Market Closed Date 24/04/2017
Exchange news 2009

December 2009

 

Signing an MOU between Amman Stock Exchange and the Egyptian Exchange
With the presence of the Prime Minister- Engineer Nader Thahabi, the Prime Minister of the Arab Republic of Egypt- Dr. Ahmad Natheef, and some Jordanian and Egyptian ministers and officials, a Memorandum of Understanding (MOU) has been recently signed at the Prime Ministry Headquarters in Egypt. This memo between Amman Stock Exchange (ASE) and the Egyptian Exchange was signed by the CEO of the ASE- Jalil Tarif and the CEO of the Egyptian Exchange- Majed Shawki.
The MOU was signed in concurrence with the twenty second session meetings of the Higher Jordanian-Egyptian Joint Committee to support cooperation ties and relations between the two countries. It reiterates their mutual desire to develop and enhance the level of coordination and cooperation to exchange experience and information. It will help develop procedures and legislation as well as raising awareness of investment to strengthen competitiveness of both stock exchanges versus other markets.
The MOU highlights the importance of cooperation among institutions especially brokers and investment banks. It provides for coordination between both countries in relation with the membership rules to facilitate dealings between the two markets.
The Memo provides for the creation of a joint functional (technical) committee to coordinate between both parties to oversee enforcement of the provisions stipulated in the Memo as well as deeply enrooting mutual exchange between the two markets.
Jalil Tarif said that signing the MOU between Amman Stock Exchange and the Egyptian Exchange reflects the distinguished relations and permanent coordination between both markets in all areas and at the Arab, regional, and international scenes. The ASE and the Egyptian Exchange are viewed among the most important Arab markets that enjoy special status; they were the first to accede the full members of the World Federation of Exchanges (WFE).
To be mentioned, the Egyptian Exchange has been able during recent years to achieve high growth rates and attract Arab and International investments. At present, it has 314 listed companies with a market capitalization of USD 89 billion. In 2008, its traded value exceeded USD 76 billion.

ASE held an Academic Day in South of Jordan
Amman Stock Exchange (ASE) held an Academic Day at Mu'tah University and the University of Jordan Aqaba branch in the presence of the deputy CEO of ASE, Mr. Nader Azar and the University Presidents for both universities. A number of awareness lectures were delivered concentrating on the basic topics relevant to Jordan capital market and securities trading in addition to a glimpse on the main concepts related to the capital market including securities, bonds, mutual funds, right issues and corporate governance. Also, ASE presented live trading sessions and answered the students' enquiries.
The Deputy CEO of the ASE, Mr. Nader Azar said that holding such lectures goes in line with the ASE's policy of strengthening its ties with the local community and spreading the investment culture and raising awareness among citizens and investors. Mr. Azar also stressed the important role of the capital market in increasing investments and creating job opportunities, which supports the economic growth in the kingdom and attracts local and foreign investments as the non- Jordanian investments reached about (48%) of the ASE market capitalization.
The event witnessed a remarkable attendance as the number of participants reached about (500) students in each university.
 

ASE Participates in the the 1st Conference on “IT Risk Management and Business Continuity” in Arab Financial and Stock Markets
Amman Stock Exchange ( ASE), represented by Mr. Saad Alawneh, Head of the surveillance and Inspection Department and Eng. Mohammed Shajrawi Chief Of Operations and Technical Support Division at the Information & Communications Technology Department , participated in the 1st Conference on “IT Risk Management and Business Continuity” in Arab Financial and Stock Markets " which was held in Beirut- Lebanon, and Organized by Union of Arab Stock Exchanges , during the period from 10-12 November 2009 .

Signing an MOU between Amman Stock Exchange and the Egyptian Exchange
With the presence of the Prime Minister- Engineer Nader Thahabi, the Prime Minister of the Arab Republic of Egypt- Dr. Ahmad Natheef, and some Jordanian and Egyptian ministers and officials, a Memorandum of Understanding (MOU) has been recently signed at the Prime Ministry Headquarters in Egypt. This memo between Amman Stock Exchange (ASE) and the Egyptian Exchange was signed by the CEO of the ASE- Jalil Tarif and the CEO of the Egyptian Exchange- Majed Shawki.
The MOU was signed in concurrence with the twenty second session meetings of the Higher Jordanian-Egyptian Joint Committee to support cooperation ties and relations between the two countries. It reiterates their mutual desire to develop and enhance the level of coordination and cooperation to exchange experience and information. It will help develop procedures and legislation as well as raising awareness of investment to strengthen competitiveness of both stock exchanges versus other markets.
The MOU highlights the importance of cooperation among institutions especially brokers and investment banks. It provides for coordination between both countries in relation with the membership rules to facilitate dealings between the two markets.
The Memo provides for the creation of a joint functional (technical) committee to coordinate between both parties to oversee enforcement of the provisions stipulated in the Memo as well as deeply enrooting mutual exchange between the two markets.
Jalil Tarif said that signing the MOU between Amman Stock Exchange and the Egyptian Exchange reflects the distinguished relations and permanent coordination between both markets in all areas and at the Arab, regional, and international scenes. The ASE and the Egyptian Exchange are viewed among the most important Arab markets that enjoy special status; they were the first to accede the full members of the World Federation of Exchanges (WFE).
To be mentioned, the Egyptian Exchange has been able during recent years to achieve high growth rates and attract Arab and International investments. At present, it has 314 listed companies with a market capitalization of USD 89 billion. In 2008, its traded value exceeded USD 76 billion.

ASE held an Academic Day in South of Jordan
Amman Stock Exchange (ASE) held an Academic Day at Mu'tah University and the University of Jordan Aqaba branch in the presence of the deputy CEO of ASE, Mr. Nader Azar and the University Presidents for both universities. A number of awareness lectures were delivered concentrating on the basic topics relevant to Jordan capital market and securities trading in addition to a glimpse on the main concepts related to the capital market including securities, bonds, mutual funds, right issues and corporate governance. Also, ASE presented live trading sessions and answered the students' enquiries.
The Deputy CEO of the ASE, Mr. Nader Azar said that holding such lectures goes in line with the ASE's policy of strengthening its ties with the local community and spreading the investment culture and raising awareness among citizens and investors. Mr. Azar also stressed the important role of the capital market in increasing investments and creating job opportunities, which supports the economic growth in the kingdom and attracts local and foreign investments as the non- Jordanian investments reached about (48%) of the ASE market capitalization.
The event witnessed a remarkable attendance as the number of participants reached about (500) students in each university. 

ASE Participates in the the 1st Conference on “IT Risk Management and Business Continuity” in Arab Financial and Stock Markets
Amman Stock Exchange ( ASE), represented by Mr. Saad Alawneh, Head of the surveillance and Inspection Department and Eng. Mohammed Shajrawi Chief Of Operations and Technical Support Division at the Information & Communications Technology Department , participated in the 1st Conference on “IT Risk Management and Business Continuity” in Arab Financial and Stock Markets " which was held in Beirut- Lebanon, and Organized by Union of Arab Stock Exchanges , during the period from 10-12 November 2009 .

