The Palestine Exchange (PEX) ( ar, بورصة فلسطين, ''bursat filasteen'') is a

stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...

based in

Nablus Nablus ( ; ar, نابلس, Nābulus ; he, שכם, Šəḵem, ISO 259-3: ; Samaritan Hebrew: , romanized: ; el, Νεάπολις, Νeápolis) is a Palestinian city in the West Bank, located approximately north of Jerusalem, with a populati ...

in the

Palestinian territories The Palestinian territories are the two regions of the former British Mandate for Palestine that have been militarily occupied by Israel since the Six-Day War of 1967, namely: the West Bank (including East Jerusalem) and the Gaza Strip. The I ...

. The PEX was established in 1995, and currently operates under the supervision of the Palestinian Capital Market Authority (CMA). In 2015, the CEO of the PEX was Ahmed Aweidah. The PEX aims to provide an environment for trading that is characterized by equity, transparency and competence, serving and maintaining the interest of investors. As of December 2012, 48 companies were listed on the PEX, with a total market capitalization of about US$3 billion in five main areas: financial services, insurance, investments, industry, and services. Most of the listed companies trade in

Jordanian dinar The Jordanian dinar ( ar, دينار أردني; ISO 4217, code: JOD; unofficially abbreviated as JD) has been the currency of Jordan since 1950. The dinar is divided into 10 dirhams, 100 qirsh (also called piastres) or 1000 fils (currency), fulu ...

s or in

US dollar The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...

s. The PEX is open Sunday to Thursday between 9.45 a.m. and 1 p.m. throughout the year. It is closed on Friday, Saturday, public holidays and the last working day of the fiscal year. There are about ten

stockbroker A stockbroker is a regulated broker, broker-dealer, or registered investment adviser (in the United States) who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks an ...

firms which are authorised to place orders and process financial products on the PEX. The PEX has been a private entity since its founding. As of 2013, only shares have been traded on the PEX; however, the PEX is open to including other

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

. In 2009, the PEX was ranked thirty-third amongst the worldwide security markets, and regionally was second in terms of investor protection. About half of the PEX's investment comes from Palestinian companies, with the other half being from other countries. The PEX is a member of the

Federation of Euro-Asian Stock Exchanges The Federation of Euro-Asian Stock Exchanges (FEAS) is a non-profit international organization comprising the main stock exchanges in Eastern Europe, the Middle East, and Central Asia. The purpose of the Federation is to contribute to the coopera ...

(FEAS).

History

The Palestine Exchange (PEX) was incorporated as a private shareholding company in early 1995, with the Palestine Development & Investment Company (PADICO) as its major shareholder. The

Palestinian Authority The Palestinian National Authority (PA or PNA; ar, السلطة الوطنية الفلسطينية '), commonly known as the Palestinian Authority and officially the State of Palestine,

(PA) approved the PADICO-sponsored design and work plan in July 1995, and a project team was put together by the PEX to establish a fully electronic exchange and depository. EFA Software Services, a Canadian company, provided both the trading and settlement and clearing systems. By August 1996, the PEX was fully operational, and on 7 November 1996 the PEX signed an operating agreement with the PA, allowing for the licensing and qualification of brokerage firms. On 18 February 1997, the PEX conducted its first trading session. The PEX launched an e-trading portal on 24 April 2007. The PEX was fully automated upon establishment, a first amongst Arab Stock Exchanges. The PEX became a public company in February 2010 and was itself listed on 4 April 2011.

Regulatory framework

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 supervision of the PEX and issuing securities by public 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.

References

External links

Palestine Exchange (PEX)PEX 2011 Annual Report
{{Authority control Stock exchanges in the Middle East Economy of the State of Palestine id:Daftar bursa saham

History

Regulatory framework

See also

References

External links