The Capital Market Authority and the Palestine Exchange discussed in a meeting, convened yesterday, the latest developments in the local securities sector and prominent issues that pose challenges to the development of effective strategies for advancing said sector.
The meeting was attended by the General Director of the PCMA, Barraq Al-Nabulsi, and the Chairman of the Palestine Exchange Board, Samir Hulileh, along with the Director of the Securities Directorate, Murad Jadbah, the Director of the of Digital Financial Services and Innovation Directorate, Dr. Bashar Abu Zarour, and the General Manager of the Palestine Exchange, Nihad Kamal, in addition to a team from their respective executive departments.
The participants discussed the necessity of advancing the development of the securities sector, especially in light of the move towards a significant qualitative transformation in the electronic operating environment. This transformation is expected to have an impact on the quality of services provided to the public and the relationship with member brokerage firms. They emphasized the importance of working together with the Palestine Monetary Authority to enact the necessary legislation to ensure an increase in liquidity in the financial market and to implement measures that expand the local financial market system.
Al-Nabulsi stated, “This meeting was convened to explore ways to deepen the market by attracting more new public shareholding companies. It also aims to promote joint efforts among all relevant parties to overcome any legal and regulatory obstacles hindering the achievement of this goal.” He expressed hope that the coming period would witness the launch of new financial instruments to diversify the investment options available to local investors.
He further added that the Capital Market Authority would positively consider all proposals presented by the Palestine Exchange positively and put them on the agenda for decision-making and implementation as soon as possible.
In turn, Hulileh praised the genuine and effective partnership between the Capital Market Authority and the Palestine Exchange, especially in light of their shared aspirations for the development of the securities sector. He emphasized the necessity of creating a legislative framework that is compatible with electronic systems and coordinating all efforts made by all components of the securities sector to achieve ease and speed in transaction execution.
He also added that efforts are currently underway to restructure the shareholder base of the Palestine Exchange to include major local investment institutions. The aim is to attract new experienced partners in the securities industry to contribute to the development of this vital and important sector. This aligns with the Palestine Exchange’s larger goal of expanding its investor base, intensifying investment awareness activities, developing skills enhancement programs for the boards of directors of listed companies, and launching a range of new investment instruments and competitive services, including those that appeal to the Palestinian youth.