 

November 2009

 

The Greek Ambassador Visits the ASE
The CEO of the ASE, Mr. Jalil Tarif, received the Greek Ambassador in Jordan Mr. Iraklis Asteriadis . During the meeting, Mr. Tarif and Mr. Asteriadis, discussed means of strengthening investments between the two countries and cooperation between the ASE and the Athens Stock Exchange. Mr. Tarif briefed the Ambassador on the latest developments on the Jordan Capital Market. The meeting was attended by the Head of the Consular Section Yannis Mallikourtis.

The Companies' Third Quarter Reports for the year 2009
The CEO of Amman Stock Exchange, Mr. Jalil Tarif, said that the time limit for submitting the quarterly reports from the companies listed at the First Market has ended by the end of Thursday 29/10/2009. The number of companies which submitted their reviewed quarterly reports reached 110 companies representing (92%) of the overall companies listed at the First Market.
By virtue of the ASE (15/B) Listing Directives, all companies listed at the First Market must submit their reviewed quarterly report during the first month follows the said quarter. Such a step assures the First Market companies' transparency and disclosure in addition to abiding by other strict conditions relating to their financial position, profitability and shares liquidity.
Tarif added that the ASE circulates these reports to the brokerage firms, post them on, ASE boards and on the ASE website (Arabic version) 194.165.154.66 in the Circulars and Disclosures/quarterly reports window.
Tarif also said that Jordan Commercial Bank, Beit Al-Mal Saving & Investment for Housing, United Arab Investors Jordan, The Arab Assurers, Jordan Central, Middle East Complex for Eng., Electronics & Heavy Industries, The Jordanian Pharmaceutical Manufacturing, Jordan Petroleum Refinery have not submitted their reviewed quarterly reports, where as Jordanian Real estate Company For Development has submitted its reviewed quarterly report after one day of the determined time limit in breach of Article (15/B) of the Directives for Listing securities.

A Lecture on Exchange Industry Environment Before and After the Crisis
Under the patronage HE Chairman of the Jordan Securities' Commission and the Greek Ambassador to Jordan, a Lecture was delivered at Amman Stock Exchange premises on the Exchange Industry Environment Before and After the Crisis. Representatives of the official agencies, brokers at Amman Stock Exchange, and employees from the Capital Market institutions attended the lecture. Representative of the Chairman of Jordan Securities' Commission- Dr. Abdulrazzaq Bani-Hani extended thanks to the Greek Government represented by the Greek Ambassador, Thessaloniki Stock Exchange Center, and Athens Stock Exchange for their efforts to strengthen mutual cooperation ties. He reiterated the importance of cooperation to serve the national economy interests in both countries in general and the financial markets in particular. Dr. Bani Hani said that such lectures are delivered with the aim of increasing the level of competence and knowledge among those operating in the Stock Exchange Industry as well as enhancing and developing communication channels between and among them for further benefit and gains. He mentioned that the Jordan Securities' Commission has been able during the recent years to implement the legislative frameworks regulating the Capital Market in addition to applying the Corporate Governance rules to secure transparency, and competence of the Capital Market in Jordan. The Greek Ambassador said that organizing this lecture in Amman by Thessalonica Stock Exchange Center in cooperation with Amman Stock Exchange is part of the policy of the Greek Government to provide all types of support. It is aimed to enhance cooperation between the Hashemite Kingdom of Jordan and Greece to achieve interests of both countries, which enjoy distinguished bilateral relations. The Chief Executive Officer of Amman Stock Exchange (ASE) Jalil Tarif pointed out that the ASE and the Capital Market institutions hold strong ties with Athens Stock Exchange; ties that cover all aspects of the Stock Exchange Industry in addition to the technical and technological aspects related to the Capital Market. Mr. Tarif mentioned that holding such a program comes to strengthen its ties and continuous interaction with the local community and it is in line with the strategy that the ASE has adopted and implementing to disseminate the culture of investment and raising awareness among citizens and investors. He stressed the importance of the National Capital Markets to increase investments and create job opportunities in order to enhance the economic growth rates in the Kingdom as well as attracting local and foreign investments. The Lecture tackled several points including the Stock Exchange Industry before and after the international financial crisis; and the agreement of the proposed e-systems to interconnect the stock exchanges to a trading system that enables investors worldwide to invest in any stock exchange covered in the agreement smoothly and easily. It is worth mentioning that Athens Stock Exchange is one of the oldest European stock exchanges; it was established in 1878 as it has about 463 listed companies of a market value of about Euro 105 billions.

Training Seminars in Cooperation with The Athens and Thessaloniki stock exchanges
The Amman Stock Exchange (ASE) held training seminars to the brokerage firms and capital markets employees in cooperation with the Athens Stock Exchange and Thessaloniki Stock Exchange Center. Seminars continued for four days, and focused on various issues related to capital markets and dealing in securities namely as Derivatives Markets, Risk/ Volatility Management and Hedging, Technical and Fundamental Analysis and Investor Relations. The lecturers were experts from the Athens Stock Exchange and Thessaloniki Exchange.
The CEO of the ASE, Mr. Jalil Tarif said that holding such lectures goes in line with the ASE's policy of strengthening its ties with the local community and spreading the investment culture and raising awareness among citizens and investors. Mr. Tarif also stressed the important role of the capital market in increasing investments and creating job opportunities, which supports the economic growth in the kingdom and attracts local and foreign investments.
The event witnessed a remarkable attendance as the number of participants reached about (100) participants from the capital markets institutions and brokerage firms.
It is worth mentioning that the Athens Stock Exchange is one of the advanced European exchanges with around (463) listed companies with a market capitalization of about (105) billion Euros. The Amman Stock Exchange and capital market institutions have co-operations with the Athens Stock Exchange in various aspects related to the securities industry and technicality and technology relating to capital markets.

ASE Participates in the Third Meeting of the "OIC Member States' Stock Exchanges Forum"
Amman Stock Exchange (ASE), represented by Mr. Ady Naber from the Research and International Relations Department and Mr. Shadi Abu-Alhaija from the Listing and Operations Department, participated in the Third Meeting of the "OIC Member States' Stock Exchanges Forum" which was held in Istanbul- Turkey and Organized by the Istanbul Stock Exchange, during the period from 24-25 October 2009. The meeting discussed ways of cooperation between the stock exchanges of Member States and the possibility of launching Islamic financial instruments through cooperation between these stock exchanges and depository centers. They also discussed the reports and recommendations of the task forces related to a number of topics such as locating a mechanism for establishing linkages between the stock exchanges of Member States and developing some indices and Islamic financial instruments, as well as proposals for post-trading operations and investor education programs about Islamic financial markets.

