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LSE lures investors, highlights depositary receipts

By JT - Mar 08,2017 - Last updated at Mar 08,2017

AMMAN — London Stock Exchange (LSE) and Deutsche Bank, in partnership with Al Mawared Brokerage, a subsidiary of Investbank are holding a conference on depositary receipts on Monday, as part of their on-going efforts to develop new financial products.  

The conference is also held in cooperation with the Amman Stock Exchange (ASE), according to a statement received by The Jordan Times from the conference organisers.  

 The Jordan Securities Commission (JSC), the capital markets regulator, has recently issued new regulations regarding the issuance, listing and trading of depositary receipts. 

At the conference, experts and senior managers from LSE and Deutsche Bank will highlight opportunities for Jordanian public shareholding companies to issue depositary receipts and list them on the LSE.  

Commenting on the participation of the LSE in the conference, Tom Attenborough, head of Large Cap Primary Markets, said “London Stock Exchange has a long history of supporting companies from the region. There are 37 Middle East and North Africa companies with a combined market capitalisation of US$66 billion listed in London”. 

“We are excited by recent developments in Jordan’s securities regulations and believe that there is an excellent opportunity to work in partnership with the Amman Stock Exchange to showcase Jordanian companies to the international investor base that London attracts,” he added.

Moreover, Deutsche Bank’s ongoing efforts to develop new financial products serving the capital market needs of the Middle East and North Africa region includes promoting depositary receipts, the statement said.  

In comments, Deutsche Bank’s director and head of Product Development, Depositary Receipts, Peter Gotke said: “The global capital markets have welcomed many of the MENA region’s leading companies, and both investors and issuers continue to see depositary receipts as providing a key route to listing and raising capital on key exchanges, including London. Global depositary receipts provide access to new pools of investment, and broaden the participation of global investors, thereby allowing issuers to impact their valuation, and local market liquidity.”

Al Mawared’s CEO Hana Harasis said the conference is an opportunity for Jordanian companies to benefit from the deep liquidity pool at the LSE, as well as the international exposure that comes with such a listing.  

The conference will be held at the Jordan Capital Markets premises, according to the statement.

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