Amman Stock Exchange ASE is a stock exchange private institution in Jordan. It is named "Amman" after the country's capital city, Amman.
The ASE was established in March as a non-profit, private institution with administrative and financial autonomy. It is authorized to function as an exchange for the trading of securities.
The exchange is governed by a seven-member board of directors. A chief executive officer oversees day-to-day responsibilities and reports to the board. The members of ASE are Jordan's 68 brokerage firms. The ASE is committed to the principles of fairness, transparency, efficiency, and liquidity.
The exchange seeks to provide a strong and secure environment for its listed securities while protecting and guaranteeing the rights of its investors. To provide this transparent and efficient market, the ASE has implemented internationally recognized directives regarding market divisions and listing criteria.
To comply with international standards and best practices, the ASE works closely with the Jordan Securities Commission JSC on surveillance matters and maintains strong relationships with other exchanges, associations, and international organizations. The exchange is an active member of the Arab Federation of Exchanges , Federation of Euro-Asian Stock Exchanges FEAS and a full member of the World Federation of Exchanges WFE. The ASE is charged with: Public shareholding companies were set up and their shares were traded in, long before the setting up of the Jordanian Securities Market.
In the early thirties, the Jordanian public already subscribed to and traded in shares; the Arab Bank was the first public shareholding company to be established in Jordan in , followed by Jordan Tobacco and Cigarettes in , Jordan Electric Power in , and Jordan Cement Factories in The first corporate bonds were issued in the early sixties.
As a result, an unorganized securities market has emerged in the form of non specialized offices. This prompted the government to contemplate the idea of setting up a market to regulate issuance of and dealing in securities, in a manner that would ensure safe, speedy and easy trading, and protect small savors, through a mechanism that would define a fair price based on supply and demand.
Successive economic plans called for the establishment of such a market, and various parties started to prepare, with the government's support, for setting up an organized securities market. In and , the Central Bank conducted intensive studies, in cooperation with the World Bank's International Finance Corporation IFC , and it became clear therefrom that the size of the national economy and the share of the private sector in it through public shareholding companies and its broad investor base justified such a step.
Such a market was perceived as a creator of and caterer for much needed opportunities for economic growth which would stimulate and spurt economic activity. These joint efforts bore their fruit, and Temporary Law No. A Cabinet resolution of March 16, set up an AFM Administration Committee, which immediately went into action; and operation on AFM started on 1 January The Law laid out the objectives of AFM as follows: As of its inception, AFM was entrusted with a dual task, namely the role of a Securities and Exchange Commission SEC and the role of a traditional Stock Exchange.
Since then and up to the founding of Amman Stock Exchange, a lot has been achieved. Trading on the Secondary Market rose from JD9.
The Jordanian government adopted a comprehensive capital market reforming policy, which aimed at building on the previous 20 years' experience, boosting the private sector, expanding and diversifying the national economy, and improving regulation of the securities market to reach international standards.
Among the most important features of the new orientation were institutional changes in the capital market, use of international electronic trading, settlement and clearance systems, elimination of obstacles to investment, and strengthening capital market supervision to reach optimum transparency and safe trading in securities, in line with globalization and openness to the external world. The enactment of the Temporary Securities Law, No. Its aim was to restructure and regulate the Jordanian capital market, and to complete its infrastructure in consistence with international standards, in order to secure transparency and safe trading in securities.
The central feature of this restructuring effort was the separation of the supervisory and legislative role from the executive role of the capital market. The Law provided for setting up three new institutions to replace AFM, namely:. Amman Stock Exchange ASE: It is a non-profit legal entity, with financial and administrative autonomy, and it is authorized to act as an organized market for trading in securities in the Kingdom.
Its membership is made up of financial brokers, and it is managed by the private sector. It has started its operations on March 11, Recently, a new Securities Law number 76 for the year has been issued, which authorized setting up other stock exchanges and allowed forming an independent investor protection fund, stricter ethical and professional codes, and a more stringent observance of the rule of law.
The Amman Stock Exchange ASE was established on March The three institutions established include the Amman Stock Exchange, Jordan Securities Commission JSC and the Securities Depository Center SDC. The ASE, a private sector, non-profit organization with legal and financial independence, is in charge of running the market.