October 2009

The 15th General Assembly Meeting of the Federation of Euro-Asian Stock Exchanges
Amman Stock Exchange (ASE), represented by the Deputy CEO, Mr. Nader Azar, participated in the meetings of the Working Committee, Executive Committee and the General Assembly of the Federation of Euro-Asian Stock Exchanges (FEAS) which was held in Budva Republic of Montenegro during the period from 24-26 September 2009.
Mr. Nader Azar chaired the Working Committee Meeting at which many important issues were discussed regarding to the Activity Plan of the Federation for 2009 and 2010. The Committee also discussed the reports submitted by the Affiliate Member Task Force, Media Task Force, Corporate Governance Task Force, Research & Development Task Force, Indexes Task Force, and the reports submitted by the Task Force of Rules & Regulations and Blue Chip Listing Task Force. They discussed the revenues and expenses survey and the bilateral exchange visit program between the federation members, as well as the publications issued by the FEAS special internal reports for members. The Draft Budget for the Federation years 2009 and 2010 were discussed. Finally, the committee discussed of the proposed promotional movie of the Federation that was addressed by the Media Task Force chaired by Muscat Securities Market.
The ASE participated in the Executive Committee, several issues were discussed such as proposed amendments of the FEAS Charter and the 5-year Strategic Plan for the Federation and the proposed suggestions by the Working Committee of the Federation and Draft Budget for the year 2010 and the Proposed Membership Dues and Dues estimates. New membership applications submitted by the Istanbul Gold Exchange, the Association of Certified Capital Market Professionals of Jordan, Muscat Securities Market Brokers Association, The Association of Capital Market Institutions of Turkey and the Securities and Exchange Brokers Association of Iran. During the meeting Auditor Report and the financial statements for the year 2008 of the Federation were discussed.
The ASE also participated in the General Assembly Meeting of the Federation, were they approved the amendments made to the FEAS Charter, and accepting new members to the federation. They also approved the Activity Plan for the year 2010 and the 5-year Strategic Plan, and approving of the financial statements of the Federation for the year ended 2008.

September 2009

ASE New Website
As a result of Amman Stock Exchange's vision of the importance of the easiness of information dissemination, the ASE has finished stage of preparing the new website which will be launched soon. The new website will be enhanced with a fresh, new design, architecture, navigation and branding. The design will be dynamic and will have increased interaction with the visitors and will help to create a smooth experience.
The website has got new features that can lead the user easily and accurately to the charts and the historical trading data for any desired period. Moreover, the internal archive database was added on the website to allow the users to obtain information about the listed companies. The ASE has started testing the site with the brokerage firms and receiving their comments. The new site will be launched for all interested people and receive their notes through the current site before it is officially launched

Internet Trading Service
Within the framework of the ASE's objectives of developing trading techniques, Amman Stock Exchange has worked on finalizing the preparations necessary to launch the Internet trading service to the investors at the ASE, which will give the opportunity for a larger number of investors and interested people to be engaged in securities trading, regardless of their geographic location. The ASE has launched the Internet trading service which will enlarge the number of investors at the ASE and enhance their desire to trade in securities. In this regard, the ASE has entered into effect the Internet trading By-laws which will regulate the securities trading on the Internet. It has also prepared a form for the trading service agreement between the broker and the client in addition to a form for risk disclosure on the Internet and emergency plan for the brokerage firm in case of any disruption in service to be used by brokerage firms who wish to activate the Internet trading service. Tإhe ASE has sent out circulars to brokerage firms to prepare the infrastructure in the company location including main servers, security systems, encryption and Internet lines, and inform the ASE in writing about its readiness and provide it with service activation request.

A Delegation from HELEX and CSE visits ASE
The CEO of Amman Stock Exchange, Mr. Jalil Tarif, received a delegation from the Hellenic Exchanges (HELEX), and Cyprus Stock Exchange (CSE). The delegation gave a presentation on the project (XNET/DAC06), which will establish a data network that connects exchanges in Europe, Middle East and Africa. The data network will connect capital markets and exchanges of member countries so as to bring them forward to the world and facilitate the access to these exchanges to the investors. The delegation also met the technical committees of Jordan Securities Commission (JSC) and the ASE to discuss the technical aspects of the project alongside with the legal aspects of the project agreement, and the procedure of the project execution. Finally, the Addendum to the Agreement between the ASE and the HELEX was signed.

A Military Delegation from The Royal Air Defense School Visits the ASE
A military delegation from The Royal Air Defense School visited the Jordan capital market institutions. The Deputy CEO of the ASE, Mr. Nader Azar, briefed the delegation on the operations at the ASE and the basic investment principles in the exchange. He also tackled the latest legislative and technical developments of the Jordan capital market at the legislative, technical and quantitative levels and their impact on enhancing market transparency, liquidity and efficiency.

August 2009

Amendments to the New Version of the Electronic Trading System (NSC V900)
The Amman Stock Exchange (ASE) has introduced some amendments to the new version of the electronic trading system (NSC V900) by virtue of the ASE Board of Directors resolution, which was taken in light of following up and monitoring the technical and functional performance of the new version, and as a result of the observations of the capital market institutions, the ASE members and securities dealers.
The CEO of the ASE, Mr. Jalil Tarif, said that launching the new version of the electronic trading system (NSC V900), the surveillance and other systems and putting them into action since the end of last March, aimed at enhancing surveillance, developing the trading operations and increasing the capacity of the trading system. The new systems are characterized by high speed and efficiency in receiving and processing Buy and Sell orders, by developed functions of the program responsible for running the trading session so as to provide full control over the trading session, as well as being linked to the clearing and settlement system of the SDC through the control module, in addition to being linked to surveillance systems and other ones relevant to information dissemination.
These amendments have been made to foster the role of pre-closing stage to provide an opportunity for all dealers to participate in determining the closing prices of securities through calculating an indicative equilibrium price depending on the quantities and prices of Buy and Sell orders, so as to ensure that the trading process is not interrupted neither in this stage nor in the one that follows, as well as to ensure that the closing prices are not manipulated at the closing stage.
The amendments include adjusting the features of the pre-closing stage, so as to prohibit entering orders with an Open price, and prohibit entering any Buy order with a price that exceeds the maximum threshold of the security and any Sell order with a price lower than the minimum threshold of the security. It also includes adjusting the time of the trading session stages by reducing the duration of the pre-closing stage to become (10) minutes instead of (15) minutes, and to increase the duration of the trading at last stage to become (15) minutes instead of (10) minutes.
The implementation of the new systems offered by the New York Stock Exchange/ Euronext (NYS/Euronext) and utilizing the modern technology applied at the Capital Market Institutions in regard to the servers, networks and programs has contributed to achieving a direct link between trading systems and depository systems and addressing all the defects in the old version of the electronic trading system that stood behind the suspension of some trading contracts, including the short selling and the errors related to the clients identification numbers.

ASE Holds a Meeting on the Global Financial Crisis and Its Effects o n The Arab Stock Exchanges
Amman Stock Exchange (ASE) hosted the Secretary General of The Union of Arab Stock Exchanges, Dr. Fadi Khalaf who gave a speech in which he tackled plans and programs of the Union; the role of the financial markets in the national economies and the global financial crisis and its negative effects on the Arab securities markets. He also stressed importance of the brokerage firms subscribing to The Union of Arab Stock Exchanges. The meeting was attended by a number of representatives from the capital market institutions and financial services firms.

