty.
The Chairman of Board of Directors, Mr. Marwan Al-Bataineh, valued the visit of the chairman of the Commerce Chamber and the members considering this visit as a step for enhancing the effective partnership between the private and public sectors.

The CEO of the ASE, Mr. Nader Azar, presented about 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 opening to foreign investment.
The Acting CEO of the SDC presented about the role of the Jordan Depository Center in settlement and clearing operations, and transferring of ownership. He also talked about the international standards in this field, which are applied by the SDC and contributing to deepen trust in the Jordanian capital market. 
This meeting is considered within the framework of the pursuit of capital market institutions to deepen trust in the market, attract investment, develop an attractive investment environment, and introduce the local institutions by the role of capital market institutions and by the current legislation and regulations of the market. During the meeting, they agreed to hold continuous meetings between the capital market institutions and the members of the Amman Chamber of Commerce and participating in awareness programs and courses held by the capital market institutions.

Scientific Siminar in Irbid National University

The Chief Executive Officer (CEO) of the Amman Stock Exchange (ASE), Mr. Nader Azar, presented a Lecture entitled with (the ASE – Future Outlook) at Irbid National University in coordination with the Faculty of Administrative and Financial Sciences at the University, and in the presence of the President Prof. Dr. Ziad Kurdi, His Excellency Dr. Izzat Jaradat, Chairman of the Board of Trustees of the University; Dr. Salim Al-Rahimi, Faculty Dean; deans; a large collection of faculty members; administrative bodies, and university students.

Mr. Azar pinpointed the latest 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. He explained that the ASE is currently working on developing a strategy plan for the coming three years (2016-2018) which include 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. Mr. Azar pointed out the most important projects included in the Strategic Plan of the ASE, one of which is the conversion of the legal form of the ASE to a public shareholding company. He also pointed to the development of the technical infrastructure of the ASE by a new system for surveillance and a new disclosure system, and he talked about the diversification and expansion of the types of financial instruments listed in investment funds and Islamic sukuk, ETFs, financial derivatives, and calculating new indices.

Mr. Azar also viewed that changing the legal status for the ASE will provide for more flexibility and help the ASE to diversify its 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. Being a profit public company, the ASE may engage in commercial activities and establishing investment projects and thus their sources of income will diversify, its revenues will increase, and developing of the ASE management approach will be improved through the adoption of best practices of corporate governance, in addition to opening the way for strategic partners to enter into international and regional alliances with other stock exchanges.

Further, he also explained that the ASE was affected by external conditions and regional and international crises like any other stock exchanges in the region and in the world. 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.

At last, all Q & As were answered. At the end of the meeting, The Chairman of the Board of Trustees of the University and the President of the University presented the University Shield to Mr. Azar, for presenting valuable information on the ASE.

 

Scientific Day in Applied Science Private University

 The Amman Stock Exchange (ASE) held, in cooperation with Department of Financial and Administrative Sciences / Applied Science Private University, a scientific day where Mrs. Susan Kashoqa, the Head of the Statistics and Publications Division at Research and International Relations Department, presented on the ASE website to introduce students to the proper mechanism for how to use the ASE website and how to extract information and statistical data from it.

At the end of the presentation, the Q & As were answered. This visit comes within the ASE keen to strengthen its ties and continuous communication with the local community, and to disseminate the investment culture and to increase awareness among citizens and those interested in securities.

 

Student's Delegations Visit the ASE

 The Amman Stock Exchange (ASE) received students’ delegations from Yarmouk University– Faculty of Economics and Administrative Sciences over two consecutive visits where Mr. Amjad Al-Qudah, the Head of Awareness and Public Relations Department, 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, Mr. Mohammad Shneiwer, the Head of 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.

