| Palestine Exchange | |
|---|---|
| Type | Stock Exchange |
| Location | Nablus, Palestinian Authority |
| Founded | 1995 |
| Key people | Ahmad Aweidah CEO [1] |
| Currency | USD, JOD |
| Website | http://www.pex.ps/ |
The Palestine Exchange (Arabic: بورصة فلسطين, bursat filasteen) in Nablus, or PEX, was incorporated as a private shareholding company in early 1995, with the Palestine Development & Investment Company (PADICO) as its major investor. The PEX was fully automated upon establishment - a first amongst the Arab Stock Exchanges. The PEX became a public shareholding company in February 2010, responding to principles of transparency and good governance. The PEX operates under the supervision of the Palestinian Capital Market Authority.
After the Palestinian National Authority (PNA) approved a PADICO-sponsored design and work plan in July 1995, a project team was put together by the PEX and entrusted to establish a fully electronic exchange and depository. EFA Software Services, a Canadian company, provided both the trading and settlement & clearing systems. By August 1996 the Exchange was fully operational, and on November 7 of that year the PEX signed an operating agreement with the PNA, allowing for the licensing and qualification of brokerage firms to take place. On February 18, 1997, the PEX conducted its first trading session.
The PEX strives to provide an enabling environment for trading that is characterized by equity ,transparency and competence, serving and maintaining the interest of investors.
The PEX is very appealing in terms of market capitalization, it is financially sound, and well capitalized to maintain a steady business in a volatile world, as it passed with the minimum level of impact of the global financial crisis compared to other MENA Exchanges.
There are 45 listed companies at the Palestine Exchange as of 13/09/2011 with market capitalization of about $ 2.8 billion across five main economic sectors; banking and financial services, insurance, investments, industry, and services. Most of the listed companies are profitable and trade in Jordanian Dinar, while others trade in US Dollars. Only stocks are currently traded on PEX, but there is potential and readiness to trade other securities in the future. In 2009, the PEX ranked thirty third amongst the worldwide security markets, and regionally comes in second in terms of investor protection.
The Exchange launched an e-trading portal on April 24, 2007, to allow investors to buy and sell stocks over the internet.[2]
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We seek to be a model for Arab and regional financial markets, through providing innovative services, proposing ideal investment opportunities in securities, attracting investments, the use of state of the art technology, compliance to the rules of corporate governance and establishing constructive relations with Arab, regional and global markets.
To provide a fair, transparent, and efficient market for trading securities that serves investors, protects their interests, contributes to creating an enabling environment that attracts local and foreign investments, and interacts with local and Arab relevant institutions in a manner that serves the national economy and enhances the culture of investment in financial markets.
In 2005, with the development of the legal structure of the securities sector in Palestine, particularly the issuance of the Securities Law No. (12) of 2004 and the Capital Market Authority Law No. (13) of 2004, the Palestine Capital Market Authority (CMA) took over the responsibility of supervising the PEX and issuing securities by the public shareholding companies.
The PEX operates in accordance with the Securities Law No. (12) of 2004, and the bylaws that stemmed from it in a manner that does not contravene with the CMA directives.
The PEX works also in accordance with modern regulations, which form a strong basis to ensure a fair trading environment. These regulations include: listing regulation, trading regulation, disclosure regulation, membership regulation, dispute resolution regulation and the regulation of professional conduct.
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