The WFE Working Committee Meeting
Amman Stock Exchange, represented by the Deputy CEO, Mr. Nader Azar, participated in the World Federation of Exchanges' (WFE) Working Committee meeting, which was held in Istanbul during the period (2-3) July 2009. Several important issues were discussed such as the role of stock exchanges in corporate governance which raises corporate governance standards of listed companies, so as to enhance competition between demutualised exchanges, the WFE comments on regulation of short selling, the policy responses to the financial crisis, and finally the reports of the different task forces of the Federation were discussed.

A Delegation from NASDAQ Dubai Visits ASE
The CEO of the Amman Stock Exchange, Mr. Jalil Tarif, received the Senior Manager-Listings/Business Development from NASDAQ Dubai, Mr. Amit Sahi. In the presence of a number of representatives from the Jordanian capital market institutions, Mr. Sahi gave a lecture on the NASDAQ Dubai and its investment tools such as derivatives, investment funds, and Islamic financial products such as (Islamic sukuk) traded on the NASDAQ Dubai; so as to give a clear picture about NASDAQ Dubai and to enhance cooperation with the ASE.

July 2009

ASE Participates in the FEAS Meetings
Amman Stock Exchang e (ASE), represented by the Deputy CEO, Mr. Nader Azar, participated in the meetings of the Executive Committee and the Working Committee of the Federation of Euro-Asian Stock Exchanges (FEAS), which was held in Belarus in the period between 5-6 June 2009. Mr. Azar chaired the meeting of the Working Committee, at which many important issues were discussed regarding the working plan of the Federation. The committee discussed the Federation plan for the year 2009, the annual report and the quarterly INTEFEAS magazine, which deals with the news of the Federation members. Also, they discussed the revenues and expenses analysis and the bilateral exchange program between the Federation members. Moreover, they discussed the reports submitted by the working groups of the Affiliate Member Task Force, Media Task Force, Corporate Governance Task Force and the Regional Indexes Task Force. They discussed the new index of the Federation, which was launched in June 2009 in cooperation with the Dow Jones and developing the FEAS Data Center, as well.
During the meeting of the Executive Committee, several issues were discussed such as the proposed amendments of the charter of the Federation to be referred to the General Assembly for endorsement in its next meeting, which will be held in the Republic of Montenegro in September 2009. The most important amendments accepting the membership of the brokerage associations of the Federation members as affiliate members, in addition to a new category of the Federation membership which is Correspondent members, which may include parties which do not want to be a full member and prefer to have links with the Federation for specific purposes such as information dissemination. Those members do not have the right to vote in the assembly meetings. Also, during the meeting they discussed the plan of the Federation, which focuses on the need to strengthen cooperation and integration among the members of the Federation and the areas of cooperation between all parties involved in the financial markets in the member countries, and the strengthening of disclosure, transparency and confidence in the markets, as well as to enhance corporate governance and the development of scientific research and training among members of the Federation. Finally, they discussed and approved the annual report and the final account of the Federation.

The Annual U.S. Securities and Exchange Commission's Meeting
Amman Stock Exchange, represented by Mr. Moayyad Tahtamony, Head of Listing Section at the Listing and Operations Department and Mr. Tareq Abu-Haija from the Surveillance and Inspection Department; participated in the U.S. Securities and Exchange Commission's annual International Institute for Securities Market Development which was held in Washington D.C from April 18-30, 2009. The meeting addressed several issues including the market development, operation and regulation of securities market

June 2009

ASE Participates In The Conference Of The Middle East And North Africa Markets Held In NYSE/Euronext
Amman Stock Exchange (ASE), represented by the CEO, Jalil Tarif, participated in the Conference of the Middle East and North Africa Markets (MENA), which was held in NYSE/Euronext. In his speech, Tarif said that the Arab financial markets could compensate during this year part of their losses during 2008, which resulted from the global financial crisis. The earnings since the beginning of this year reached (7%), whereas the Arab markets losses exceeded (54%) in 2008.
Tarif added that the ASE was able to sustain a high percentage of the non- Jordanian ownership, as the foreign ownership constitutes around (50%) of the market capitalization, which reflects the trust in the Jordanian economy and in the investment at the ASE. The ASE is considered one of the most open markets to the world as it provides an attracting investment environment for the non-Jordanian investors where they can invest in different economic sectors with no restrictions on ownership percentage, and no restrictions on the capital and returns repatriation.
In the conference, which was attended by CEOs of the Middle East and North Africa markets, in addition to listed companies at those markets and representatives from global mutual funds and portfolio managers, Tarif stressed that the ASE along with the capital market institutions completed renewing its infrastructure by applying modern trading, depository and surveillance systems in order to cope with the sophisticated financial markets and to provide efficiency, equality and liquidity for the traded securities, which secures the investors at the ASE.
Tarif pointed out that the ASE could keep its stability during this year despite the global financial crisis. The ASE witnessed a continuous flow of foreign investments as the net non-Jordanian investments reached JD (61) million.
Mr. Tarif met the CEO of NYSE/Euronext Duncan L. Niederauer. They discussed enhancing the mutual cooperation between the ASE and the NYSE. Also, Tarif met a number of investors and mutual funds managers and he answered their inquires about investments opportunities at the ASE.
It is worth mentioning that the NYSE/Euronext is considered the largest financial market in the world and it supplied the Jordanian capital market institutions with the systems of trading and surveillance which where launched in March 2009.


Conference of “ The Role of Financial Markets in Tackling the Global Financial Crisis”
In the conference of “ The Role of the Financial Markets in Tackling the Global Financial Crisis”, held by the Organization for Economic Co-operation and Development (OECD) and the Center for International Private Enterprise (CIPE) which is subsequent to the American Chamber of Commerce, and the Union of Arab Banks, the CEO of the ASE, Mr. Jalil Tarif, delivered a speech in which he said that the international financial markets have played an important role in tackling the negative effects of the global financial crisis. Besides, financial markets continued their role in providing price discovery mechanism of securities and providing the necessary financing for investment, particularly, under the international liquidity crisis. Moreover, he asserted that the pressures faced by the financial markets could not change their basics, as the markets went on dealing with the new circumstances with high efficiency while adopting some important changes in regard to emphasizing surveillance, especially on derivatives and hedging funds.
Tarif added that economic growth signs have started to appear in the international economies, which was reflected on the increase in markets performance, as they increased by more than (40%) since the beginning of the year. Also, Tarif pointed out that one of the major results of the global crisis is that it will cause a big change in power centers of the global economies.
As for the influence of the global crisis on the ASE, Tarif said that during this year, the ASE maintained its good performance, which is reflected in the main market indicators. The listed securities prices witnessed a positive growth along with the foreign investment which increased as well, as the net non-Jordanian investment amounted to JD (61) million since the beginning of the year.

