News Centre

EGX Launches Its Program For Benha & Suez Canal Universities

Date 19/10/2020

Dr. Mohamed Farid Saleh, Executive Chairman of the Egyptian Exchange (EGX), delivered the opening speech to students from Suez Canal University and Banha University as part of EGX’s virtual Financial Literacy Program conducted to raise financial awareness among university students.  This training program is a continuation of EGX’s efforts for financial inclusion implementation through the financial awareness program for university students specifically and the general public.

Maktoum bin Mohammed Appoints DIFC Authority’s Board Of Directors

Date 19/10/2020

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Centre, has issued Directive No. (5) of 2020, appointing DIFC Authority’s Board of Directors for a two-year term.

Nigerian Stock Exchange Set To Host 5th Market Data Workshop

Date 18/10/2020

The Nigerian Stock Exchange (NSE), in partnership with InfoWARE Limited, is set to host the fifth edition of the NSE Market Data Workshop on Friday, October 23, 2020. This year’s event will be held virtually in compliance with guidance around physical distancing occasioned by the COVID-19 pandemic.

Market Opening Bell Ringing To Celebrate The Launch Of The New Platform: Dubai Financial Market Debuts Equity Futures Trading, In A Significant Boost To Its Product Offering Diversification Strategy

Date 18/10/2020

• Future contracts on single stocks of five listed companies including: Emaar Properties, Dubai Islamic Bank, Emirates NBD, Emaar Development and Emaar Malls
• H.E. Essa Kazim: “The diversification strategy reinforced DFM’s position as one of the leading regional markets in terms of asset classes’ variation”
• Hassan Al Serkal: “Growth prospects are promising, considering investors’ rising demand for diversified asset classes and brokers’ active participation”
• Hamed Ali: “Robust regulatory framework to ensure that equity futures are well-positioned to resonate growth levels on international markets”
• Maryam Fekri: “Dubai Clear provides the new platform with world-class clearing solutions”

Nadex Temporary Outage

Date 16/10/2020

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and section §40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”) submitted an emergency action to the Commission on October 16, 2020 providing notice that on trade date Friday, October 16, 2020, the Nadex trading platform was impacted when shortly after the 6:00pm ET open the Exchange experienced a technical issue that caused a temporary trading outage.  The issue was corrected and service was restored at approximately 6:35pm ET.

CFTC Commitments Of Traders Update

Date 16/10/2020

The current reports for the week of October 13, 2020 are now available.

Who Watches the Watchers?* Joint Statement On Auditor Independence Amendments, SEC Commissioner Allison Herren Lee, SEC Commissioner Caroline A. Crenshaw, Oct. 16, 2020

Date 16/10/2020

Auditors play a crucial role in promoting public trust in our markets by providing assurances about the reliability of financial disclosures. This role has been described as a “public watchdog” function that “demands that the accountant maintain total independence from the client at all times and requires complete fidelity to the public trust.” Those clients, however, hire and pay their own watchdogs, prompting the late, distinguished securities law professor Lynn Stout to observe “[w]hen the people being watched get to choose their watchdog, they’re not going to choose the toughest animal around.” The import of this observation is not to impugn motives, but to point out that there is an obvious and inherent conflict of interest in the so-called “issuer pays” model used in public auditing. This conflict would be significant even if auditing fees were its only source. But in recent years, audit fees at the Big Four accounting firms have been dwarfed by even more lucrative consulting, tax, and other non-audit services offered by large accounting firms, which now account for close to two-thirds of overall revenues.

SEC Updates Auditor Independence Rules, Amendments Reflect Staff Experience Applying The Auditor Independence Framework

Date 16/10/2020

The Securities and Exchange Commission today announced that it adopted final amendments to certain auditor independence requirements in Rule 2-01 of Regulation S-X.  Informed by decades of staff experience applying the auditor independence framework, the final amendments modernize the rules and more effectively focus the analysis on relationships and services that may pose threats to an auditor’s objectivity and impartiality.  

Nigerian Stock Exchange Weekly Market Report For October 16th 2020

Date 16/10/2020

A total turnover of 1.955 billion shares worth N22.978 billion in 22,844 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 3.140 billion shares valued at N35.372 billion that exchanged hands last week in 35,099 deals.

Statement On Order Approving A Wireless Fee Schedule Setting Forth Available Wireless Bandwidth Connections And Wireless Market Data Connections, SEC Commissioner Hester M. Peirce, Oct. 16, 2020

Date 16/10/2020

The New York Stock Exchange and four affiliated exchanges applied for approval pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Exchange Act” or “Act”)[1] and Rule 19b-4 thereunder[2] of fees that they charge for wireless bandwidth connections provided by ICE Data Services (“IDS”), which is an affiliate of the Exchanges. NYSE and three affiliated exchanges also applied for approval under the same provisions of fees for wireless market data connections, also provided by IDS. I concur with the Commission that, based on the filings and the record before us, these fees are consistent with the Exchange Act and that IDS should be able to continue providing these services.