 

 

 

 

October

Financial Statements of the Third Quarter 2015 for Companies Listed at the ASE with the end of October 2015
According to the listing securities Directives for the year 2012; all companies listed at the ASE should submit their quarterly reports reviewed by their auditors within one month of the end of the relevant quarter. Noting that the listed companies at the ASE are (230) companies; including (14) companies suspended from trading. Mr. Nader Azar, added that the number of companies which submitted their quarterly reports reached (218) companies representing (95%) of the overall companies within the time limit which ended with the end of October 2015. It is worth mentioning that the number of traded companies that provided the ASE with its quarterly reports within the time limit reached (213) constituting (99%) of the overall listed and traded companies.
Mr. Azar added that the ASE circulates these reports to the brokerage firms, and post them on the ASE website www.exchange.jo (Arabic Version) in circulars and disclosures/quarterly reports window.
On the other hand, Mr. Azar said that Jordan foundation/Al-RA'I, Capital Bank of Jordan and the Mediterranean of gulf insurance submitted the ASE with their un-reviewed quarterly reports within the time limits while Jordan Projects for Tourism Development, Jordan Paper and Cardboard factories and Al-Rou'ya for Investments did not submit their reviewed third quarter reports within the time limit breaching the provisions of Article (9) of Listing Directives at the ASE where they were suspended from trading for one trading session on Sunday 1/11/2015 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.

The ASE Participates in the 55th General Assembly and Annual Meeting of WFE
The Amman Stock Exchange (ASE) represented by Mr. Nader Azar, the CEO of the ASE, participated in the 55th General Assembly and Annual Meeting of the World Federation of Exchanges (WFE) which was held in Doha / Qatar hosted by the Qatar Stock Exchange during October 19-21, 2015. CEOs and other representatives of member exchanges worldwide attend the main yearly WFE meeting for in-depth discussion on major issues surrounding the exchange industry.
During the Meeting, the participating exchanges including the ASE approved on the Draft Agenda, the Draft Minutes of the General Assembly in Seoul 28 October 2014, as well as the accounts of 2014 and WFE financial position as of 31 August 2015, and the 2016 budget proposal. In addition, they recommended on the Sustainability Working Group (SWG), published a position paper, setting out the views of global market operators and CCPs, and elected members of the Board of Directors. The Chairman of Bolsa Valores de Colombia is unanimously appointed as Chairman of the Board of Directors for a 2-year term; the Chairman of National Stock Exchange of India, as Vice Chairman of the Board of Directors; and the Chairman of SIX Swiss Exchange as Chairman of the Working Committee.
During the meeting, it was agreed to hold the 2016 General Assembly in Cartagena, Colombia, hosted by Bolsa Valores de Colombia from October 19 to 21, 2016.

ASE receives Student‘s Delegations
The Amman Stock Exchange (ASE) received student's delegation from Islamic Educational College /GCE, where Mrs. Eman Bawaneh from Awareness and Public Relations Dept. briefed the delegation on the latest legislative and technical developments of the Jordan capital market at the legislative and technical level. Also, the delegation visited the Investor's Gallery in the Housing Bank Complex and they toured a number of brokerage firms.

 

August

Participation in Meeting of the UTP-H User Group

The Amman Stock Exchange (ASE) represented by Mr. Marwan Al-Bataineh, the Chairman of the Board, Mr. Nader Azar, the CEO, Eng. Adel Abu Assaf, the Head of Information and Communication Technology Department and Mr. Mohammad Shneawer, the Chief of Market Operations Division participated in the fourth meeting of the UTP-H User Group held in Euronext premises in Paris from 29 to 30 September 2015. The meeting was attended by representatives from the ASE, Muscat Securities Market, Beirut Stock Exchange and Bourse De Tunis.

During the meeting, the parties discussed all amendments to functional and technical specifications of the Electronic Trading System (ETS), they also discussed and agreed on the project roadmap and the delivery plan.

It is worth mentioning that the new version of the ETS, which is being developed by Euronext Group, one of the leading companies in developing trading solutions, which owns and operates regulated markets in Belgium, France, the Netherlands, Portugal and the UK, will add many technical and functional features, it will also enable trading new financial instruments such as derivatives, note that it is expected to launch the new version of the ETS during the last quarter of 2017.

 

The ASE index Quarterly review

The Amman Stock Exchange (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 in a number of leading international index providers such as the S&P Dow Jones.

As a result of this review, six companies have been excluded from the index sample and other six companies have been added. As part of the rebalancing, 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.

