Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
2nd GCC Financial Market & Treasury Conference Opens
 

GCC implications of the ‘new oil order’ discussed by leading economists; trader education is key to solving current market issues

Dubai, UAE, 21 January 2016: The 2nd GCC Financial Markets & Treasury Conference, held under the patronage of His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance of the UAE, has opened today in Dubai.

The theme of the conference, which runs at the H Hotel Dubai until Friday 22 January, is the direct impact of the ‘new oil order’ on GCC countries and the anticipated economic implications of the rise of fiscal deficits in the region.

One of the high profile speakers at the event, Marshall Bailey, President of ACI International, is taking part in a panel session which will analyse what progress has been made in developing and enforcing codes of conduct and risk management in the GCC.

“A lack of harmonisation in rules and regulations continues to be a major cause for concern among market participants,” said Bailey.  “The vast majority of institutions operate globally, and therefore, have to comply with multiple laws and codes of practice at the same time.  When these rules diverge, contradict or are unclear, compliance becomes confusing, resource-heavy and requires additional personnel, time and money.”

For GCC regulators, the message from Bailey is to create laws which are as globally harmonised as possible, although he acknowledges there are further implications in relation to codes of conduct, and to invest time and money into educating traders. 

He added: “The number one rule for any global code to be effective is that it has to apply universally across borders, so all participants are clear on what is and is not acceptable behaviour. 
“The second is education and awareness of the rules.  Trader education, not regulation, is the key to solving the current market issues, and once individuals are made aware, their managers and compliance departments need to make sure it is enforced appropriately.”

In order to create clarity in the market, Bailey advises national regulators to adopt the clearly defined codes and if necessary, back those up with laws to embed the national financial regulations and guarantee strong enforcement.

“Levelling the playing field internationally in this way will provide much needed clarity for financial market professionals – something that many institutions are crying out for.  It is also beneficial for regulators, as they can measure the behaviour, ethics and conduct of all participants by the same criteria, regardless of whether they are in New York, London, Dubai, Singapore or Japan, and any misdemeanours can be immediately addressed.”

The ACI Model Code will be highlighted by Bailey at the conference as the best place to start because it is widely accepted as the most complete of codes and provides a comprehensive moral compass to which professionals can adhere globally.

The GCC Financial Markets & Treasury Conference, moderated by radio presenter Richard Dean, is organised by the UAE Financial Markets Association, in association with strategic partner Dubai International Financial Centre, which has been instrumental in connecting financial institutes together.

Other speakers at the event include Thunayan Al Ghanim, Honorary President, ICA and KFMA Kuwait; Professor Tom James, Co-Founder and Managing Director, Novita’s Resources; Fahad Al Turkic, Chief Economist and Head of Research, Jada Investment; and Mohammed Alsahlawi, Professor of Economics, King Fahad University of Petroleum.

The 2nd Financial Markets & Treasury Conference is supported by ADS Securities, Tullett Liberty and BCG Partners. 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 8171 times
PR Category : Banking & Investments
Posted on : Thursday, January 21, 2016  5:33:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : “Abu Dhabi Maritime Youth Summit for Empowering UAE Youth Le...
Next Story : Credit Suisse: The importance of Corporate Governance for in...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
New Year, New Me with essence Products [15568-Views]
Embrace this New Year with Catrice [11607-Views]
Arab Bank Group Reports Net Profits of $544.3 million for 2022, 25% Cash Dividends [8979-Views]
SAP Announces Q4 and FY 2022 Results [7413-Views]
My Olivanna [6548-Views]
MGD - DSF Raffle Draw Winner [6527-Views]
Tanishq Opens 7th Boutique in the UAE [6478-Views]
Russian Compani will Participate in the 11th Largest International Construction Exhibition... [5998-Views]
LG Announces 2022 Financial Results [5719-Views]
Malabar Gold & Diamonds Launches the ‘Heart to Heart' Jewellery Collection to Celebrate th... [5469-Views]
More Events Target Clients on 3rd day of 6th Dubai Customs Week [4969-Views]
Celebrate Valentine's Day with Joyalukkas ‘Be Mine' Collections [4904-Views]
National Bank of Fujairah PJSC (NBF) – 2022 Results [4543-Views]
du Partners with Dubai Authorities to Operate State-of-the-art Drone Solutions through its... [4485-Views]
Union Coop signs MoU with CoTopia [4330-Views]
Danube Properties Unveils Viewz - an Iconic 1.4bn Project in JLT with Aston Martin Furnish... [4326-Views]
Dubai Jewellery Group Successfully Concludes Dsf Campaign by Giving 100 Winners 25kgs Gold... [4305-Views]
Inaugural Mohammed bin Rashid Falconry Cup Off to a Strong Start [4071-Views]
Luscious Lunch with Your Ladies at Sizzling Wok - a Perfect Galentine's Day Celebration [3952-Views]
382 Health Facilities part of Dubai Health Authority's Single Electronic Medical File Init... [3903-Views]
SPORTMAX PreFall 2023 Collection [3813-Views]
Thomas Pieters Tops the Leaderboard on Shortened Opening Day at Hero Dubai Desert Classic [3780-Views]
UPS Releases 4Q 2022 Earnings [3682-Views]
Special Olympics UAE Recognizes 99 Schools Unified Champion Schools from across the UAE [3645-Views]
Emirates College for Advanced Education Organizes “Education First” Forum to Design Qualit... [3628-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories