Financial Outlook of the OIC Member Countries 2017
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4.3 ON-GOING ACTIVITIES UNDER THE COMCEC
4.3.1 OIC MEMBER STATES STOCK EXCHANGES FORUM
COMCEC initiated the cooperation among Stock Exchanges of the Member States in 2005 and
"OIC Member States Stock Exchanges Forum" was established in this regard. The Forum
focuses on the harmonization of the rules and regulations governing market operations, as
well as opening communication channels for the stock exchanges of the OIC Member Countries
and relevant institutions.
The Forum provides a regular cooperation platform for the Stock Exchanges of the member
countries to share their experiences and knowledge on harmonizing the rules and regulations
governing market operations, as well as for increasing the amount of international portfolio
investments flowing to OIC Member States.
The Forum has convened tenth times till now and has achieved remarkable progress in
deepening cooperation among the Stock Exchanges of the Member States. It has completed its
work regarding the S&P OIC/COMCEC Index. The Index, launched on June 22nd 2012, in
Istanbul, was designed to measure the performance of 50 leading companies from the 19
member states of OIC, namely, Bahrain, Bangladesh, Cote D’ivoire, Egypt, Indonesia, Jordan,
Kazakhstan, Kuwait, Lebanon, Malaysia, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia,
Tunisia, Turkey and the United Arab Emirates. The official launching ceremony of the Index
was held during the 28th Session of the COMCEC.
In line with the relevant resolution of the COMCEC the Forum has been working on “Gold
Market Initiative for the OIC member Countries”. In this context, the OIC Member States' Stock
Exchanges Forum submitted the report on “Technical Report on Gold Market Initiative for the
OIC Member States” to the 32nd Session of the COMCEC. Accordingly, the 32nd Session
welcomed the Forum’s proposal to establish a highly adaptable web-based gold trading and
clearing platform with the ultimate aim of a gold exchange/platform among the volunteering
Member Countries. The 32nd Session also requested the Forum/Forum’s Secretariat to carry
out necessary studies for the suggested platform/exchange and invited the interested member
states to actively participate in the Forum’s Task Force to support the suggested
platform/exchange through accelerating the process of integration of exchanges and
harmonization of regulatory frameworks. Furthermore, recalling the abovementioned
resolution of the 32nd Session of the COMCEC, the 33rd Meeting of the Follow-up Committee
took note of the efforts made towards establishing a highly adaptable web-based gold trading
and clearing platform with the ultimate aim of a gold exchange/platform among the
volunteering Member Countries and requested the Forum/Forum’s Secretariat to finalize the
necessary studies for the suggested platform/exchange and submit a comprehensive report to
the 33rd Session of the COMCEC
The 11th OIC Member States Stock Exchanges Forum will be held on October 31st , 2017 in
İstanbul.
4.3.2 COMCEC CAPITAL MARKETS REGULATORS FORUM
In line with the relevant resolutions of the 25th and the 26th Sessions of the COMCEC calling
for developing a cooperation mechanism for capital markets regulatory bodies of the Member
States, the COMCEC Capital Markets Regulators Forum was established in 2011.