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 (89.8%) of the total market capitalization of the companies listed at the ASE. The free float market capitalization of the index constitutes' represents (90.4%) 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 starting 1st of October 2015. Interested parties can access to the constituents of the index with the new weights through the following link:

http://www.exchange.jo/en/constituents 

July

The ASE Participates in the Working Committee Meeting of the WFE

The Amman Stock Exchange (ASE) represented by Mr. Nader Azar, the CEO of the ASE participated in the Working Committee (WC) Meeting of the World Federation of Exchanges (WFE) which was held in Kuala Lumper / Malaysia during July 21-23, 2015. The Meeting was attended by wide participation of exchanges and participants worldwide.

During the Meeting, the participants approved the Draft Minutes of the meeting hosted by SIX Swiss Exchange on 26 February 2015 in London. After that; members of WC discussed the update on WC work plan progress for the year 2015 plus membership review committee. Two breakout sessions held during the meeting namely: Risk Mitigation in Highly Automated Markets - presentation from the Japan Exchange Group (JPX) and Anti-Money Laundering (AML) in Asia.

Furthermore, members discussed the WFE projects on Emerging Markets and SME Financing. They also discussed the report of the Statistics Advisory Group on the new liquidity indicator "the Median Simple Spread" and the data collected among WFE members. The findings of the WFE survey were presented during the meeting showing that the exchanges see rising investor interest in sustainability. During the meeting; members tackled the opportunities in Islamic Capital Markets. In addition, it was held a Forum titled with "Global Sustainability and Impact Investing" by Bursa Malaysia on July 23, 2015. It was focused on advocating shared values from sustainability and the transformative power of impact investing.

Moreover, during the Meeting, Mr. Azar presented on the importance of transforming the ASE into a for-profit shareholding company in line with the Arab and international experiences in this field. He added that changing the legal status of the ASE will provide more flexibility and help it 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.

It is worth mentioning that The WFE's Sustainability Working Group (SWG) was set up in March 2014. Based on the premise that exchanges are well-placed to drive enhanced transparency on sustainability and Environment, Social and Corporate Governance (ESG) issues and to make recommendations to WFE's membership. SWG has 50 participants worldwide and represents 21 exchanges. SWG provides a private forum for the frank and forthright exchange of views between exchanges on sustainability topics.

"The Jordanian Expatriates Conference 2015"
Under the Patronage of his Majesty King Abduallah II Bin Al Hussein, Amman Stock Exchange (ASE) represented by the CEO of the ASE Mr. Nader Azar participated in a conference entitled "Jordanian Expatriates" held under the slogan "Jordan bring us together" which was held in the Dead Sea during the period July 28-30, 2015 with a participation of a representatives of Jordanian Expatriates from all around the world. Mr. Azar gave a presentation entitled "Investing in the Financial Market", in which he addressed the legislative environment for the Jordanian Capital Market, its development and the environment for attracting investment and the role of mutual funds in activating the capital market.

Mr. Azer also commended on the procedures for conversion the ASE to a public shareholding company , the benefits for its conversion to increase its ability to attract and retain professional employees, developing the ASE administration through following the best governance structures and probability of bringing strategic partner; in addition to the establishment of investment projects and increase in income and profitability ; adding the possibility of obtaining the necessary financing through increasing its capital or loaning.

 

June

His Majesty King Abdullah meeting with Capital Market Institutions representatives and investors

 His Majesty King Abdullah said during the meeting that was held at Al Husseiniya Palace on June 15th 2015 that “achieving sustainable growth must be the main goal of all economic plans and programs under way and highlighted the 10-year economic blueprint that the government recently has endorsed to overcome economic challenges”.

 His Majesty underlined the adverse impact that the regional turmoil has had on the financial market and the economic situation in Jordan, calling for developing market instruments and taking practical steps to mitigate the severity of these effects. 

 The King also underscored the “important” role of the Jordan Securities Commission, and called on the private sector to play a more effective role in attracting investments, rather than entirely depending on the government in this regard.

