BorzaMed Project for Med. capital markets alliance launched

A Protocol to establish a Working Group to set up a BorzaMed project considering the feasibility of an alliance of Mediterranean stock exchanges was recently between chairmen of the Maltese, Tunisian and Egyptian stock exchanges.

Launching the enterprising BorzaMed project recently, Malta Stock Exchange Chairman Alfred Mallia explained, "...the Mediterranean region has always played an important role in the world and the Protocol shall serve as the foundation stone supporting greater co-operation between the capital markets in this region.."

The BorzaMed Project’s principal objectives are to consider the feasibility of developing an efficient regulatory framework for cross-border trading of securities in the Mediterranean and to provide a forum for the study and furtherance of cross-border trading of securities in the Mediterranean.

The project seeks to foster a continuing relationship between the parties and to provide a forum and mechanism for co-operation for their respective benefit and to enhance the development of their markets as well as other securities markets in the Mediterranean region.

The Protocol will initially remain in force for a period of one year. The parties have agreed to set up a Working Group for the furtherance of the project. The Working Group has to draw up a report within a year about it findings regarding the feasibility of BorzaMed and to submit a plan for the development of BorzaMed once the Working Group has established its feasibility.

The parties have also agreed that from time to time they should organise activities such as conferences, meetings and any other international events of mutual benefit with a view to further the objective of the Project.

The signing of the Protocol took place in the presence of Finance Minister John Dalliand Tunisian Ambassador to Malta Mr A. Hetira. Also present for the ceremony were Gerrit de Marez Oyens, former Secretary General of the World Federation of Exchanges – also acting as consultant on the project, and Jalil Farid Tarif Makhamra of the Amman Stock Exchange.