A similar private sector, non-profit organization, the SDC, oversees settlements and maintenance of ownership records. Regulation is in the hands of a government body, the JSC, which has clearly defined powers to develop and monitor the market. The ASE observes international standards of fair practice in the orderly transaction conduct of the market. The Amman Stock Exchange has two separate tiers of stocks that are traded.
The two-tier system was established, so that an investor can readily know the status of the company he wants to invest in and the requirements it has fulfilled. It also promotes the transparency of the ASE and the companies traded on the stock exchange. There are certain strict requirements that must be met before a company can be listed in the first market of the ASE. Those requirements include the company must have made a pre-tax profit for at least two out of the three years before being listed.
Also the company must fulfill certain requirements concerning the free-float and no. In addition, investors must be able to easily sell their stocks through the stock exchange.
Companies can list their shares at the Second Market as soon as they obtain the right to start their operations from the Ministry of Industry and Trade. It aims at supervising the issuance of and dealing in securities, regulating and monitoring the activities and operations of those organs falling under its supervision. It also aims at regulating and supervising the disclosure of information related to securities, issuers, insider trading and major shareholders.
JSC has financial and administrative autonomy, and is directly attached to the Prime Minister, which would enhance it future role, and would enable it to effectively assume its supervisory role over the capital market.
It has a Board of Commissioners, composed of five full-time members, which is entrusted with the following functions: SDC was established on May 10, with the aim of ensuring safe custody of ownership of securities; registering and transferring ownership of securities traded on ASE; and settling the prices of securities among brokers.
It is a non profit legal entity, with financial and administrative autonomy, and is managed by the private sector.What is a stock exchange? - MoneyWeek Investment Tutorials
Advanced financial market distinguished legislatively and technically, regionally and globally; rising to the latest international standards in the financial markets to provide an attractive investment environment.
Provide an organized, fair, and efficient market for trading securities in the Kingdom, and secure a transparent, strong, and safe environment for trading securities to deepen trust in the stock market. The Amman Stock Exchange will embark on a number of key projects that will ensure maintaining the lead that the ASE has amongst Arab and regional stock exchanges.
These projects can be summarized as follows:.
Establishing Jordan National Financial Center. This center will contain: The external design of the building is inspired from the Siqq of Petra which is considered an ancient symbol in Jordan's history. Activating a new marketing strategy which is based on awareness, marketing and media. Launching new financial instruments.
JOSMGNFF Quote - Amman Stock Exchange General Index - Bloomberg Markets
From Sunday to Thursday, except for holidays declared by the Exchange in advance. The ASE's stock indices include the ASE Unweighted Index , the ASE Market Capitalization Weighted Index and the ASE Free Float Index.
JOSMGNFF Quote - Amman Stock Exchange General Index - Bloomberg Markets
The Chief Executive Officer CEO of the Amman Stock Exchange ASE , Mr. Nader Azar, said that the ASE achieved a positive performance during despite the surrounding political circumstances in Jordan within the Arab region and the continuous political tension in some region countries and its effects on the Jordanian economy. The ASE price index weighted by free float shares increased to reach The market capitalization of listed shares at the ASE decreased slightly to JD Azar added that despite the improvement in the ASE index, the other trading indicators witnessed a decrease in its performance during The trading value for the ASE during reached JD 2.
The number of traded shares reached 2. It is worth mentioning that December witnessed an improvement in the trading value for the ASE where the average daily trading value for December reached JD As for the performance of the public shareholding companies for the first three-quarters of the year , the financial data for the companies that provided the ASE with its quarterly reports revealed that profits before taxes of these companies have been risen to around JD 1.
As for the non-Jordanian investment at the ASE, which is distributed to more than one hundred nationality around the world, the statistics showed that the value of shares bought by non-Jordanian investors during the period Jan-Nov reached JD Accordingly, Non-Jordanian ownership in companies listed at the ASE at the end of November becomes around From Wikipedia, the free encyclopedia. World Federation of Exchanges.
Amman Stock Exchange (ASE) Overview | StockMarketClock
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