A Delegation from The Royal Air Defense Forces Visits the Capital Market Institutions
A Delegation from the Royal Air Defense Forces visited Jordan Capital Market institutions. The Deputy CEO of Amman Stock Exchange, Mr. Nader Azar, briefed the delegation on the role of the ASE in attracting reserves to the national economy through providing a safe market with high efficiency; such a market environment fosters investment in Jordanian securities. Azar also gave a glimpse about the new trading system which was launched recently by the ASE.

A Delegation from Amman Trading Center Visits the ASE
A student delegation from Amman Training Center/ Banking and Finance Sciences section visited the Jordan capital market institutions. Mr. Waseem Haddad, from Research and International Relations Department, briefed the delegation on the operations at the ASE and the basic investment principles in the exchange. He also tackled the latest legislative and technical developments of the Jordan capital market at the legislative, technical and quantitative levels and their impact on enhancing market transparency, liquidity and efficiency.

Tarif Honors the Former Legal Department Director
The CEO, Jalil Tarif, has honored the former Legal Department Director, Mr. Mithqal Obeidat who worked at the ASE since 1999, after quitting his occupation to work abroad.

 

May 2009

The Official Launching of the Project of Infrastructure Systems of the Capital Market Institutions
The Jordan Capital Market institutions, officially, launched the new project of infrastructure systems of the capital market institutions which comprises the new electronic trading, surveillance and Depository systems, on Wednesday April 29 th , 2009. The event was attended by the Minister of Planning and International Cooperation Suhair Al-Ali, the Ambassador of the European Commission Delegation in Amman, the Director of Financial Markets at NYSE Euronext and representatives from the capital market institutions.
The Executive Chairman of JSC Dr. Bassam Saket said that the new system, ARAMIS, will record trading operations in addition to providing electronic alarms to catch illegal practices in the financial market.
“The surveillance system will follow up on clients, mediators and financial documents during trading sessions as well as electronically analyzing financial documents,” he noted.
Dr. Saket extended his gratefulness on behalf of the Jordan capital market institutions to the European Union and the European Commission for the support they offered in developing the infrastructure of the market through providing modern electronic systems that go in line with the international standards. He also thanked the Ministry of Planning and International Cooperation and the company which executed the project Atos Euronext Market Solutions.
Al-Ali pointed out that the launching of the new systems comes as a result of a joint venture, which enhanced the trust in investment environment. “Electronic surveillance tools will bring the capital markets under strong supervision which would minimize illegal practices which harm this important sector,” she added. The Ambassador of the European Commission Delegation in Amman Patrick Renauld said that the European Union welcomes the cooperation with Jordan government, particularly, Jordan capital market institutions.
The CEO of Amman Stock Exchange, Jalil Tarif, said that the new version of the trading system is meant to develop the trading operations at the ASE and increase the capacity of the system. It is a big leap in the national capital market as the trading system is connected to the SDC systems along with the JSC monitoring system.
Tarif added that the new version NSC V900 is characterized by high speed, efficiency in receiving Buy and Sell orders, developing the functions of the program responsible for managing the trading session, which allows full control over the session. Moreover, the system is connected to other surveillance and information dissemination systems. The new version includes a new system called Control Module which prevents human mistakes in data entry and tightens controls on market manipulation.
The official launching was attended by about 150 participants representing a number of officials, economy experts, the Director General of the Association of Banks in Jordan, the Director General of the Audit Bureau, brokerage firms and in the presence of a large number of journalists and representatives from The Financial Services Volunteer Corps (FSVC) which has its main headquarters in New York City.

The Companies' First Quarterly Reports for the year 2009
The CEO of Amman Stock Exchange, Mr. Jalil Tarif, said that the time limit of submitting the quarterly reports from the companies listed at the First Market has ended by Thursday 30/4/2009. The number of companies which submitted their audited quarterly reports reached 111 companies representing (88%) of the overall companies listed at the First Market.
By virtue of the ASE (15/B) Listing Directives, all companies listed at the First Market must submit reviewed quarterly reports during the first month that follows the said quarter.
Tarif added that the ASE circulates these reports to the brokerage firms, posts them on the ASE website (Arabic version) 194.165.154.66 in the Circulars and Disclosures/quarterly reports.
Tarif also said that The Arab Assurers, Beit Al-Mal Saving & Investment for Housing, United Arab Investors, National Steel Industry, Jordan Wood Industries/JWICO, Al-Qaria Food and Vegetable oil Industries, Middle East Complex for ENG.Electronics and Heavy Industries, Arab Pharmaceutical Manufacturing, Jordanian Pharmeutical Manufacturing, Jordan Petroleum Refinery have not submitted their reviewed quarterly report in breach of Article (15/B) of the Directives for Listing securities. Jordan International Insurance submitted its un-audited report in the time limit. The Unified Transport & Logistics, Dar Al Dawa Development & Investment, Al Ahlia Enterprises, Pearl- Santary Paper Converting submitted their reports one day after the time limit.

Signing an MOU between ASE and BVB
In conjunction with the visit of His Majesty King Abdullah II to Romania, and the Jordan-Romania Economic Forum, Amman Stock Exchange (ASE) has signed a Memorandum of Understanding (MOU) with Bucharest Stock Exchange (BVB) so as to foster the relation between the two institutions. The MOU will provide a long-term cooperation and develop the communication channels between the two stock exchanges. The MOU was signed on the ASE side by Jalil Tarif, the CEO of the ASE and Anca Dumitru, the CEO of the BVB, on the BVB side.
Tarif stressed that the MOU comes to lay foundation for the mutual economic cooperation, to introduce the capital market in the two countries and to exchange experiences in the technical and training domains, which contributes to increasing the investments between the two countries and particularly, attracting the investments to Jordan Capital Market.
“The cooperation with Amman Stock Exchange came as a good opportunity to exchange best practices over the capital market frame. We believe it will be a prolific cooperation, as it means to increase the international visibility of the Bucharest Stock Exchange and to broaden the business opportunities for the domestic market participants”, said Anca Dumitru, the CEO of the Bucharest Stock Exchange.
Tarif opened the official trading session at the BVB last Monday. Besides, he met investors from major companies and global mutual funds managers in Romania and representatives from brokerage firms and Mass Media. During the meeting, Tarif gave a brief on Jordan Capital Market in general and Amman Stock Exchange in particular. He delineated the advantages of investment at the ASE and answered (Q&A) space with investors and journalists.
It is worth mentioning that the ASE and the BVB are both members at the Federation of Euro-Asian Stock Exchanges (FEAS). The BVB was established in 1995 as a Public Institution built on new calibers. In the year, the electronic trading system was launched. Nowadays, The BVB comprises (73) brokerage firms and (171) listed company with 10 Million-Euro market capitalization.

