Syria Today | DSE concludes mock trading, ready for business

DSE concludes mock trading, ready for business

The Damascus Securities Exchange (DSE) concluded a three-week pilot phase for securities trading last month, simulating the trading of securities in the lead-up to the commencement of real trading on March 8. The sessions, which began on January 29, involved virtual buying and selling commands without execution.

“The pilot phase aims at checking the stability and security of the system and the infrastructures, in addition to the mechanism of brokering, clearance and settlement processes before the actual trading begins,” DSE vice executive manager Saker Aslan said.

Eighteen brokers representing nine brokerage firms took part in the first session, with the trading of stocks by five listed companies - Bank Bemo Saudi Fransi, Bank of Syria and Overseas, Arab Bank, International Bank for Trade and Finance and al-Ahliah Transport Company.

“The aim of a pilot period is to discover problems and solve them,” Aslan said. The DSE will open this month with two to three sessions per week. In all, 13 companies will trade.

In January, the Syrian Commission on Securities and Financial Markets completed its legislative framework by issuing three regulations governing trading, clearance and the internal system of the settlement fund.

Launching the pilot phase comes four years after the establishment of the Syrian Commission on Securities and Financial Markets. DSE officials say the global financial crisis will not affect its work.

On February 23, Bank Bemo Saudi Fransi (BBSF) became the first company listed on the market after winning approval from the DSE. The bank was the first company to apply for market listing.

On the same day, Muhammad Glilati was named DSE executive director by Prime Minister Muhammad Naji Otri. Glilati had previously served as deputy chairman of the Syrian Commission on Financial Markets and Securities.

“Our priority now is to raise awareness about investment in the securities exchange, a task that requires cooperation with the media,” Glilati told reporters following his appointment.