Qatar Exchange

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Qatar Exchange
QE.jpg
Founded 1995
Headquarters Doha, Qatar
Key People CEO Andre Went, Chairman Khalid Bin Mohammad Al-Attiyah
Products equities trading
Website http://www.dsm.com.qa/dsmsite/

Template:Infobox Midpage Need Sponsor Qatar Exchange (QE) is the new name for the Doha Securities Market (DSM), which was previously considered an elite Middle-East stock exchange based on its market capitalization. The new exchange, which eventually aims to trade all asset classes, is majority-owned by the state-operated [[Qatar Investment Authourity] with international bourse operator NYSE Euronext holding a 20% stake.


Background

The DHS was formed by law in 1995 and commenced floor trading operations in May 1997 before switching to fullelectronic trading in March 2002.[1] On its inception in 1997 the DSM listed 17 publicly traded corporations but by the end of 2008 that number had steadily increased to 43, while the exchange's total market capitalization rose from 18.8 billion Qatari rials at the end of 2000 to QR279 billion in 2008.

Eighty percent of the new QE venture is currently owned by Qatar Holding, an arm of Qatar's sovereign wealth fund the Qatar Investment Authority (QIA), while 20% representing a $200 million stake is held by international exchange group NYSE Euronext, which also supplied the new venture's CEO.[2] NYSE Euronext will now work on upgrading QE's current electronic platform to its recently developed Universal Trading Platform (UTP), intended to operate across all NYSE excahnge markets. NYSE reduced its stake in the new venture fron its initial 25% ($US250 million) announced in June 2008.

Even this reduced Qatar Exchange investment is believed to give NYSE Euronext a solid foothold into the broadening and growing Middle Eastern exchange sector that QE aims to dominate in future, partially by employing NYSE technology like UTP. Qatar is forecast to be second-largest Gulf states economy within six years by the Gulf Co-operation Council.[3]

Key people

Qatar Exchange's recently appointed CEO Andre Went, who will take over the job on July 21, 2009, was formerly the Europe managing director of data solutions for NYSE Euronext based in Amsterdam.[4] In late 2008 Went, who spent 20 years with NYSE Euronext and its predecessor, was instrumental in launching Euronext's TradeCheck application that allows electronic traders to check asset prices across a range of exchanges and other trading platforms for the best deal.[5]

Latest news

The new owners of the QE now aim to expand the exchange's reach beyond equities trading to become a "multi-asset class" exchange, the QIA revealed at the end of June 2009. As well as trading shares, the QE will in future list exchange-traded funds (ETFs) and exchange-traded commodities (ETCs) plus bonds, sukuk (Islamic bonds) and index-based products.[6]

Qatar Exchange also plans to launch a Qatari derivatives exchange in the near future based on the UTP to trade single stock futures and options as well as index options and is currently examining the feasibility of cross-listing traded securities from other exchanges and platforms, a QIA spokesman told Gulf Daily News. QE is also planning an initial public offering but gave no indication of when or how large the offering might be.

References

  1. Brief Information On Doha Securities Market (DSM). Qatar Exchange.
  2. THE STATE OF QATAR LAUNCHES "QATAR EXCHANGE" AS IT SIGNS FORMAL TERMS OF STRATEGIC PARTNERSHIP WITH NYSE EURONEXT. Qatar Exchange.
  3. NYSE Expands In Middle East, Invests In Qatar Exchange. Dow Jones.
  4. Qatar Exchange Names NYSE’s Went as CEO, May Sell More Stakes. Bloomberg.
  5. NYSE Euronext launches TradeCheck, a low-cost service enabling customers to evaluate equity trade execution in a range of European markets. NYSE Euronext.
  6. Qatar is planning multi-asset bourse. Gulf Daily News.