 At the meeting, which was also attended by Prime Minister Abdullah Ensour, Royal Court chief Fayez Tarawneh, Finance Minister Umayya Toukan, Mohammad Saleh Alhorani, Jordan Securities Commission’s Chairman, Social Security Investment Fund Chairman Suleiman Hafez, Chief Executive Officer of the ASE, Nader Azar, and representatives from the private sector Mohammad Bilbeisi, Nashat AlMasri, Ahmad Tantash and Sami Shraim. King Abdullah pinpointed the role of the financial markets in stimulating economic growth and investments, asserting the need for developing new tools in cooperation with the private sector, which can stimulate the ASE and its different financial operations. 

 Prime Minister Abdullah Ensour said that the government and all its concerned agencies are ready to eliminate the difficulties facing ASE investors, due to its vital role in boosting the economy's competitiveness.

He vowed that the government would work with all stakeholders to achieve results that would reflect on the country’s economic performance. 

He stressed the significant role of the Social Security Investment Fund in boosting economic growth, emphasizing the importance of remarks made by investment institutions’ representatives on the main challenges facing them. 

Finance Minister Umayya Toukan said that his ministry, in cooperation with financial market institutions and investors, would examine all solutions suggested to boost ASE’s performance.

Representatives of the financial entities attending the meeting presented several demands, mainly related to legislative amendments that are under way to develop the business environment at the financial market and to boost its competitiveness and ability to draw investments, mainly with regard to joint investment funds.  

They also called for organizing media campaigns that can highlight the importance of the ASE and boosts investors’ confidence in it, besides conducting promotional campaigns that encourage investment in the bourse.

They underlined the problem of liquidity shortage and banks’ refraining from financing investments in shares.  

 During the meeting, Nader Azar said that the ASE is currently developing a strategic plan for the coming three years (2016-2018). The plan will focus on modernizing the market according to international standards, increasing the ASE competitiveness, enhancing the investors’ confidence in the market, and raising public awareness. Azar also said that the ASE has a number of projects in the pipeline. It will implement a new version of the trading system (UTP-Hybrid) developed by NYSE Euronext, and a new disclosure system and a surveillance system. Azar stressed that the ASE is keen to be transformed and become a for-profit 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. Changing 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. 

 

The Initial Approval on Converting the ASE to Shareholding Company

The Council of Ministers approved in its session dated June 17, 2015, in-principle, on converting the Amman Stock Exchange (ASE) to a public shareholding company.
On this regard, the Cabinet approved the amendment to the current temporary Securities Law in preparation for sending it to the Legislation and Opinion Bureau to get the approval in order to complete the necessary constitutional procedures for conversion of the ASE to a public shareholding company.

It was also underlined that the Ministerial Development Committee examined the economic and technical justifications and the feasibility of conversion in light of current situation of the ASE, and the challenges it faces and its relations with its stakeholders, prospects and opportunities anticipated from the conversion.

 

 

The Practical Training Program on Oversight Procedures

Under the patronage of H.E .Mr. Mohammad Saleh AlHorani the chairman of Jordan Securities Commission (JSC) with the presence of  Mr. Jalil Tarif the Head of the Union of Arab Securities Authorities (UASA) and Mr. Nader Azer the CEO of Amman Stock Exchange(ASE)   held jointly with the Union of Arab Securities Authorities (UASA) Secretariat, and in cooperation with Amman Stock Exchange and  the Securities Depository Center, a practical training program on oversight procedures during the period 9-11 / 6/2015 . 

Mr. Azar briefed the participants on the ASE experience in the field of surveillance and inspection, stressing on the importance of applying surveillance and inspection system in saving time, money and effort on securities commissions later.

This training program included also field visits to Amman Stock Exchange, where Mr. Saad Alawneh the Head of the Surveillance and Inspection Department explained on   the work of Surveillance and Inspection Dept.and the electronic surveillance systems applied in this regard, as well as the mechanisms of oversight of trading with the JSC. Also, Mr. Mohammad Shnewer the head of Operations and Dissemination Division in Listing and Operations Dept. displayed a live trading session and an explanation for the mechanism of trading on the ASE and the most important features of the electronic trading system.

