The Beirut Stock Exchange (BSE) launched an advanced e-trading system. The system is a result of a cooperation agreement signed with the global stock exchange NYSE-EURONEXT.
The new e-trading system aims at enhancing financing through the financial market and the banking sector, increasing supply and demand in the market, and encouraging the listing of financial Sukuks at the BSE, according to Ghaleb Mahmasani, Vice-President of the BSE. “The new system is one of the most important globally. It will contribute to enhancing the credibility of the local financial market for investors,” he said.
The agreement with NYSE-EURONEXT is part of a workshop held by the Capital Markets Authority (CMA) in cooperation with the World Bank. “This workshop focuses on the need to modernize all regulations related to financial markets to comply with the latest global standards, in order to be able to join the International Organization of Securities Commissions (IOSCO),” said Firas Safi El-Din, Vice-President of the CMA.
IOSCO is an association of organizations that regulate the world’s securities and futures markets.
The BSE is being improved through different legal measures, including a new financial market law, which led to the establishment of the CMA and its control bodies, as well as another law related to trading conditions and protection of investors.
“The BSE is still facing many challenges that require the development of its performance and follow up of the latest technological breakthroughs. Challenges include spreading the culture of Initial Public Offering (IPO) by exposing its benefits to family businesses,” said Ali Hassan Khalil, Minister of Finance.