Establishing the King Abdullah II Chair for Securities Studies
The Jordan Capital Market institutions signed a Memorandum of Understanding (MOU) with the University of Jordan with the aim of establishing the King Abdullah II Chair for Securities Studies in the university. Dr. Bassam Saket signed the MOU on the Jordan Securities Commission (JSC) and Jordan Capital Market institutions' side, and Dr. Khaled Karaki on the University of Jordan side, in the presence of the Board members of the Chair, the JSC commissioners and the Chairmen of the Boards of Amman Stock Exchange and the Securities Depository Center.
The aim of the King Abdullah II Chair is to deepen the specialized technical education in the field of securities markets. Also, it aims at increasing the knowledge of the students in the national and international legislations and practices of the securities industry. It is worth mentioning that the university in cooperation with the Jordan Capital Market institutions will bring experts in the field to spread the securities culture and develop this sector.

The Faculty of the Royal Jordanian National Defense visits the Capital Market Institutions
A Delegation from the Faculty of the Royal Jordanian National Defense, comprised of (55) participants from 14 Arab and foreign countries, visited Jordan Capital Market institutions. The CEO of Amman Stock Exchange, Mr. Jalil Tarif, briefed the delegation on the role of the ASE in attracting reserves to the national economy through providing a safe market with high efficiency; such a market environment fosters investment in Jordanian securities. Tarif also gave a glimpse about the new trading system which was launched recently by the ASE.

A Delegation from The International Arab University/Damascus
The CEO of Amman Stock Exchange, Mr. Jalil Tarif, along with the Deputy CEO, Mr. Nader Azar received a student delegation from The International Arab University/Damascus . Mr. Sami Hattab, the Director of the Research and International Relations Dept, briefed the delegation on the operations at the ASE and the basic investment principles in the exchange. He also tackled the latest legislative and technical developments of the Jordan capital market at the legislative, technical and quantitative levels and their impact on enhancing market transparency, liquidity and efficiency. Finally, the delegation made a visit to the Investors Gallery in the Housing Bank Complex and they toured a number of brokerage firms.

 

April 2009

10 Years of Progress and Success
On the occasion of the Kingdom's commemorations of passing ten years of His Majesty King Abdullah II taking over the throne, and passing ten years since the establishment of Amman Stock Exchange, the ASE held a reception party in which a number of representatives from the local and international financial and banking sector attended.
The Executive Chairman of Jordan Securities Commission, Dr. Bassam Al-Saket delivered a speech in which he delineated that the establishment of the ASE coincided with His Majesty's taking over the throne. Since then, the dawn of a new era emerged during which lots of accomplishments were fulfilled in various political, economic, technical, social and educational domains. At the head of these fields is the capital market sector. A new Securities Law was issued which settled the rule of separating the surveillance and organizing role from the execution one. The Law laid the foundations for the start of development and renewal at the capital market institutions. Dr. Al-Saket added that the JSC has put precaution legislations and has applied three trading systems, surveillance systems, and electronic clearing and settlement systems. It also linked the Depository center with the trading system (Tight Coupling Interface), and it issued the Corporate Governance Code, the Disclosure Directives.
The Chairman of the ASE Board of Directors, Mr. Mohammed S, Hourani, also delivered a speech in which he said that Amman Stock Exchange was able to accomplish remarkable developments in the technical, legislative and surveillance fields. The ASE used the best programs of technology and methods safety and protection. It also adopted a trading system that is distinguished by a high speed, efficiency and transparency. The system was developed several times and the latest version was launches a few days ago. At the field of international cooperation, Mr. Hourani said that the ASE has become an effective member at a number of Arab and international federations. Furthermore, the acceptance of the ASE as a full member at the World Federation of Exchanges (WFE) came to top the ASE's developments.
In his speech, the CEO of the ASE, Mr.Jalil Tarif, said that applying the new version of the trading system NSC V900 is considered a major leap in Jordan Capital Market and entailed introducing comprehensive changes to all the components of the electronic infrastructure of the Stock Exchange as well as the other capital market institutions. Among these were the use of new servers, new communication networks, routing systems, and new fiber optic networks. He added that the introduction of the new version crowns two-years of persistent efforts started by the Jordan Securities Commission (JSC), the ASE and the Securities Depository Center SDC. Tarif also said, the 2.5 million Euro project, funded by the European Union, aimed at upgrading the infrastructure of the capital market institutions and he explained that this project is considered a major leap for the concerned institutions as the electronic trading system have now become linked with the SDC systems and the JSC new monitoring systems introduced upon the launch of the project. 
Finally, the ASE announced during the party the launching of a new website. The company responsible of renewing the website gave a brief on the basic features of the new website which has a lot of privileges in regard to being user-friendly and the ability of restoring historical data and disclosures.

The New Version of the Electronic Trading System
The Amman Stock Exchange (ASE) has launched the new version of the electronic trading system NSC V900 on Sunday, March 22nd, 2009, whereby 12534 transactions worth JD59.9 million were executed in the first trading session across the several trading stages including the new stages that have been introduced by the new system.
The CEO of the ASE, Jalil Tarif stressed that the new version entailed introducing comprehensive changes to all the components of the electronic infrastructure of the Stock Exchange as well as the other capital market institutions. Among these were the use of new servers, new communication networks, routing systems, and new fiber optic networks.   
He added that the introduction of the new version crowns two-years of persistent efforts started by the Jordan Securities Commission (JSC), the ASE and the Securities Depository Center SDC. Tarif also said, the 2.5 million Euro project, funded by the European Union, aimed at upgrading the infrastructure of the capital market institutions and he explained that this project is considered a major leap for the concerned institutions as the electronic trading system have now become linked with the SDC systems and the JSC new monitoring systems introduced upon the launch of the project.
Tarif also added that the first trading session, under the new version, successfully completed and all trading stages were carried out within the scheduled timeframe despite the partial disconnection in the dissemination of trading data for eight brokerage firms. However, the ASE technical team, trained to deal with such cases, was able to reconnect these firms to the service within a short period of time. The ASE technical team has been working closely and in cooperation with the capital market institutions to set up the proper infrastructure to implement the new trading system in accordance with international standards.
“The technical team will continue to monitor and follow up to ensure successful implementation of the new version which is set to boost the efficiency and transparency of trading in securities.” Tarif stressed.
It is worth mentioning that the new version will help develop the trading process at the ASE and enhance the capacity of the electronic trading system. This is due to its high speed and efficiency in receiving and processing orders. This version will also help developing the programs used to manage the trading session; which will enable the ASE having a full control on the trading session events. Moreover, it has interconnected the electronic trading system with control systems and the information dissemination systems as well as other systems.
Under the new version, new phases as well as new features have been added to the trading phases including the random opening feature, which seeks to restrict any attempt to affect the opening price of traded securities. Moreover, the closing price is no longer based on the price of the last transaction during the continuous trading phase. Instead, a new phase, called the pre-closing phase has been introduced whereby all participants in the market are involved in determining the closing price by applying an indicative equilibrium price formula based on the volume and price of the buy and sell orders placed in this phase. This applies to the random closing price, which is aimed at controlling attempts to influence the closing price. A new phase has been introduced as well; it is called Trading at Last. It provides the opportunity for all of those dealing on the market to trade at the closing price only as they can place the buy and sell orders and trade at the closing price for a certain period of time.
The new version also offers new types of buy and sell orders in terms of price and validity in addition to the stop loss order which allows the broker to enter a buy or sell order into the system on condition that it becomes effective only when the required price equals that stated in the order.
Tarif noted that the new version includes a new system called the Central Control Module (CCM) that reduces the trading risks and errors at the Stock Exchange as it verifies whether the orders placed in the system fulfill all the required conditions before they go through the electronic trading system. Tarif also said that the system does not accept orders unless the clients have reference numbers duly identified in line with practices set by the SDC. It also prevents the execution of any sell orders include a deficit, as the CCM checks the sufficiency of securities in the clients account, which are necessary to complete the order before passing it through the electronic system. The version has other features that aim at preventing any errors during the trading session. The ASE has also developed an alternative site (Disasters Recovery Site) that is used in case of an emergency, where the trading session is recovered at the point of the interruption.

