As part of its ongoing reform and modernization program, the Jordan Securities Commission (JSC) and the USAID-funded AMIR Program recognized 32 capital market specialists at an award ceremony held on Sunday, February 25. The first graduating class of the Broker Training and Certification Program was welcomed by JSC Executive Chairman Bassam Saket and praised for "creating a new environment for investment in Jordan."
The examination was the first of its kind and will soon be a standardized test for all brokers in order to be licensed by the JSC and conform to international standards. Saket commented on the evolution of Jordan's capital markets and the cumulative process of reform which, he said, adds to the positive investment environment in the country. "As we are in charge of promoting the market, the next step is investing in our people," added Saket. "Of course the future that lies ahead is challenging, and we have to refine what we know ... to build a better capital market," he concluded.
Jalil Tarif, CEO of the Amman Stock Exchange (ASE), noted the restructuring of the capital markets took the form of new technologies and legislation but added, "it cannot happen without the people." "There is a need for professionals to upgrade their abilities not just to help the capital market in Jordan but also in the region," said Tarif.
Participants in the training session and examination included representatives of Jordanian banks, investment companies, financial consultancy institutions , and the JSC and ASE. Of the 32 participants, 17 were brokers who received their licences last year. The program, facilitated by international and Jordanian instructors, addressed an array of finance-related issues with special emphasis on Securities Law, economics of capital markets, stocks, bonds, derivatives and portfolio management.
The course was intended to give students an insight on current international practices, and a comprehensive study manual was developed. A graduate of the program, Mohammad Abu Rshaid, investment officer of the Housing Bank, commented on his satisfaction at finishing the course. "It gave me more information about investing and the economy, including how to calculate the fair market value of a share and the concept of due diligence," he said. The JSC is the regulatory body engaged in providing a sound and transparent securities market in the Kingdom and protects shareholders, investors and the public from irregular market practices.
The commission also monitors and supervises the ASE, the Security Depository Centre (SDC), financial service companies, public shareholding companies, investment funds and certified financial planners. In addition, the JSC is responsible for licensing these entities, issuing rules and regulations to which they must adhere and regulating the disclosure of information.
In a related matter, Samir Jaradat, CEO of the SDC, met with Jordan's leading software developers on Saturday to discuss the changing role they will play in the future of the SDC. The meeting was called to make vendors who provide software for companies that trade on the Stock Exchange aware of modifications needed to work with the SDC. "As the SDC evolves, it is imperative that we make sure the software companies also evolve and are able to work with us to ensure an accurate and safe environment for everyone who trades on the ASE," said Jaradat.
The SDC is the institution that oversees the settlement and transfer of the ownership of securities and has recently begun electronic record keeping. — ( Jordan Times )
By Owen Clegg
© 2001 Mena Report (www.menareport.com)
