QE wins M-E Exchange of the Year Award again

ASIF IQBAL

DOHA FOR the second time in three years Qatar Exchange (QE) has bagged the Exchange of the Year Award for the Middle East from Global Investor magazine. The announcement was made at the Global Investor Summit and Awards, in Doha, on Wednesday.

QE had won this award for the first time in 2010 when the event was held in Dubai.

After receiving the award, QE Chief Executive Officer Rashid bin Ali al Mansoori said the award “recognises our efforts and contributions in developing the capital market and supporting the economy in line with Qatar’s National Vision 2030.” He said going forward, the local bourse remains committed as ever to improving standards and policies in line with the best international practices in order to provide investors with quality services and diversified products.

Each year Global Investor honours the top firms in the capital markets sector from across the MENA region on the basis of nomination by investors. The criteria for voting relate to significant achievements and accomplishments and the winning exchange has to demonstrate that they are making a concerted effort to add to the development of the capital markets in their respective countries.

Pointing out that QE is a sound and stable financial institution that benefits from strong regulation, Mansoori said “We offer different investment opportunities for our investors whether they are Qatari or non-Qatari, retail or foreign.

This award highlights the fact that the Qatar Exchange is a significant player in the regional exchange space.” Later speaking on “GCC Stock Exchange Improvements”, QE Product & Market Development Director Mohsin Mujataba noted that over the course of the past year, QE has enhanced the quality and depth of the market.

Highlighting some of QE’s achievements Mujtaba said the local bourse has been successful in implementing the delivery versus payment (DVP) process in order to enhance the efficiency of the settlement process.

He said the bourse has opened up the market to allow banks to re-enter as brokers, launched an ambitious initiative aiming at allowing investors to have their dividends directly deposited in their bank accounts, listing short term T Bills which will attract the attention of banks, financial institutions as well as investors, and the preparations to launch government bonds.

“QE has also worked to address the liquidity challenges by introducing securities lending and borrowing and liquidity provision schemes. It also launched the Venture Market, which is a junior market dedicated to the SME industry and issued new Indices to offer greater choices to investors,” Mujataba said.

The Qatar Financial Centre Authority has also bagged the Best Financial Centre in the Middle East” Award for the second year running.

Commenting on this prestigious award, Chief Executive Officer of the QFC Authority Shashank Srivastava, said, “We are extremely proud to be recognised as the best financial centre in the Middle East by such a highly regarded industry publication.

Winning this award for a second year in succession is welcome recognition of the progress we are continuing to make in building a world class financial centre and the leading platform to capitalise on the emerging opportunities in the Middle East.

“The award is testimony to the increasing success of our strategy, the strength and attractiveness of our regulatory and business environment and Qatar’s continuing emergence as a centre for Asset Management, Reinsurance and Captive Insurance and financial services more generally.” Srivastava continued: “Credit is very much due to the State of Qatar’s far-sighted National Vision 2030 and its policy of diversification towards a knowledge-based economy, enriching Qatar’s human capital and improving its competitiveness, domestically, regionally and internationally.”

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