AMMAN
– On Wednesday, the Chairman of the
Jordan Securities Commission (JSC), Adel
Bino, announced a project that the commission is working on during the current
year to increase liquidity on the
Amman Stock Exchange (ASE), “seeking to
develop the bond market,” Al-Mamlaka TV reported.
اضافة اعلان
“There
are projects that the commission is currently working on, and we will start the
current year with them, including introducing the market maker
mechanism for trading, which will lead to increased liquidity in the market,” Bino said
during a meeting with the press. He added that the commission is working on
“the legislative environment and the technical infrastructure” for the
market-making mechanism.
He
spoke of “working to develop the
governance of companies listed on the ASE or
even financial brokerage companies,” referring to the pursuit of “attracting
foreign investment in line with foreign standards.”
He
drew attention to “the interest in protecting small investors in particular,”
which “requires monitoring trading to prevent price manipulation.”
The
commission is working on a tender for an
electronic system to monitor trading,
according to Bino, who indicated that a company was informed of the tender at
an approximate cost of JD1.260 million with the aim of “reflecting accurate
information about the movement of stocks.”
He
expected, in this regard, the application of the system during the first half
of the current year.
The
value of securities listed in the local market was close to JD20 billion,
according to Bino. “We seek to develop the bond market, whether
government-issued or issued by public shareholding companies,” he explained.
The
number of companies listed on the ASE is close to 170, while there are about 50
brokerage companies in the local market, according to Bino.
In
Jordan, about 23 companies licensed by the JSC operate on the foreign stock
exchange. “We do not advise those who have no experience to invest in this
field,” Bino added.
He
said that the ASE is a mirror of the
Jordanian economy. Bino commented on the
impact of the Israeli war on Gaza, saying that it has “negative economic
repercussions, but we also saw positive effects such as the consumer’s
orientation towards local goods,” which “enhances the work of companies and
requires their support and financing to develop their work.”
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