(MENAFN- Khaleej Times) Uae market capitalisation soars to dh275.
abdullah al turifi says one of the most significant developments in brokerage firms this year is the companies’ presentation of quarterly reports including reports on financial adequacy liability and segregation of accounts. — supplied photo
the upturn in the local bourses has boosted year-on-year market capitalisation by 342.47 per cent as at may 21 said abdullah al turifi chief executive officer of the securities and commodities authority or sca.
he said total market value rose to dh275.7 billion on wednesday in the year-to-date period which reflects the uae’s economic dynamics and confidence in the market.
al turifi was speaking at a ceremony in which certificates were awarded to 107 financial market brokers and analysts who passed the professional licence examinations to work in the uae equity markets.
the programme is being run in collaboration with the uk-based chartered institute of securities and investment or cisi.
in other words al turifi said “the total value traded recorded during the period this year less than five months surpasses the value traded recorded in any of the past five years”.
al turifi said that the sca has started updating the regulation for brokers to issue a new one. it has presented the first draft of the new regulation to all partners and other financial market stakeholders for feedback and suggestions which could be included into the final draft.
on the other hand brokerage firms have expanded their activities which are no more limited to executing purchase/sale deals on the market.
a large number of the 48 brokerage firms operating on uae markets have been licenced to practice other activities.
latest sca statistics show that 20 companies have been licenced to practice margin trading while others have been licenced to practice the activities of financial consultancy and financial analysis among the 18 companies offering that service al turifi stated.
he said one of the most significant developments in brokerage firms this year is the companies’ presentation of quarterly reports including reports on financial adequacy liability and segregation of accounts.
“this is the first to be done in the whole of the arab region using the xbrl standards and system which is the most authentic and accurate system that has no data-posting problem and which ensures information security and confidentiality of a client’s account” al turifi said. “the system also facilitates comparability provides data and information for decision-makers in a form of well-organised reports and allows easy follow-up of data and statistics that helps in monitoring of brokerage firms and client follow-up.”
matthew cowan cisi regional head for the middle east said that in the region the cisi conducts around 4000 examinations of which around 2000 are here in the uae.
a total of 107 completed the programme this year. these include 79 broker representatives 19 trading managers operations managers and internal controllers and nine financial analysts.
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