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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 AMMAN STOCK EXCHANGE In 2010, the ASE has continued with its efforts, aiming at developing the market, and increasing its efficiency. Jalil Tarif Chief Executive Officer The year 2010 was a year of uncertainty; it witnessed many worries around the world regarding the sustainability of the recovery of the global economy, besides the worries about some European countries sovereign debt and fears of a currency war. These worries had their effect on many of the stock exchanges worldwide. However, the Amman Stock Exchange (ASE) has witnessed a stable performance, and ended the year with a slight decline in the general index, while retaining the confidence of local and foreign investors. In 2010, the ASE has continued with its efforts, aiming at developing the market, and increasing its efficiency. One of the major developments that the ASE has accomplished in 2010 was the introduction of Internet Trading. This service, which was launched in July 2010, provides an opportunity for investors to trade in securities regardless of their geographic location. In addition, the service is expected to attract more investors to the market. The ASE has adopted its new website in 2010, both in its Arabic and English versions. The new website reflects the recent developments that the ASE witnessed on many levels. It was developed with modern technology, contains a great amount of information and was designed to be user-friendly to enable investors and researchers to find the information they need more easily. The ASE went on with the construction works of its new project, the Jordan National Financial Center. The center will accommodate the ASE, the Securities Depository Center, brokers, banks, Investors’ Gallery and a financial training institute. As for the performance of the ASE, the Free Float Weighted Price Index went down during 2010 by 6.3% to close at 2374 points, compared with its 2009 closing of 2534 points. The trading value during 2010 reached US$9.4 billion with a decrease of 31% compared with the year 2009. The number of transactions also declined during 2010 by 37% reaching 1.9 million transactions while the number of traded shares reached 7.0 million shares with an increase of 16% compared with the year 2009. HISTORY AND DEVELOPMENT The Amman Stock Exchange (ASE) was established in March 1999 as a non-profit, private institution with administrative and financial autonomy. It is authorized to function as an exchange for the trading of securities. The Exchange is governed by a seven-member board of directors. A Chief Executive Officer oversees day-to-day responsibilities and reports to the board. The ASE membership is comprised of Jordan’s 68 brokerage firms. The history of securities trading in Jordan traces its origins back to the 1930s. In 1976, the Amman Financial Market was established to create a regulated trading market. More recently, as part of Jordan’s move to upgrade its capital market, a Securities Law was enacted in 1997 separating the supervisory and legislative roles from those of exchange operations. As a result, the Jordan Securities Commission (JSC) was created in the year 1997, the ASE and the Securities Depository Center (SDC) were established in 1999. The JSC supervises the issuance of and trading in securities and monitors and regulates the market. The SDC oversees clearing and settlement and maintains ownership records. To provide a transparent and efficient market, the ASE implemented internationally recognized directives regarding market divisions and listing criteria. It also adopted procedures for improving regulatory effectiveness. The ASE is charged with: • Providing companies with means of raising capital by listing on the ASE, • Encouraging an active market in listed securities based on the effective determination of prices and fair and transparent trading, • Providing modern and effective facilities and equipment for trading, recording the trades and dissemination of prices, • Monitoring and regulating trading, in coordination with the JSC as necessary, to ensure compliance with the law, a fair market and investor protection, • Setting out and enforcing a professional code of ethics among its member directors and staff, • Ensuring the provision of timely and accurate information of issuers to the market and disseminating market information to the public. On March 26th 2000, the ASE launched an automated order-driven Electronic Trading System. The system is in compliance with international standards and takes into account the G-30 recommendations. This system also offers brokers immediate access to stock prices and orders and enables members to trade remotely. On May 2006, The ASE has activated a new version of the electronic trading system (NSC V2+), which comes as part of the efforts to meet the increasing needs of the Jordanian capital market and in order to raise the capacity of the current electronic trading system to accommodate the increase in the daily trading volume. On March 22nd 2009, The ASE launched the new version of the electronic trading system NSC V900, this project is considered a quantum leap for the concerned institutions as the electronic trading system has now become linked with the SDC systems and the JSC new monitoring systems. The new version will help develop the trading process at the ASE and enhance the capacity of the electronic trading system. On July 14th 2010, the ASE Launched the Internet Trading service. This service is seen as a major opportunity for a large number of investors to trade in securities regardless of their geographic location. In addition, the service will help increase the number of investors at the ASE and enhance their aptitude to engage in securities trading. FUTURE OUTLOOK The Amman Stock Exchange will embark on a number of key projects that will ensure maintaining the lead that the ASE has amongst Arab and regional stock exchanges. These projects can be summarized as follows: • Continuing the construction works of the Jordan National Financial Center. • Continuing upgrading the technical infrastructure. • Launching new indexes. • Launching new financial instruments. PAGE 28
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 AMMAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-10 610.14 29.05 515.97 24.57 Aug-10 629.20 27.36 452.68 19.68 Sep-10 789.70 39.49 564.18 28.21 Oct-10 548.28 26.11 399.22 19.01 Nov-10 400.76 23.57 321.92 18.94 Dec-10 499.61 24.98 489.05 24.45 TOTAL 3,477.69 28.43 2,743.01 22.48 Bonds Jul-10 0.00 0.00 0.00 0.00 Aug-10 0.00 0.00 0.00 0.00 Sep-10 0.00 0.00 0.00 0.00 Oct-10 0.00 0.00 0.00 0.00 Nov-10 0.20 0.01 0.00 0.00 Dec-10 0.00 0.00 0.00 0.00 TOTAL 0.20 0.00 0.00 0.00 Other Jul-10 0.00 0.00 0.00 0.00 Aug-10 0.00 0.00 0.00 0.00 Sep-10 0.00 0.00 0.00 0.00 Oct-10 0.00 0.00 0.00 0.00 Nov-10 0.00 0.00 0.00 0.00 Dec-10 0.00 0.00 0.00 0.00 TOTAL 0.00 0.00 0.00 0.00 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-10 29,006.95 2,334.77 Aug-10 28,369.94 2,249.00 Sep-10 29,334.67 2,306.46 Oct-10 29,843.76 2,335.61 Nov-10 29,911.26 2,354.60 Dec-10 30,829.59 2,373.58 CONTACT INFORMATION 800 700 600 500 400 300 200 100 0 2,500 35,000 2,000 30,000 25,000 1,500 20,000 1,000 15,000 10,000 500 5,000 0 0 Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mrs. Sundos Jamayed E-mail sjamayed@ase.com.jo Website www.exchange.jo PAGE 29
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