JUNE 2013 - FEAS

More documents

Recommendations

Info

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MUSCAT SECURITIES MARKETCAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKThe Omani national economy continued itsgood performance in the year 2011 in spiteof the negative developments of the globaleconomy as a result of lowering the credit ratingof the United States and the sovereign debtcrisis, which hit some European economiesand had spillover effects on a number of worldeconomies. The strong performance of theOmani economy is attributed to the realisticand flexible economic policies adopted by theSultanate as well as the increase in the rates ofthe oil production, the remarkable improvementin oil prices and the expansionary fiscal andmonetary policies adopted by the Governmentto enable the economy to achieve stability andgrowth.Leading amongst the indicators of the stabilityand growth of the Omani economy during 2011were the overall positive results, which includea significant growth rate of 7% exceeding thatof 2010 which amounted to 6%. Moreover, thebalance of trade of the Sultanate achievedremarkable growth of 34% in 2011 comparedto 32% in 2010. However, despite the increasedpublic expenditure during 2011, inflation rateremained at the level of 3.6%, which is within thetargeted limit of 4%.Regarding the expectations of the Omanieconomy for 2012, it should be noted that inlight of the wise economic and fiscal policiesthat support the growth and stability of thenational economy, the Sultanate of Oman hasincreased the general expenditure approvedin the budget to about RO 10 billion, withan increase of RO 800 million or 9% overthe revised expenditure of the previous year2011. Current expenditure is estimated at RO6.4 billion, which constitutes 64% of the totalgeneral expenditure around 2.7 billion of whichare investment spending, representing 27% ofthe total general expenditure.The general revenues of the State for the year2012 were estimated by about RO 8.8 billionagainst RO 7.3 billion in the budget of thefiscal year 2011, with an increase of RO 1.5billion, i.e. 21 per cent compared to 2011. Oiland gas revenues constitute 81 per cent of thetotal revenues, whereas the current and capitalrevenues constitute 19 per cent thereof.The oil revenues were calculated on the basisof average price US$ 75 per barrel and averagedaily production of 915 thousand barrel per day.As regards to the budget deficit, it is estimatedto amount to RO 1.2 billion, i.e. 5 per cent ofthe Gross Domestic Production, which is a safepercentage. This deficit will be covered throughthe issuance of development bonds in thedomestic market amounting to RO 200 million.It will also be covered from the real revenues ofoil prices because the current prices are higherthan those upon which basis the state revenuesare calculated. In case this is not realized, thedeficit shall be covered from the state generalreserve.Key Information ContactsMinistry of National Economy www.moneoman.gov.omCapital Market Authority www.cma-oman.gov.omOman Chamber of Commerce and Industry www.cbo-oman.orgFinancial Corporation www.fincorp.orgNational Bank of Oman www.nbo.co.omCONTACT INFORMATIONContact Name Mr. Asal Farsi E-mail asalfarsi@msm.gov.om Website www.msm.gov.omPAGE 72
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013NASDAQ OMX ARMENIAThe year of 2012 at NASDAQ OMX Armeniawas notable by expanding the range ofinstruments, offered to the market.Konstantin SaroyanChief Executive OfficerThe year of 2012 at NASDAQ OMX Armeniawas notable by expanding the range ofinstruments, offered to the market. InNovember, 2012 NASDAQ OMX Armenialaunched new credit contracts market, wherecredit contracts with maturity of 7 days willbe traded. This is another step towardsexpanding our offering to the market with theaim to pioneer development of new financialinstruments. Now we support trading andclearing in equities, corporate and governmentbonds, foreign exchange, repo contracts,overnight credit resources and credit contracts.In 2012 NASDAQ OMX Armenia also introducedopportunity for a new instrument, foreigncurrency bonds (FX bonds) - corporate bonds,issued by local companies, but nominatedand traded in foreign currency. Introduction ofnew instrument aimed at increasing investmentand capital raising alternatives for public andArmenian companies, respectively, as well asto stimulate foreign investments to Armeniansecurities market.In 2012 stock market preserved positivegrowth trend with value traded reaching up toUS$ 1.02 mln, almost doubling the previousyear’s volumes. Market capitalization as ofyear end reached US$ 132.1 mln, slightlydecreasing over the same of 2011. Corporatebonds market saw 41% reduction in volumeswith total value amounting to US$ 1.03 mln.REPO trading also saw 6.6 times reduction ofvalue traded to US$ 929 thsnd. Governmentbonds market was rather active in 2012 withvalue traded of US$ 10.4 mln. Structure ofgovernment bonds trading also changed thisyear: 11% fell to the share of trading in shorttermgovernment bonds, 24% - in long-termgovernment