 Organizing such  programs is a part of the bilateral exchange program, organized by the General Secretariat of the Union in cooperation with the members of the Union. This program was attended by a number of Arab countries namely as: Iraq, Kuwait and the UAE, Palestine, Oman, Saudi Arabia and representatives of the Jordanian capital market institution.

 

The ASE index Quarterly review

Mr. Nader Azar the CEO of the Amman Stock Exchange (ASE) said that the ASE has conducted its 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 in a number of leading international index providers such as the S&P Dow Jones.

Mr. Azar added that as a result of this review, eight companies have been excluded from the index sample and other eight companies have been added. As part of the rebalancing, the ASE calculated the free float shares 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 (90.6%) of the total market capitalization of the companies listed at the ASE. The free float market capitalization of the index constitutes' represents (87.5%) 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 starting on the 1st of July 2015. Interested parties can access to the constituents of the index with the new weights through the following link:

http://www.exchange.jo/en/constituents

 

A Delegation from Khartoum Exchange Visits the ASE

 The ASE received a delegation from Khartoum Stock Exchange (KSE) where the delegation was briefed on the experience of the ASE in all fields and the electronic trading system currently used. The delegation also visited the Securities Depositary Centre (SDC) and the Jordan Securities Commission (JSC). This visit comes within the frame of cooperation and joint work that aims to exchange experience between the ASE and the KSE.

 

May

UTP-Hybrid Project

The Amman Stock Exchange (ASE) represented by Mr. Marwan Al-Bataineh, the Chairman of the Board, Mr. Nader Azar, the CEO, Eng. Adel Abu Assaf, the Head of Information and Communication Technology Department and Mr. Mohammad Shneawer, the Chief of Market Operations Division participated in the third meeting of the UTP-H User Group, held on Euronext premises in Paris/ France during 12 -13 May, 2015. The meeting was attended by the ASE, Muscat Securities Market, Beirut Stock Exchange and Bourse De Tunis.

During the meeting, all project details were discussed, and Euronext announced that they are now embarking a new core technology, and asked for an additional year in the targeted delivery plan, so that they can prove the new technology on their own markets before delivering it to its clients.

It is worth mentioning that the project of updating the current ETS to the new system (UTP-H) is a joint project of four stock exchanges mentioned above and Euronext Group, which is one of the leading companies in developing trading solutions, that owns and operates regulated markets in Belgium, France, the Netherlands, Portugal and the UK . The new system provides many technical and functional features regarding trading in securities such as stocks and bonds which are currently traded, this system also enables to trade new financial instruments such as derivatives and futures; note that it is expected to complete the project by the third quarter of 2017.

 

Indian Ambassador visits the ASE

Mr. Marwan Batayneh, the Chairman of the Amman Stock Exchange (ASE) Board of Directors received the Indian Ambassador H.E. Anil Tritjonayat, in presence of Mr. Nader Azar, the CEO of the ASE. They discussed a number of shared subjects on the economic situation between the two parties. During this visit, both parties stressed on the depth of relations between the two countries. Moreover, they were keen to enhance communication and cooperation on the economic area, in general, and at the level of the financial markets, in particular.

 

 April

Election the Chairman and Vice Chairman of the AESBoard

The Amman Stock Exchange‘s Board of Directors has elected in its meeting held on Monday, April 13, 2015 Mr. Marwan Al-Bataineh as Chairman of the Board, Mr. Azzam Ya'eesh as Vice Chairman of the Board and Mr. Mohammad Shneiwer as Secretary of the Board.

 

The Companies' First Quarter Reports for the year 2015

According to the listing Securities Directives for the year 2012; all companies listed at the ASE should submit their quarterly reports reviewed by their auditors within one month of the end of the mentioned quarter. Mr. Azar added that the number of companies which submitted their reviewed quarterly reports reached (202) companies representing (86%) of the overall companies within the time limit of receiving their quarterly reports ended at the end of April. where Jordan Petroleum Refinery submitted the ASE with its un-reviewed quarterly reports within the time limits.ASE circulates these reports to the brokerage firms, and post them on the ASE website www.exchange.jo (Arabic Version) in circulars and disclosures/quarterly reports window.