Awareness Lectures On the New Trading System
Amman Stock Exchange started yesterday, March 30 th , 2009, holding awareness lectures for the investors about the new trading system applied at the ASE, its features and the latest amendments of the new version (NSC V900). Holding such lectures comes in line with the ASE's policy of raising awareness among investors and people interested in securities trading, particularly, in regard to the rules and legislations that control the trading operations at the ASE. The lectures took place at the Investors Gallery in The Housing Bank Complex/ 5 th Floor and were attended by a large number of people, which exceeded 100 participants.
On March 12th, 2009 the ASE held its 10th General Assembly meeting, which was chaired by H.E. Mr. Mohammad S. AL-Hourani, Chairman of the Board of Directors and with the presence of all board members, the CEO of the ASE and the Jordan Securities Commission (JSC) representative. During the meeting, they discussed the Board of Directors report of the ASE's accomplishments during the year 2008, and its future plans. Furthermore, the auditor report of the ASE the balance sheet, income statement and financial position were presented. They also discussed the annual budget, as well as the 2008 revenues and expenses and cash flow statements and the financial statements of the year ending on December 31 st , 2008 were endorsed.
New members for the ASE Board of Directors were elected. Al-Amal Financial Investments, Aman For Securities, Arab Co-operation Financial Investment, and Business Women Trading Securities won the membership.

The ASE Participates in the Inauguration of Damascus Stock Exchange
Amman Stock Exchange (ASE), represented by the CEO, Mr. Jalil Tarif, participated last week in the inauguration of Damascus Stock Exchange (DSE). The Chairman of the Board of Directors of the DSE, Mr. Rateb Shallah, delivered the shield of Damascus Stock exchange to Mr. Tarif as gratitude of the efforts and contributions of Amman Stock Exchange in the establishment of the DSE which honored the Jordan Securities Commission, as well.
It is worth mentioning that the Jordan Capital Market institutions, represented by the Jordan Securities Commission, Amman Stock Exchange and the Securities Depository center have offered real support so as to enable the DSE to commence its functions. They held training courses for the staff of the DES and gave them support in regard to the technical and legislative domains. The cooperation between the two markets still exists to strengthen the links between the securities markets in order to enhance the national economy of the two countries.

The ASE Issues a Pamphlet Entitled “Milestones”
On the occasion of the ASE celebrating its 10 th anniversary, it issued a pamphlet entitled “Milestones”. The Milestones includes the developments accomplished by the ASE in the legislative and technical fields, in addition to disclosure and information dissemination and the Arab and International Cooperation. Moreover, it includes the milestones of the ASE from 1999 until 2008.

 

March 2009

The Romanian Ambassador Visits The ASE
The CEO of the ASE, Mr. Jalil Tarif , received the Romanian Ambassador in Jordan Mr. Radu Onofrei. During the meeting, Mr. Tarif and Mr. Onofrei, discussed means of strengthening investments between the two countries and cooperation between the ASE and the Bucharest Stock Exchange (BSE). Mr. Tarif briefed the Ambassador on the latest developments on the Jordan Capital Market.

ASE General Assembly 10th Meeting
By virtue of the provisions of the two articles (13) (14), of the internal By-Law of the ASE for the year 2004,The ASE10 th general meeting assembly was held, on Thursday 12/3/2009, in the ASE premises to discuss the : board of directors ' report on the Stock Exchange operations for the year 2008, and its future plans, the auditor's report on its balance sheet, final accounts and its financial conditions for the year 2008, and the annual balance sheet, revenue and expenditures accounts and cash flows for the Stock Exchange for the year 2008, During the meetings; the general assembly electing the members of the new Board of directors for the ASE for three years.

The Fourth Investment and Capital Market Conference
The ASE represented by H.E. Mr. Mohammad Saleh Al-Horani, Chairman of the ASE Board, Mr. Jalil Tarif the CEO of the ASE and Mr. Nidal Hamdan, Director of the Administrative and Financial Department participated in the Fourth Investment and Capital Market conference that was held in Syria/ Damascus, during the period February 24-25, 2009. During the conference, Mr. Tarif, presented a lecture entitled “Joint Investment Principles and its Role in Fostering Investment”. The ASE also participated in a booth where they briefed the visitors on the investment opportunities at the ASE and the latest legislative and technical developments of Jordan capital market.

A Student Delegation visits the ASE
A Student Delegation of Bachelor degree in Law visited the Jordan capital market institutions. The Head of the Legal Department, Mrs. Abla Najdawi, briefed the delegation about the legislative framework and the organizational structure at the ASE. Mrs. Najdawi also briefed the delegation about the department's task, and the job description of those departments.

ASE Participates in the WFE Workshop
ASE represented by Mr. Mohammad Shnewer the Chief Division of Operation and Data Dissemination in Listing and Operation Department participated in a Workshop entitled " WFE Workshop in Leadership and Communications ” which was organized by the World Federation of Exchanges that was held in Zurich during the period February19-20, 2009. During the workshop, a number of issues were discussed pertaining to the steps that the exchanges should take to deal with the international financial crisis.

 

February 2009

Signing a Memorandum of Understanding with FSVC
Jordan capital market institutions (Amman Stock Exchange (ASE) and Securities Depository Center (SDC)) signed a Memorandum of Understanding (MOU) with the United States Agency for International Development (USAID) and the Financial Services Volunteer Corps (FSVC). The purpose of the MOU is to set forth the intentions and understandings of the goal of a two year program agreed upon between the FSVC and the Jordan capital market institutions to further develop and strengthen the regulations of the capital market in Jordan and to fine tune the trading products and trading practices available in the market.
The program will focus on several topics and issues. It will introduce risk-based supervision of brokers operating on the ASE and advice on monitoring and reducing market volatility and enhancing member firms' capital adequacy. The program will also assist in drafting a legislation related to mergers and acquisitions as well as working on upgrading provisions for investor protection fund. In addition, it will work on broadening the investor base and creating new investment opportunities, developing new trading practices, and reviewing the IT infrastructure of the capital market institutions.
The Memorandum of Understanding was signed by Dr. Bassam Saket, the Executive Chairman of the Jordan Securities Commission (JSC) on behalf of the Jordan capital market institutions, Mr. Jay Knott, Mission Director of the USAID and Mr. Andrew Cunningham, the Director of the FSVC. The signing ceremony was attended by a number officials of the Jordan capital market institutions including Mr. Jalil Tarif the CEO of the ASE and Mr. Samer Jaradat the CEO of the SDC.
The Financial Services Volunteer Corps is a U.S.-based not-for-profit organization whose mission is to build efficient financial systems in transitioning economies. It does this through technical assistance programs which are staffed by expert volunteers who hold senior positions in leading global financial institutions. Since its foundation in 1990, FSVC has deployed more than 8,000 expert volunteers to more than 50 countries. FSVC has had an office in Amman since 2004.

