Arab Federation of Capital Market conference concludes

The curtains came down on the Arab Federation of Capital Markets (AFCM) conference, one of the largest events for exchanges and financial markets in the Middle East and North Africa or Mena region.

Gathering more than 22 AFCM members, which includes chief executive officers of Mena-based stock exchanges, clearing houses and brokerage firms; the two-day conference addressed key challenges concerning sustainability and climate change, the T+0 settlement cycle, risk management, the growth of Islamic capital markets, the place for derivatives in the ecosystem, fintechs and digital assets.

The conference attracted more than 250 attendees from Arab exchanges, clearing houses, financial market regulatory bodies, brokerage firms, investment fund managers, consultancy firms and other attendees.

Earlier inaugurating the conference, HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani strongly pitched for collaboration among Arab financial market institutions to fortify the investment environment and promote integration.

The event saw as many as nine panels discussions and more than 45 local, regional and international speakers to shed light on key themes and critical topics related to capital markets, from sustainability, carbon credits and climate change, IR & ESG practices, to Islamic capital markets and Fintech, to discuss the means of exchanging knowledge and expertise and enhance the opportunities to market listed entities across the region to investors, particularly foreign investors, in an effort to develop and enhance the region’s capital markets.

Ahead of the conference, on April 28, ring-the-bell ceremony at Muscat Stock Exchange witnessed the handover of the federation’s presidency from Muscat Stock Exchange to Qatar Stock Exchange (QSE). During the presidency period, the QSE will lead the AFCM throughout the year 2024 and continue the efforts to further develop the federation and enable it to achieve its vision.

The AFCM was established in June 1978, under the recommendation of the Arab Central Banks Conference, held under the auspices of the General Secretariat of the League of Arab States in Jordan. The headquarters of AFCM is in Beirut, Lebanon.

The AFCM is the Arab industry group for 17 exchanges, 8 clearing houses, and multiple affiliate members (financial institutions, brokerage firms and local industry associations) from all around the Arab region (the Gulf Co-operation Council, Levant and Arab African countries).

The federation was set up to contribute to the development of regulations and promoting harmonised and proactive legislations, and exchanging viewpoints and providing opportunities for co-operation among members.

"There is no one-size-fits-all solution given the competing influences but I’m sure the fostering of collaboration characterised by the AFCM will continue to be a source of ideas, innovation, and inspiration for the region," said Abdulaziz Nasser al-Emadi, the acting chief executive officer of QSE and the present president of AFCM.

Recognising the changing nature of the financial markets infrastructure sector, he said it means the leadership in the industry must be alive to challenges as well as opportunities whether that be in technology, regulation, the growth of private markets or the most testing economic backdrop seen since the financial crisis.