Noting that listed companies that did not submit their reviewed quarterly reports within the time limit, breaching the provisions of Article (9) of Listing Directives at the ASE, can be found at the ASE website www.exchange.jo
It is worth mentioning that companies that didn't provide the ASE with the required data in the time limit will be subject to the sanctions stipulated in Listing Securities Directives.

 

The Annual Meeting of Arab Federation of Exchanges (AFE)

Amman Stock Exchange ( ASE), represented by Mr. Marwan Al-Bataieneh the chairman of the Board of Directors and Mr. Nader Azar the CEO of the ASE participated in AFE Board Meeting and the General Assembly in its Forty session ; and AFE Executive committee meeting, which was held in Manama, Bahrain in the period between 21st till 23rd of April 2015.
During the AFE Board Meeting and the General Assembly, they approved the minutes of the previous meeting which was held in Dubai/ UAE, and endorsed the Executive Committee of the federation regarding the data and the reports for the fiscal year 2014 as well as the discharge of the General Secretariat for the fiscal year 2014. Moreover, they confirmed the recommendation of the Executive Committee regarding the estimated budget and the appointment of the auditor of the Federation for the year 2015.
Also; they reviewed a presentation on the activities achieved during the ended session and the expected activities during the next session, and approved the transfer of the Federation presidency to the Bahrain Stock Exchange, as well as the future plans of the Federation by Saudi Stock Exchange were displayed.
Mr. Azar Also participated in the Executive Committee Meeting, During the meeting, they approved the minutes of the Executive Committee previous meeting, which was held in Dubai, UAE; they discussed the agenda of the Meeting of the brokerage firms members in the Federation . Also they launched a founding committee for brokers and open the affiliation in addition to the adoption of the Federation Board and the General Assembly agenda; the audited budget of the Federation for the fiscal year 2014 was reviewed. It was also suggested for appointing an external auditor of the Federation for the year 2015. It's worth mentioning that the ASE is a member of the Executive Committee of the AFE, which consists of (5) members representing the overall (18) Arab stock Exchanges, 4 Clearing Settlement and Depository Companies and 13 Financial Institutions (Affiliated Members)

ASE receives Student‘s Delegations

Amman Stock Exchange (ASE) received student's delegation from Islamic Educational College /GCE, and Arab Model Schools. Ms. Malak Al-Jazzazi from Awareness and Public Relations Dept. briefed the delegation on the latest legislative and technical developments of the Jordan capital market at the legislative and technical level. Also, the delegation visited the Investor's Gallery in the Housing Bank Complex and they toured a number of brokerage firms

 

 

March

 

ASE Sixteenth General Assembly Meeting

Amman Stock Exchange (ASE) held its Sixteenth General Assembly Meeting on Thursday, March 26, 2015. The meeting was 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 2014 and its future plan; the participants listened  to the Auditor's Report on the ASE financial statements, and the financial position for the year 2014. 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, 2014 have been endorsed. During the meeting, the four candidates for membership of the ASE Board won by acclamation due to the evenness of the number of candidates with the allocated seats constituting of financial services .The new four Board members are: Ahli Brokerage Company, Al-Nadwah for Financial Services and Investment, Emerging Markets for Financial Services and Investment, AL-Amal Financial Investments

The Companies' First Quarter Reports for the year 2015

The Chief Executive Officer (CEO) of the Amman Stock Exchange (ASE) Mr. Nader Azar, said that   the ASE is still receiving the quarterly reports of the period ending in March 31, 2014, from all companies listed at the ASE which have been reviewed by their auditors.

By virtue of the ASE Listing Directives for the year 2012 all companies listed at the ASE must submit reviewed quarterly reports reviewed by their auditors within one month of the end of the said quarter.

Mr. Azar clarified that such a step will enhance transparency and disclosure in Jordan capital market, and helps investors in being acquainted with the companies' results during the whole fiscal year. The ASE circulates these reports to the brokerage firms, post them on ASE boards and on the ASE website (Arabic version) www.exchange.jo in the Circulars and Disclosures/quarterly reports window to be reachable for those interested in securities.

