GCC members look to unify stock exchanges
Five committees are charged with unifying bourse laws and legislations.
June 22, 2010 10:02 by Katherine Azmeh
GCC states are moving ahead with plans to integrate their disparate stock exchanges as part of a plan to support a common GCC market, according to Saudi media, Zawya.com reported Tuesday.
On Sunday, directors of GCC stock exchanges met in Riyadh and appointed committees entrusted with unifying laws and legislation governing the bourses. Mohammed Al Mazroui, GCC’s Assistant Secretary-General for Economic Affairs, said the committees will work towards integration by unifying existing laws and regulations. The committees will deal with securities, bourse linkage, IPO issuing, stock registration and disclosure, and share listing, according to Saudi’s Arabic daily, Okaz, Zawya said. More talks by bourse officials are expected in September, and recommendations for the unification may be presented as early as October, the report said. A final proposal is expected to be submitted to GCC leaders at their annual summit near the end of the year, Zawya.com said.