Make MENAFN My Home Page
 
  Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE to allow issuance of warrant to boost market  Join our daily free Newsletter

MENAFN - Khaleej Times - 06/01/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) The #UAE will allow issuance of warrants, a financial instrument that entitles the holder to buy the underlying stock of the issuing firm.

The new product will be allowed once the new rules approved by the board of directors of Securities and Commodities Authority (SCA) are published in the official gazette, an official at the SCA said.

Warrants are frequently attached to bonds or preferred stock as an attraction, allowing the issuer to pay lower interest rate or dividends.

The board presided over by SCA Chairman Sultan bin Saeed Al Mansouri gave a go ahead on the regulation. The move, which was published on the website of the authority, for industry feedback, for a long period of time, is aimed at deepening the securities market, which will get an estimated Dh1 billion portfolio investment after becoming part of MSCI Emerging Market, this year.

The board gave the directives for quick completion of studies on the regulation so that it can be passed in the first half of the current year.

In-depth study of best international practices as part of the SCA's sustained efforts to enhance the legislative system of the local financial markets, the board approved the Regulation for Covered Bond.

In a statement, Minister of #Economy and SCA Chairman Sultan bin Saeed Al Mansouri said with the issuance, listing and trading of warrants on the local markets, will certainly boost the local financial markets. The minister said the SCA has provided all the elements of success for the regulation to enable it achieve its targeted objectives and to play its role effectively, adding that the SCA had coordinated efforts with the concerned stakeholders in the local markets and the financial services advisory committee before issuing the regulation.


He said the new regulation provides a new investment tool for market investors, thus diversifying further investment tools options available to them and adding greater in-depth to the country's financial markets.

Banks and financial institutions or a company can issue the instrument after obtaining a licence by the SCA. The issuer must have a minimum capital ofDh100 million, an appropriate premise and all the necessary administrative and technical capacity and expertise.

The issuer shall also notify SCA of the fact that the market has suspended the trading of those bonds or the assets underlying the bonds.

After winning the MCSI Emerging Markets status last year, the #UAE stock markets are under pressure to widen their depths by introducing new rules and regulations to strengthening the markets. New products, instruments are being developed in order to attract more foreign buyers into the country.

 
 


Khaleej Times




Indian shuttlers eye top positions at World Championships, ,8/21/2017 8:56:23 AM



(MENAFN - NewsBytes) Indian shuttlers eye top positions at World Championships 21 Aug 2017 The 2017 BWF World Badminton Championships starts from 21st August at Emirates Arena in Glasgow. ...


Flipkart goes global, will woo NRIs with desi products, ,8/21/2017 8:56:23 AM



(MENAFN - NewsBytes) Flipkart goes global, will woo NRIs with desi products 21 Aug 2017 Amazon already does it and from now on, so will Flipkart. The home-grown e-commerce platform will now ...


Jinder Mahal retains WWE Championship title, ,8/21/2017 8:56:23 AM



(MENAFN - NewsBytes) Jinder Mahal retains WWE Championship title 21 Aug 2017 Jinder Mahal defeated Shinsuke Nakamura to retain his WWE Championship title for the third time at the WWE ...


Turkish president arrives in Amman, ,8/21/2017 8:29:20 AM



(MENAFN - Jordan News Agency) Amman, Aug. 21 (Petra)-- Turkish President Recep Tayyip Erdogan arrived in Amman on Monday on an official visit for talks with His Majesty King Abdullah II on means to ...


Jordan- King receives U.S. secretary of defense, ,8/21/2017 8:29:20 AM



(MENAFN - Jordan News Agency) Amman, Aug. 21 (Petra)--His Majesty King Abdullah II on Monday received U.S. Secretary of Defense James Mattis and discussed with him the strategic partnership between ...


Jordan takes part in Arab League anti-terrorism meeting, ,8/21/2017 9:10:28 AM



(MENAFN - Jordan News Agency) Cairo, Aug. 21 (Petra) -- Jordan's Ambassador to Egypt and Permanent representative to the League of Arab States Monday participated in a meeting of senior officials ...


Jordan takes part in Arab meeting in Cairo, ,8/21/2017 9:10:28 AM



(MENAFN - Jordan News Agency) Cairo, Aug. 21 (Petra)-- Jordan is taking part in meetings of the Economic Committee of Arab Economic and Social Council that began in Cairo on Monday. The two-day ...


Senate president affirms Jordan's support to Libya to end political crisis, ,8/21/2017 9:10:28 AM



(MENAFN - Jordan News Agency) Amman, Aug. 21 (Petra)--Senate President Faisal Al Fayez voiced Jordan's support to Libya to preserve its unity and restore security and stability to the country. ...


Jordan- Foreign reserves reach JD13.1 billion end of June, ,8/21/2017 9:10:28 AM



(MENAFN - Jordan News Agency) Amman, Aug. 21 (Petra)--The Central Bank of Jordan's (CBJ) foreign reserves stood at JD13.105 billion at the end of June this year sufficient to cover the Kingdom's ...


Jordan- Social development minister meets Swedish ambassador, ,8/21/2017 9:10:28 AM



(MENAFN - Jordan News Agency) Amman, Aug. 21 (Petra)--Minister of Social Development Hala Latouf and Swedish Ambassador to Jordan Erik Ullenhag agreed to exchange expertise in the social work field, ...




 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help