Mr. Azar added that by the deadline of submitting quarterly reports, the end of working day of Thursday April 30, 2014, the ASE will announce the breaching companies which did not submit their reviewed reports through the mass media so as to protect the investors in Jordan securities market. Moreover, the companies that did not comply with the deadline will be subject to the penalties stated by Securities law, Regulations, Directives issued pursuant thereto.

Challenge Initiative for Research Universities in Jordan

Under the patronage of the Amman Stock Exchange (ASE), Chartered Financial Analysis Institute (CFA), and the CFA Jordan launched the Challenge Initiative for Research Challenge in Jordan. Teams from four local leading Jordanian universities competed with a chance to participate at the regional and global levels.

This challenge is an original imitative devised to teach university students in Jordan the best practices  in equity research, valuation, and ethics and as a means for  leading industry professionals to train students  in researching and reporting on public companies. Siniora Food Industries Company was selected as the subject company for the challenge.

Four teams participated in the challenge represented Yarmouk University, Jordan University, the German Jordanian University and the Applied Sciences University, where they presented their analysis of Siniora Food Industries in front of the judgment committee that consist of Mr. Nader Azar the CEO of the ASE, Mr. Faris Sharaf the Chairman of Islamic International Arab Bank and Dr. waleed Na'san the CEO of HFG Hermes- Jordan. The committee has chosen the  Jordan University as the winner of the local challenge so as it will participate in the regional challenge which will be held in Amsterdam / Netherlands, with a chance to compete at the global level if the team win at the regional level.

A Delegation from Chicago Visited the ASE

The Amman Stock Exchange (ASE) represented by the CEO of the ASE, Mr. Nader Azar, received a delegation from Northwestern University / Kellogg School of Management in Chicago / USA. This visit comes within a series of field visit to the Hashemite Kingdom of Jordan. Mr. Azar presented a lecture on the most important legislative, technical and quantitative developments witnessed by the ASE in recent years and the challenges facing the securities industry and the role of capital market institutions in the provision of an attractive environment for investment especially in light of the openness of the national economy to foreign investment. At the end of the lecture, the questions related to the Jordanian Capital Market were answered. 

 

February

ASE Sixteenth General Assembly Meeting

The Amman Stock Exchange (ASE) will hold its Sixteenth General Assembly Meeting on Thursday, March 26, 2015 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, 2014, 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, 2014 will be endorsed, Moreover, four new members will be elected of the Board of Directors of the ASE, presenting the brokerage firms.

Mr. Azzam Ya'eesh Vice Chairman of The Board

The Board of Directors of the Amman Stock Exchange (ASE) has elected in its meeting held on Monday, February 23, 2015 Mr. Azzam Ya'eesh as Vice Chairman of the Board.
Mr. Marwan Al-Bataineh presides the Board of Directors that also includes in its membership Dr. Ashraf Al Edwan, Mr. Naser Al-Amad representing the United Financial Investments Company, Mr. Nizar Al-Taher representing the Ahli Brokerage Company, Mr. Hadi Abu Suad representing the Mubadala Financial Investments Company and Mr. Samer Saeid representing the Global Investment House-Jordan.
It is worth mentioning that the Jordan Securities Commission has appointed Mr. Ya'eesh as a Member of the Board of the ASE, as of February 3rd, 2015, after the resignation of Dr. Abdulhadi Al-Alaween due to his appointment as a board member of the Jordan Anti-Corruption Commission.

The ASE Participates in the General Assembly Meeting of WFE

The Amman Stock Exchange (ASE) represented by Mr. Nader Azar, the CEO of the ASE, participated in the Working Committee of the World Federation of Exchanges (WFE) which was held in London / the United Kingdom (UK) during February 25-26, 2015. The Meeting was attended by wide participation of exchanges, Securities Commissions, Depository Centers and brokerage firms.

During the Meeting, the committee approved the minutes of the last meeting which was held in Seoul / Korea in October 2014, discussed the WFE agenda 2015, and introduced Over The Counter Market (OTC).

