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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 MISR FOR CLEARING, DEPOSITORY & REGISTRY AFFILIATE MEMBER Secure, stable and an encouraging investment environment is the goal of MCDR. Mohamed S. Abdel Salam Chairman & Managing Director MCDR was established at the end of 1994 to complete the infrastructure of the Egyptian capital market. Over time, MCDR has become the largest central registry firm among the major and emerging markets in the world. MCDR’s staff spares no effort to maintain the highest standard of services provided to the Egyptian market. As a result of its qualified performance, MCDR was awarded the International Gold Star for Quality in Geneva in 2001. For significant contribution to the business world, for high standing and professionalism demonstrated by prestigious performance, B.I.D. (Business Initiative Directions) presented its special recognition award to MCDR, the Arch of Europe for Quality and Technology in Frankfurt in 2006. Also MCDR was granted the highest level of efficiency, following the results of an assessment panel of depository companies conducted by JP Morgan-Chase, with a score of 1.25 points on a scale of 1 to 3 where a depository that closely resemble the best practice is rated 1, meet some of the requirements but not fully meet the preferred practice rated 2 and finally depositories that are deficient are rated 3. The assessment revealed that MCDR has abided by all the rules and high standards set by the SEC in Rule 17f-5 which has been developed to be tougher by amendments in Rule 17f-7 to secure American foreign investments. Secure, stable and an encouraging investment environment is the goal of MCDR. This is never enough as MCDR will proceed its continuous efforts working towards being at the top of all elite depositories Role of the Depository MCDR is the sole Egyptian CSD providing clearing and settlement services to the Cairo and Alexandria Stock Exchanges (CASE). MCDR operates both the depository and the clearinghouse. It is a not for-profit private company owned by the stock exchanges, local banks and its participants. It was incorporated under the Capital Market Law No 95 of 1992, commenced operations in October 1996 and is currently governed by the Depository and Central Registry Law No 93 of 2000. It is regulated by the Capital Markets Authority. Use of the central depository in the market for settlement and safekeeping is compulsory by law, where securities in the depository are held in certificated form. Equities are held via bookentry, with certificates immobilized in MCDR's vaults. All securities are treated as fungible and may be transferred or pledged by bookkeeping entry without actual physical delivery. MCDR’s authorized capital is 100 million L.E, issued capital is 40 million L.E and paid capital is 40 million L.E. MCSD Main Activities & Services 1. Clearing and settlement of operations executed at CASE. 2. Central depository and registry of all listed and unlisted securities. 3. Management of securities accounts for custodian banks and issuers. 4. Handling corporate actions (cash and stock dividends etc…) according to the issuers’ assemblies’ decisions. 5. Management of the Settlement Guarantee Fund to eliminate suspended movements due to brokers’ defaults (securities and/or cash). 6. Management of a pledge system for all securities lodged into the central depository. 7. Repatriation of international investors’ funds. 8. Customer servicing through the MCDR’s front office, the call center, the Internet, the SMS and finally through direct phones or faxes. Legal Status Private Joint-Stock Company Type of Commercial Entity Not for-profit company Regulated by Depository and Registry law number 93 of year 2000 Form of Securities Immobilized in the book entry form Form of Settlement Net cash settlement, gross securities settlement Settlement Dates T+0 Same Day Trading Settlement T+1 Treasury Bonds T+2 Active securities T+3 Dematerialized securities T+4 Physical securities CONTACT INFORMATION Contact Name Mohamed S. Abdel Salam E-mail m.abdsalam@mcsd.com.eg Website www.mcsd.com.eg Address 70 El-Gomhoria St., P.O. Box 1536 Attaba, Cairo, Egypt Phone +202 5971 522-505-506-509 Fax +202 5971 670-523 PAGE 150 * Please refer to page 68 for the Egypt country report.