Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, February 10, 2014

Koldertsova on Middle East and North African Stock Exchanges

Alissa Koldertsova has posted Privatisation and Demutualisation of MENA Stock Exchanges on SSRN with the following abstract:

The interest in restructuring the ownership and legal form of Arab exchanges has grown in recent years, as witnessed by the ongoing discussions related to the privatisation of the Kuwait Stock Exchange and the demutualisation of the Moroccan Stock Exchange. Others, such as the Lebanese and Egyptian exchanges, are increasingly interested in exploring similar ownership transitions. The management of a number of exchanges considers that private ownership might afford them greater operational flexibility and ultimately, ability to be more competitive regionally and perhaps internationally.

This report explores the efforts of MENA stock exchanges to restructure their ownership through regional comparisons and country case studies. It also situates this process within global transformation of the stock exchange industry in the past two decades. In doing so, this report represents the first effort to analyse the ownership and governance practices of Arab stock exchanges with a view to discuss how the ownership transitions might be optimally structured and whether indeed they are desirable in the short or long term.

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