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The
Definition of What Is the Libyan Stock Market Libyan
The
importance of establishing the financial markets in the world comes
for savings and funds investment in securities to benefit the
national economy and to ensure the safety and accuracy of
transactions and ensures interaction between the powers of supply
and demand to define prices and protect investors, as well as to
consolidate the foundations of a just and Proper handling and to
closely monitor trading operations conducted on stock for increase
the investment awareness which ensure financial and economic
stability, development and rationalization the Methods of dealing to
ensure price stability. The steps preceding the creation of market
entrusted the task of Establishing the stock market to the
secretariat of the General People's Committee for Economy , Trade
and under the resolution of the secretariat of the General People's
Committee (No. 105) for (2005). the interest of the Secretariat of
the General People's Committee for Economy , Trade and investment to
success and activating the role of the stock market and badges into
existence, it has taken many actions and procedures which have a
significant Impact in the success of this market, which could to
summarize in the following:
In the
area of the definition of stock market and the possibility of
activating its role in the interest of the national Economy and
publish its news and seeking to increase investment awareness of
investors, the market put these points in the priority where the
symposium was organized to define the stock market , its Importance
and its role in completing the cycle of economic life, through The
experiences of some Arab countries, and Its construction and
development in the capital markets , in addition to identifying
closely on fundamentals and the Possibilities for the establishment
of such a market in Libya, in order to define a clear-cut vision of
this particular Beneficiaries of this test States that participated
in the symposium, as well as contributions made by scientific
Researchers and academics.
The
General People's Committee for Economy, Trade and Investment which
supervising the establishment of the stock Market have participate
in the session (35) of Tripoli International Fair, through workers
of the market have organized a special wing in order to define
Libyan Stock Market importance, and to increase the awareness of
investors about the dealing ways in the market and to direct them
toward optimum investment of their savings.
The
working group of the market,
each one according to his specialization organized and set up second
Symposium entitled (future vision towards investment), during the
period of the session (35) of Tripoli International Fair Hall for
conferences, and with the
presence of number of economic experts and Specialists interested in
economical and investment affairs, through number of discussion
topics and themes aimed at the definition of securities market and
the trading movement and the
role of brokers in Stimulating trading and regulate the movement of
the market and also respond to all the questions which could give
the way for investors, whether domestic or foreign investment in
securities because it is the channel granted Transparency and
credibility in order to optimum the investment in successful
companies
The
stock market has taken the necessary arrangements regarding of some
listed and registered companies and banks, including: (United
Insurance Company, National Company for flour mills & fodder, Al
Sahara Bank, national Tripoli bank, suk el-Guima National Bank).
The
first phase of the foundation witnessed holding several intensive
meetings with the relevant parties with market activity and also it
has been hiring by local and foreign experts in this area.
Steps of Construction
In
June 3, (2006) the General People's Committee issued a resolution
(No. 134) regarding to establish Libyan Stock Market and issuing its
statute. Accordingly the Secretary General People's Committee for
Economy, Trade and Investment issued Decision No (244) for (2006)
assigned Mr. Suliman. S. Alshahumy as the General Manager of Libyan
stock market. In addition to that the Secretary of the General
People's Committee for Economy, Trade and Investment has issued
resolution (No. 332) of (2006), to the identification of fees and
Contributions of members of the Libyan stock market. at the time it
issued all these resolutions the assigned manager to establishing
the stock market draw In parallel line the mechanism which the
market might follow after the establishment through working
visitations which he had to Arab countries and study the possibility
make use of capital market in the Arab countries where he visited
Amman Stock Exchange and Stock Exchange of Dubai and Cairo and
Alexandria Stock Exchanges, to stand on their experiences from near
and produced several such visits meetings related to the
Establishment of the market in the Great Jamahiriya.
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