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 SECURITIES DEPOSITORY CENTER (SDC) OF JORDAN AFFILIATE MEMBER Samir Jaradat Chief Executive Officer The SDC is an integral part of a transparent, viable, fair, and efficient equities market in Jordan that has inspired domestic and international investor confidence and contributed to the wealth of the nation. The Securities Depository Center (SDC) has made a qualitative leap in the Jordan Capital Market by establishing a national center for registry, depository and clearing and settlement of securities. The SDC is an integral part of a transparent, viable, fair, and efficient equities market in Jordan that enhance the confidence of investors in securities and enable them to follow-up their investments with ease by establishing a central registry to safe-keep the ownership of securities and reduce risks related to settlement of trading transactions executed through the market by implementing by-laws, instructions and procedures that are fair, fast and safe. The SDC provides a number of services to investors in securities, which include investor identification and account set-up, statements of accounts and ownership balances, placing and releasing pledges upon request and the freezing of deposited securities upon the owner’s request. The SDC has designed and implemented a state-of-the-art electronic system that provides a one-stop solution for registration, depositing and clearing and settlement of securities. The Securities Central Operation Registry Processing & Information Online or SCORPIO system is bilingual and provides a registry that maintains records of legal ownership of shares. Role of the Depository The Securities Depository Center of Jordan (SDC) is a public utility institution established in the Hashemite Kingdom of Jordan by virtue of the Securities Law. The SDC commenced operation in May 1999 and is the only entity in Jordan that is legally empowered to oversee the registration of securities, deposit of securities, transfer of ownership, safekeeping of securities and clearing and settlement of securities transactions. The SDC is one of the most important institutions in Jordan’s capital market as it holds the ownership register of all public shareholding companies where ownership registration is in the beneficial owner name where nominee & street names does not apply. As a key component in the modernization of the capital market, the SDC implemented a delivery-versus-payment (DVP) settlement protocol. DVP, a globally recommended settlement methodology that ensures the simultaneous delivery of securities against final payment of funds. The ownership is transferred on T+2 and backdated to T, these transfers are final and irrevocable, and financial settlements are currently conducted via the Central Bank of Jordan’s Real Time Gross Settlement System (RTGS-JO) which is a central real time, gross final & irrevocable electronic settlement system, using SWIFT instructions to effect transfers with immediate value. The SDC also developed the “Securities Central Operation Registry Processing & Information Online (SCORPIO)” system. SCORPIO, an SDC-designed and implemented system, is bilingual and it provides a complete solution for the registration, deposit and clearing and settlement. The SDC offers different services to investors in securities including pledging services, providing investors with statements of their securities balances that show the securities owned by them and their distributions among members; in addition to providing investors with the ability to freeze their securities in the central registry. There are no restrictions on the remittance of investment funds into or out of Jordan, all income & capital gained from investment in Jordan are exempted from tax; this includes cash & stock dividends. However, (5%) applies to interest gained from credit balances. Participation Criteria The SDC's members are public shareholding companies, public issuers, brokers and custodians. Eligible Pledgee Pledgee are not considered members in that capacity. Issuers Membership is obligatory for public shareholding companies by virtue of the Securities Law. Size of Guarantee Fund JOD 42.9 million - US$ 60.6 million as of 31 December 2006 Does the SDC act as a central counter party No Memberships in other International Organizations The International Organization of Securities Commissions (IOSCO) Association of National Numbering Agencies (ANNA) Africa & Middle East Depositories Association (AMEDA) Federation of Euro-Stock Exchanges (<strong>FEAS</strong>) Union of Arab Stock Exchanges 8th Conference of Central Securities Depositories (CSD8) Association of Global Custodian Thomas Murray Legal Status Public utility institution Type of Commercial Entity Not for profit Regulated by Jordan Securities Commission Form of Securities Dematerialized no physical certificates being issued in Jordan Form of Settlement Book Entry at the SDC Settlement Cycle T+2 Turnaround Trades Allowed provided the same broker in the same settlement cycle. Numbering ISIN CODES complying with the International Standard ISO-6166 * Please refer to page 30 for the Jordan country report. CONTACT INFORMATION Contact Name Mr. Samir Jaradat E-mail ceo@sdc.com.jo Website www.sdc.com.jo Address The Securities Depository Center (SDC) 2nd Floor -Capital Market Building, Al-Mansour Bin Abi Amer Street Al-Abdali Area, Al-Madina Al-Riyadiya District, Amman, The Hashemite Kingdom of Jordan P.O.B. (212465) Amman 11121 Jordan PAGE 151
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