Last month, the Stock Exchange of Thailand joined the Asean Trading Link, an alliance comprising three exchanges in South East Asia. The Russian exchanges Micex and RTS completed their tie-up last year to form the Moscow Exchange.
More recently, the Tokyo Stock Exchange and Osaka Securities Exchange announced their imminent merger, expected to be complete on January 1.
These events have brought the debate regarding consolidating the Middle East's own exchanges into sharper focus.
Trading across multiple markets is commonplace across the globe, but this practice is yet to become a reality here. Why?
Although there have been major steps forward in terms of the technology used by Middle Eastern exchanges and the participant financial institutions, a perception of complexity remains around cross-border trading, deterring many people from even trying.
The exchanges themselves remain relatively small, difficult to access, and subject to regulation at the national levels. As a result, capital markets in the Middle East still remain largely underdeveloped relative to other regions.
Over the past few years, we have seen multiple alliances in other parts of the world come to fruition. As well as Asean, there is Euronext in western Europe, Ceeseg (Central and Eastern Europe Stock Exchange Group), and Mila (Mercado Integrado Latinoamericano) in South America. Furthermore, we have also witnessed various new partnerships and memorandums of understanding between exchanges worldwide.
The advantages of interconnectivity are clear: as well as creating more competition and greater foreign participation in these markets, consolidation offers a deeper pool of liquidity and greater appeal for companies looking at exchange listings as an alternative source of funding to bank credit lines or bond financing. In the case of Mila, it became obvious very quickly that 1+1+1=4.
Linking the Chilean, Colombian and Peruvian exchanges created a large amount of goodwill because the sum of the constituents is greater than its parts.
Investors who previously might have shied away from spending the resources required to look at investing in one small market, will now make that investment if they can access multiple markets at once and with greater ease. That reality and ease of access also brings new sources of funds as well as growth opportunities to businesses and institutions within each member country.
Four conditions need to be met to get an exchange alliance to work effectively. The first is a political superstructure, which can develop in different ways. In the case of Mila and Asean, there was an existing structure created to facilitate and promote the interaction of the different countries. The Asean Stock Exchange linkage initiative, for example, leverages the Association of Southeast Asian Nations political alliance superstructure, while the Euronext and Ceeseg alliances operate under the single market promoted by the European Union.
The Middle East already has such a superstructure with the GCC, connecting the UAE, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. This structure could bring exchanges closer together and promote the formal link-up of the region's capital markets.
Even with a political structure, the second required element is a strong and persistent political will. In Europe, the EU provided the structure and initial momentum, so when the Amsterdam, Brussels and Paris exchanges announced their plans to create Euronext, the idea resonated with the political will and desire of that time.
In any alliance, a larger player often takes the helm and may have to cajole the others past the finishing line, which works as long as these other participants can clearly see the benefits.
As with a political alliance such as the GCC, each country may be in a different stage of development but must realise the combined interests in working together.
The next hurdle - and probably the biggest - is the different regulatory environments among Middle Eastern markets.
But if you do not start somewhere, the issues will never be addressed. A regional exchange alliance can create the momentum needed to kick-start that process, as was proved in the Mila and Euronext countries.
The final condition is the use of the right technology. Although the Middle East is large and therefore not without its infrastructure challenges, Asean provides some clues for overcoming them.
It shows how to link these markets, demonstrating that you can build a network among exchanges without losing each player's national identity, trading platform or connection to their individual investor communities, while at the same time leveraging each participant's own strengths and creating a new, regional synergy.
Each country in the Middle East is trying to develop national industries and national psyches beyond oil extraction or mineral exploitation. A properly functioning capital market is a key piece of that development.
I am certain we will see initiatives that will eventually create links between these markets. It is primarily a matter of developing the political will and then creating the momentum - the rest may just fall into place.
Philippe Carré is the global head of connectivity at SunGard's capital markets business.
more from Janine di Giovanni
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
UAE currency: the story behind the money in your pockets
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
