بوجاااااسم
21-06-2012, 07:20 AM
أعلن قبل 6 ساعات عدم ترقية السوق القطري لمصاف الأسواق الناشئة
ومراجعة الترقية 2013
وهذا نص الخبر
MSCI will maintain the MSCI Qatar Index in Frontier Markets. The MSCI Qatar Index will
remain under review for a potential reclassification to Emerging Markets as part of the 2013
Annual Market Classification Review.
The issue around the very low Foreign Ownership Limit (“FOL”) levels imposed on Qatari
companies is expected to be the only remaining impediment to the reclassification of the MSCI
Qatar Index to Emerging Markets. The MSCI Qatar Index should meet all requirements for
inclusion in the MSCI Emerging Markets Index, provided the false trade mechanism recently
introduced on the Qatar Exchange (“QE”) is successfully tested over time.
Qatari authorities have not yet addressed the specific issue around the very low FOL levels. This
issue has been put forward as the major impediment to a potential reclassification to Emerging
Markets for international institutional investors as it significantly limits the number of shares
available to them. Based on current data, the total free float adjusted market capitalization of
the MSCI Qatar Index available to foreign investors is USD ten billion. In an extreme scenario,
were the Qatari equity market to witness a net foreign capital inflow of USD ten billion or more,
the share of free float available to foreign investors would be reduced to zero. This would make
all current index constituents ineligible, leading to the discontinuation of the MSCI Qatar Index.
MSCI encourages the Qatari authorities to look at different ways to increase the FOL limits
currently applied by Qatari companies. The Qatari authorities could also review how other
markets within the current MSCI Emerging Markets Index have resolved similar issues in the
past by implementing alternative mechanisms resulting in increased FOL levels. Even if not
desirable from a governance perspective as it may disadvantage foreign investors compared to
domestic ones, countries have increased the share in their equity market accessible to foreign
investors using alternative mechanisms such as increasing the FOL levels in industries deemed to
be of less strategic nature (e.g., India) or introducing specific share classes fully open to foreign
investors that preserve all economic rights but limit voting rights (e.g., Brazil, Mexico and
Thailand).
MSCI also welcomes the positive developments on the Qatari equity market with the
implementation of a proper false trade mechanism on May 1, 2012. This new mechanism is
expected to remove the requirements for international institutional investors to operate with a
dual account structure. The effectiveness of this new mechanism to guarantee the safeguarding
of investors’ assets and to allow for the elimination of the dual account structure requirement
still needs to be fully assessed by international institutional investors. In addition, the
introduction of new regulations allowing for securities borrowing and lending (“SBL”)
agreements, which was also raised by market participants as a way to resolve the dual account
structure issue, should be enacted in the course of 2012 based on current information
ومراجعة الترقية 2013
وهذا نص الخبر
MSCI will maintain the MSCI Qatar Index in Frontier Markets. The MSCI Qatar Index will
remain under review for a potential reclassification to Emerging Markets as part of the 2013
Annual Market Classification Review.
The issue around the very low Foreign Ownership Limit (“FOL”) levels imposed on Qatari
companies is expected to be the only remaining impediment to the reclassification of the MSCI
Qatar Index to Emerging Markets. The MSCI Qatar Index should meet all requirements for
inclusion in the MSCI Emerging Markets Index, provided the false trade mechanism recently
introduced on the Qatar Exchange (“QE”) is successfully tested over time.
Qatari authorities have not yet addressed the specific issue around the very low FOL levels. This
issue has been put forward as the major impediment to a potential reclassification to Emerging
Markets for international institutional investors as it significantly limits the number of shares
available to them. Based on current data, the total free float adjusted market capitalization of
the MSCI Qatar Index available to foreign investors is USD ten billion. In an extreme scenario,
were the Qatari equity market to witness a net foreign capital inflow of USD ten billion or more,
the share of free float available to foreign investors would be reduced to zero. This would make
all current index constituents ineligible, leading to the discontinuation of the MSCI Qatar Index.
MSCI encourages the Qatari authorities to look at different ways to increase the FOL limits
currently applied by Qatari companies. The Qatari authorities could also review how other
markets within the current MSCI Emerging Markets Index have resolved similar issues in the
past by implementing alternative mechanisms resulting in increased FOL levels. Even if not
desirable from a governance perspective as it may disadvantage foreign investors compared to
domestic ones, countries have increased the share in their equity market accessible to foreign
investors using alternative mechanisms such as increasing the FOL levels in industries deemed to
be of less strategic nature (e.g., India) or introducing specific share classes fully open to foreign
investors that preserve all economic rights but limit voting rights (e.g., Brazil, Mexico and
Thailand).
MSCI also welcomes the positive developments on the Qatari equity market with the
implementation of a proper false trade mechanism on May 1, 2012. This new mechanism is
expected to remove the requirements for international institutional investors to operate with a
dual account structure. The effectiveness of this new mechanism to guarantee the safeguarding
of investors’ assets and to allow for the elimination of the dual account structure requirement
still needs to be fully assessed by international institutional investors. In addition, the
introduction of new regulations allowing for securities borrowing and lending (“SBL”)
agreements, which was also raised by market participants as a way to resolve the dual account
structure issue, should be enacted in the course of 2012 based on current information