bonds and 64% - in mid-termgovernment bonds. Value traded in foreigncurrency market was US$ 752mln, exceedingthe previous year’s volumes by 7%. Creditresources market saw value traded of US$15.1 mln in 2012. This year average monthlyvalue traded amounted to US$ 1.3 mln, 2.2times exceeding the same of the previous year.Weighted average rate of credit resourcesvaried within maximum of 11.3% and minimumof 4%.NASDAQ OMX Armenia was also active inorganizing various events, focusing on majorstakeholders - investment companies andbanks, listed companies, journalists - andaimed at sharing international expertise andimplementing state-of-the-art standards ofrespective activities in Armenia.In October, 2012 NASDAQ OMX Armeniaand Central Depository of Armenia hosted animportant regional Forum - the 1st Armenian-Georgian Financial Markets Forum, whichattracted 57 officials from over 30 companies,operating in financial sectors of Armeniaand Georgia, including representativesof international organizations. The Forumcovered recent developments in Armenian andGeorgian financial systems, features of eachmarket’s infrastructure and regulatory issues,Armenian pension reform and its expectedimpact on capital markets. Forum participantsalso discussed issues and ways of mutualcooperation, noting that financial sectors ofboth countries should be developed jointly,based on new technological solutions.Being the full owner of the Central Depositoryof Armenia, NASDAQ OMX Armenia keptconcentrating on improving the depositoryand clearing services - primarily throughpreparing new model of depository servicesto be launched in early 2013. The expectedlaunch of new second pillar pension system willboost the activity in the capital market, so theDepository worked closely with the Governmentof Armenia and the Central Bank of Armenia tocreate necessary preconditions for introducingthe reform and servicing pension accounts andcustodian information system.NASDAQ OMX Armenia will continue to beproactive in bringing innovative technologicalsolutions to the Exchange and the Depositoryand enhancing its relations with the capitalmarket stakeholders, thus realizing its primaryobjective - to maintain a fair and effectivemarketplace where good companies canraise capital and where investors can makewell-informed decisions while being properlyprotected.HISTORY AND DEVELOPMENTNASDAQ OMX Armenia (formerly ArmenianStock Exchange, Armex, renamed on 27January 2009) is the only stock exchangecurrently operating in Armenia. Armex wasthe successor of the Association of SecuritiesMarket Participants and was initially registeredon 13 February 2001, as a self-regulatoryorganization. In November 2007, according tothe newly adopted “Law on Securities Market”,Armex was reorganized into an open joint stockcompany.Until 1 January 2006, Securities Commissionof RA was the competent state authority toregulate the activities of capital market includingthe stock exchange in Armenia. However, withthe enactment of a new law introducing unifiedregulatory authority for the financial market,the regulatory and supervisory powers of theCommission were transferred to the CBA.Since 15 November 2005, foreign currencytrading was introduced on Armex, which provedto be in demand: volumes of FX trading to dategreatly exceed those of other instruments. On14 December 2005, the first publicly tradedcorporate bonds were listed at Armex. Inearly 2008 government bonds trading waslaunched, as well as status of market-makerfor government bonds was introduced. By theend of 2008, Armex introduced new market forREPO (repurchase agreements), as well as amechanism for manual trades.In 2011 NASDAQ OMX Armenia had the firstever securities offering via the stock exchangeIPO system, which was an importaint steptowards servicing further IPOs at the Exchange.In April, 2010 NASDAQ OMX introduced newmarket for credit resources trading, providingexchange platform for interbank credits, a largesegment of the Armenian financial market, laterin 2012 NASDAQ OMX Armenia introducedcredit contracts market, which a unique setupthat combines anonymous automatch tradingand centralized collateral management. Alongwith overnight credit resources, it providesopportunities for more efficient and flexibleasset management, as well as contributes to fairand transparent pricing of credit instruments inthe market.NASDAQ OMX Armenia is currently part ofthe NASDAQ OMX Group. In November 2007members of CDA and Armex transferred theirshares to the CBA, and OMX Group acquired100% thereof. After in late February 2008,NASDAQ completed its combination with OMX,NASDAQ OMX Armenia became an entity fullyowned by NASDAQ OMX. On 5 June 2009,NASDAQ OMX Armenia became the owner ofthe 100% of the shares of the Central Depositoryof Armenia.PAGE 73
Page 1:
JUNE 2013
Page 4 and 5:
FEDERATION OF EURO-ASIAN STOCK EXCH
Page 6 and 7:
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24 and 25: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
show all

JUNE 2013 - FEAS

Create successful ePaper yourself

Delete template?

Save as template?