FOURTH MEETING OF THE OIC MEMBER STATES’ STOCK

Transcript:FOURTH MEETING OF THE OIC MEMBER STATES’ STOCK:
FOURTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM Istanbul, October 2-3, 2010 Hüseyin Erkan Istanbul Stock Exchange Chairman & CEO 1 The Forum aims to provide a dedicated platform and communication channel for representatives of the relevant OIC organizations and institutions to discuss international cooperation activities. Initiated in accordance with the decision of the 20th session of the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Conference (COMCEC), in 2004. First round-table meeting, Istanbul, March 2005 Second Annual Meeting, Istanbul, October 2008 One working committee and four task forces to operate under the Committee were established. The Working Committee held its first meeting in Tehran in May 2009. Decisions of the 2nd Annual Meeting were presented to and included in the 24th session of the COMCEC, 2008 The Forum’s decision regarding the encouragement of the capital markets authorities was strongly emphasized in the report of the 24th session of the COMCEC. Background Third Annual Meeting, Istanbul, October 2009 The four task forces operating under the Working Committee were re-named and were assigned new tasks. Decisions of the Third Annual Meeting were presented to and included in the 25th session of the COMCEC, 2009 Final Report was submitted to the COMCEC and regulatory bodies of the OIC member states requested that a similar platform to boost the cooperation efforts be established. Third Working Committee Meeting, Abu Dhabi, April 2009 All task forces were requested to present a road map, time schedule and more specific proposals to the Annual Meeting. It was decided that an interactive link be created on the OIC Member Stock Exchanges website. Background - 2 1. The name of the Task Force for “Customized Indices, ETFs and Islamic Depositary Receipts” is converted to “Customized Indices and Exchange Traded Islamic Financial Products”. The Forum appreciates the work done by the Task Force. ------------------------OUTCOME------------------------- As determined. Decisions of the 3rd Annual Meeting of the OIC Member States’ Stock Exchanges Forum and the Tasks Accomplished 2. The Task Force for Customized Indices and Exchange Traded Islamic Financial Products together with IDB, shall communicate with various index providers to determine alternative types of investable indices (e.g. corporate governance index, regional index, sectoral index), by the next Working Committee meeting ------------------------OUTCOME------------------------- Proposals were made by three major index providers for the construction of an “OIC Index”. The Forum prefers such index to include the companies in