JSC unveils initiatives for Amman Stock Exchange growth

(File photo: Jordan News)
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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