Further, a WFE Security Committee was formed during the meeting which aims to exchange various security information among the members of the WFE. The nomination for the membership of this committee is open for all members of the WFE, where the Chief Security Office (CSO) is representing the exchanges members in the Committee.  This Committee differs from Cyber Security Committee that emerged from the General Assembly meetings of the WFE which was held in Seoul consisting of 15 members of global exchanges including the ASE. This Committee aims at protecting the global capital markets throughout establishing a communication framework among participants based on mutual trust and facilitating information sharing   relevant to information technology.

The Statistics Advisory Group suggested adopting new measures for liquidity in the exchanges members. The meeting also reviewed and discussed the results of the Survey relevant to risks in Emerging Markets.

It is worth mentioning that the WFE includes 64 exchanges from over the world. According to recent statistics issued from WFE, the market capitalization  of the WFE exchanges members increased by 4.3% during 2014 compared with 2013 to reach US 68 trillion dollars. The value of traded increased by 17.4% to reach US 81 trillion dollars. The executed transactions increased by 23.7% compared with 2013. Finally, the value of Initial Public Offerings (IPO)’s increased by 22.6% to reach US 894 Billion dollars made from 1421 offers.

The ASE becomes Anonymous Market as of March 15th, 2015.

The Amman Stock Exchange (ASE) becomes Anonymous Market as of March 15th, 2015. The CEO of the ASE, Nader Azar, states that this amendment is stemming from the fact that continuous efforts of the ASE and the Jordan Securities Commission (JSC) to provide a fair, efficient and transparent market, and to keep up with international standards and practices in this regard.
Mr. Azar said that the ASE will not reveal the identity of the brokers on the bid or ask sides, thus ensuring fairness between all parties and that investors are executing transactions according to right investment bases without the scrutiny and speculation of the market or impacting the market prices.

 

January

 

ASE Started Applying the Amended Directives for Listing Securities

The Amman Stock Exchange (ASE) started applying the amended Directives for Listing Securities on Amman Stock Exchange for the year 2012 as of December 9, 2014, issued by virtue of the provisions of Article (72) of the Securities Law No. 76 of 2002 which was recently amended by the decision of the Board of Commissioners of Jordan Securities Commission (JSC).

The CEO of the ASE, Mr. Nader Azar, said that modifying these directives takes into account the international standards and practices regarding the requirements of listing and delisting securities. These directives emphasized the obligation of each Public Shareholding Company and each issuer in the Kingdom to apply for listing their securities at the ASE. The ASE has the right to refuse the listing application provided with a statement justifying the reasons behind their refusal and the issuer has the right to object on the decision of rejection for the Board of Directors within a specified period.

It is conditioned for the approval of listing the shares of any company at the ASE to fulfill the listing conditions of the Second Market as of the issuance of the company's audited financial statements for one fiscal year at least showing an operating activity. The net shareholders' equity in the company shall not be less than (50%) of its paid-in capital.   the Free Float ratio for the company  at the end of its financial year shall not be less than (5%) if its paid-in capital is less than (10) million Jordanian Dinars. In addition there should not be material qualifications neither   a going concern issue in the audit report of the latest financial statements.

Mr. Azar added that the amended directives give the right for the Board of Directors to approve on de-listing of the listed securities at the request of the issuer, after providing the ASE with the necessary requirements.

These directives give delisted companies the right to reapply for listing at the ASE after completing the necessary conditions; one of the most important  conditions is removing  any reason that may prevent trading its securities.

In regard to the issue of the transferring the shares of companies between markets, the amended directives give the right to the Board of Directors not to transfer the shares of any company from the third market to the second market or from the second market to the first market in case of imposing   a disciplinary penalties as a result of violation of these directives through (12) months preceding the date of completing of the conditions for listing transfer.

Mr. Azar also pointed out that the amended Directives allowed listing of Islamic Finance Sukuk and relisting it in accordance with Islamic Finance Sukuk listing directives.

The directives also stated that the companies' securities are suspended on the date of the general assembly meeting; and remain suspended until the company provides the ASE with the General Assembly resolutions in written.