Efforts ongoing to strengthen MSM: Chairman

Muscat, MAY 18 – The Muscat Securities Market continues to exert very possible effort to achieve its objectives of transforming into a commercial company in order to be able to work more flexibly and in a commercial manner, according to the Board Chairman Dr Ashraf bin Nabhan al Nabhani.
These efforts are designed to ensure that the Omani bourse keeps pace with developments taking place in the global securities industry and in securities markets, Dr Al Nabhani stated in the Annual Report 2018. Among the many highlights of 2018, the Chairman stated, is the MSM’s continued efforts to strengthen cooperation with Arab and international financial markets. The MSM has enhanced its presence in international federations and institutions.
This is exemplified by the appointment of the MSM Director General as President of the Federation of European and Asian Stock Exchanges (FEAS).
Moreover, the MSM has actively participated in Arab, regional and international conferences and events. It also hosted the Third Session of the World Exchange Congress in February 2018, as well as the 77th FEAS Working Group Meetings. On the technical front, the MSM has implemented a number of vital and important projects. The new website, now available in Arabic and English, reflects the image of the market and the developments it has witnessed.
“The new website is unique in its modern design, comprehensive content and the state-of-the-art technology used in its development. It is user friendly, accurate and fast as mentioned by researchers, investors and other interested users,” the Chairman said.
Furthermore, the Market has developed its technical infrastructure through the implementation of Network Security Development Project as linked to the second tier of the security design framework for government networks. In addition, it has updated the network equipment used to increase the security level for all communications with external entities (brokerage companies, Muscat Clearing and Depository Company, Bloomberg, Reuters, and so on.). It has also completed the fiber optic cable connection between the Market and the Knowledge Oasis Muscat.
Additionally, the MSM has installed a new trading system known as OPTIQ and its accessories as well as the Red Hat operating system and Oracle databases. It has also designed index data saving software, Dr Al Nabhani noted.
In terms of disclosure and information dissemination, Muscat Securities Market continued its policy of enhancing the principles of disclosure and transparency. “Therefore, it developed a system of disclosure for joint stock companies in order to publish news in PDF format based on a new set of rules. As for operations, MSM has already created the Total Return Index, which was due to be launched by mid-February 2019,” he stated.
MSM has also applied the electronic listing for closed companies, according to the Chairman. It has also completed the capital restructuring project for companies, which includes all information about listing and change of capital of listed joint stock companies (closed and public), bonds and sukuk.
For trading control, MSM started to use electronic forms to facilitate control efforts with all other agencies. In terms of administrative and financial affairs, the Market has expanded the use of the electronic content in order to cover some tasks related to the work of this department. It has also updated the performance report form, he added.