Arab stock market statutes drafted, official
Regional, Economics, 6/15/2001

Secretary general of the union of Arab stock exchanges, Safak Alrukaibi, said in Beirut Wednesday that the key statutory regulations for the launch of a common Arab stock market have been drafted.

Alrukaibi made the announcement in a statement to the Kuwaiti news agency KUNA after a technical committee entrusted with preparing for the start of the Arab stock market wound up a two-day meeting here Wednesday.

He said the committee laid down terms and regulations for Arab stock markets' membership in the union and the work conditions of brokers.

"The technical mechanisms necessary for operating the Arab stock market such as trading, clearing and data have been put in place," Alrukaibi said.

He said all details have been drafted in a full report by the committee and will be presented to the union's board.

The technical committee agreed on the executive procedures for establishing an Arab clearing company no later than next September. The company with a capital of five million dollars is subject to Lebanese commercial law.

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