Harmonisation is the key to success
SUPPLEMENT - MIDDLE EAST - September 01, 2008
We understand a capital markets system as combination of: (1) the platform for re-allocating capital from providers to users, providing a return on investment and facilitating the exchange of interests between market participants, and (2) the regulatory environment necessary to ensure the stability and efficient functioning of the platform.
From the viewpoint of governments, the establishment of objectives for a capital markets system is connected to broader macroeconomic and, in some instances, social goals. These macroeconomic goals may include specific aspirations such as to democratise the private sector economy by allowing the greater participation of the public in the country's investment opportunities (an important objective of the Saudi Government), increase the prestige of a country or city by developing a regional or international financial hub (an important objective in Dubai) or encourage sourcing alternatives for businesses requiring capital. But whatever the goals may be, all capital markets systems have in...
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