Jordan Capital Market Sends Aid Convey to Ghaza
Amman Stock Exchange participated along with Jordan Capital Market Institutions in an aid convey through its private campaign for collecting donations for Gaza strip. Jordan Capital Market invited their employees from Amman Stock Exchange, Jordan Securities Commission, Securities Depository Center and brokerage firms to offer monetary support for people in Gaza through a private committee provides people in Gaza with basic substances which are sent through the Hashemite Charitable Commission.

A Military Delegation from Hussein Bin Abdullah College Visit the ASE
A Military Delegation from Hussein Bin Abdullah Technical Military College visited the Jordan capital market institutions. The Deputy CEO of the ASE, Mr. Nader Azar, briefed the delegation on the operations at the ASE and the basic investment principles in the exchange. He also tackled the latest legislative and technical developments of the Jordan capital market at the legislative, technical and quantitative levels and their impact on enhancing market transparency, liquidity and efficiency.

ASE participates in a Training course in Fortinet Company
The ASE, represented by the Head of Communication and Infrastructure Division, Mr. Adel Abu Assaf and Mr. Jalal Nashwan From Information Technology Department participated in the training course on Fortinet / Firewalls, which was held in Dubai- United Arab of Emirates in the period between 24-29, January 2009.

 

January 2009

The ASE Performance during 2008
Mr. Jalil Tarif the Chief Executive Officer ( CEO) of the Amman Stock Exchange (ASE) said that the ASE achieved positive indicators despite the global financial crisis. During the year 2008 non-Jordanian investment kept their upward trend with a positive net balance, which is a testimony of trust in the Jordan Capital Market and an evidence of the increasing interest of investing at the ASE. The trading value, the number of shares traded, and the number of transactions increased during 2008, as well as the net income before tax of the public shareholding companies during the nine months of the year 2008.
The ASE statistics for the year 2008 showed that the ASE price index weighted by free float shares decreased by (24.9%) reaching (2758) points, compared with (3675) points at the end of 2007. As for the price index weighted by market capitalization; it closed the year with (6243) points, a (17%) decrease than the (7519) points at the end of 2007. Despite the decline in the shares prices during 2008; the ASE was less affected by the global financial crisis compared to other Arab and international exchanges.
Mr. Tarif added that the ASE price index increased by (30%) during the first half of 2008, reached its all time high, this was due to the rise in the stock prices of some industrial companies especially the mining sector which came as a result of the increase of international prices of row materials which participated in the increase of the demand on their shares. Also share prices for a number of companies from different sectors increased due to the price increase of their products prices.
As for sectoral level, the price index declined for the Financial Sector by ( 29.7% ) , Services Sector by ( 17.7% ) and for Industrial Sector by ( 11.7% ) . Most of the sub-sectors indices witnessed a decline in their levels except for Food & Beverage sector and Mining & Extraction Industries sector, which increased by ( 7.5% ) and ( 1.6% ) respectively. Whereas Real Estate and Diversified Financial Services sectors price indices witnessed a dramatic decrease by ( 50.4% ) , ( 47.6% ) respectively.
The ASE indicators showed an increase in trading value by (65%) compared to the year 2007, reaching JD (20.3) billion, the number of traded shares increased by (22%) reaching (5.4) billion shares, and the number of executed transactions increased by (9%) reaching (3.8) million compared with the year 2007. The turnover ratio increased slightly to (91.5%) compared with (91.2%) in 2007, and the number of companies listed on the ASE reached (262) companies compared to (245) companies by the end of 2007.
Tarif said that the ASE market capitalization reached JD (25.4) billion a decrease by (13%) compared with last year, constituting (226%) of the GDP, which is one of the highest ratios that reflect the importance of the ASE in the national economy.
The non-Jordanian net investment marked an increase in 2008 by JD (310) million against an increase by JD (466) million in 2007. Also, Non Jordanian ownership increased by the end of November reaching (49.4%) compared to (48.9%) in the year 2007. Pre tax profits for public shareholding companies during the first nine months of the year 2008 witnessed an increase by (37.8%) reaching JD(610) million compared to JD(1168) million in the same period of 2007.

ASE participates in the WFE Workshop
Amman Stock Exchange represented by the Chief Division of Research in the Research and International Relations Department Ms.Sundos Jamayed participated in a workshop entitled “Market Statistics in a Changing Environment” which was organized by the World Federation of Exchanges (WFE) in cooperation with NYSE Euronext Exchange that was held in Paris during the period December 1-2, 2008.
During the workshop, a number of important issues were addressed such as the Fragmentation of stock exchanges the reasons and results, liquidity in securities markets, Dark Pools and its contributing in trading volume, Derivative Markets and Over the Counter Market statistics and Exchange traded Funds. Furthermore, they discussed the pre and post trade disclosure in bonds markets and other important issues related to securities markets

The ASE Participates in the Sixth Conference of the Arab Union of International Arbitration
The ASE, represented by The Director of the Legal Department, Mrs. Abla Najdawi, and the director of the Surveillance and Inspection Department, Mr. Saad Alawneh, participated in the activities of the Sixth Conference of the Arab Union of International Arbitration, entitled "Recent trends of the means of settlement of trade disputes and investment in the Arab countries” that was held in Amman during the period 19-22 December 2008. Several issues were discussed such as arbitration agreement in the contracts in general and in the contracting work contract / engineering in particular.

Bilateral Exchange program with FEAS members
As a part of the efforts exerted to enhance the bilateral cooperation among the members of the Federation of Euro-Asian Stock Exchange (FEAS), the FEAS held a number of bilateral cooperation programs and visits among the stock exchanges members. In this framework, Mr. Moa'd Al-Khatib and Ms. Lama Asfour from Listing and Operations Department, visited Istanbul Stock Exchange. During their visit, they were briefed about the trading system, surveillance and technological systems of the exchange and toured the departments of the exchange. They also visited a number of financial services firms.

A Delegation from German - Jordanian University Visits the ASE
A student delegation from Talal Abu-Gazaleh Collage/ the German -Jordanian University visited Jordan capital market institutions. The Head of Awareness and Public Relations Department, Mr. Amjad Al-Qudah briefed the delegation about the operations at the ASE and the basic investment principles in the exchange. They also had an overview on the latest legislative and technical developments of Jordan capital market, the trading system of the ASE and its future plans.