Minister of Finance Michel Marto on Tuesday officially launched electronic trading at the Amman Stock Exchange (ASE), ending over 20 years of manual trading.
The ceremony, which was attended by officials from the Paris Bourse, US, British and French embassies, came five months after the replacement of manual trading, which had lasted since the opening of the Amman Financial Market in 1978.
Director General of the Jordan Securities Commission (JSC) Bassam Saket told the gathering that electronic trading was a step forward to develop the capital market.
Saket extended appreciation to France, UK, US and the World Bank for extending financial and technical assistance to upgrade the Amman Bourse.
Jaleel Tarif, director general of the Amman Bourse, said the stock market is targeting among other things “remote trading” which will allow investors and brokers to trade in stocks without the need to attend the daily trading sessions.
Tarif added that among the targets the bourse is attempting to achieve are: the creation of a Broker's Guarantee Fund, enhancing market growth and liquidity, listing of new firms, introduction of new financial instruments and cooperation with regional and international bourses.
The reform of the capital market followed the introduction of the Jordan Securities Commission in 1997, which stipulated the establishment of the ASE and the Securities Depository Center.
ASE officials say that the introduction of electronic trading is aimed at providing transparency and fairness to dealers and investors, while facilitating market surveillance by the ASE and JSC.
In order to upgrade its efficiency the JSC, in cooperation with the Paris Bourse, held a training program for its employees to pave the way for the smooth and gradual launch of electronic trading. — (Jordan Times)
By Tareq Ayyoub
© 2000 Mena Report (www.menareport.com)
