by Emad al-Azrak, Muhammad Yamany
CAIRO, Dec. 8 (Xinhua) -- Head of Union of Arab Stock Exchanges (UASE) unveiled Tuesday features of a future strategy to "ensure transparency" of the Arab stock exchanges and to further relations amid challenges and opportunities facing the Arab financial markets, in addition to the effect of the global financial crisis and Dubai woes.
The first section of the strategy is to establish information bank to provide data and information to investors, traders, researchers and decision makers in all parts of the Arab world, UASE President Aomar Yidar told Xinhua in an exclusive interview on the sidelines of UASE first annual conference in Cairo Tuesday.
The second part is based on training and rehabilitation to prepare personnel needed in the stock market, trading and brokering fields, and to consider the unification of the laws regulating the Arab stock markets in order to facilitate and strengthen the relationship between the Arab stock exchanges, said Yidar, who is also president of the Moroccan Stock Exchange.
Yidar pointed out that the third part of the strategy relates to transparency, adding, "in order to ensure more transparency of the market, there should be an agreement on some principles of disclosure and transparency."
He said the crisis reminded us to strengthen control over stock exchanges and restructure the stock exchanges in general.
Meanwhile, Yidar said he believed the global financial crisis is now coming to an end, expressing his hope to see the end in 2010.
Under the theme "Management of Financial Markets in Crisis," the first annual conference of the UASE touched upon a number of issues, including challenges and opportunities in the Arab stock exchanges, and the role of stock exchanges and clearing houses in developing the Pan-Arab market, in addition to the role of corporate governance in financial markets.
Special Report: Global Financial Crisis