Six of the key people involved in developing the region’s stock markets: Saleh al-Falah, Tom Healy, Fouad Rahman Rashid, Jeff Singer, Abdullah al-Suweilmy and Andre Went
Saleh al-Falah
Position: Director general, Kuwait Stock Exchange (KSE)
Biography: Saleh al-Falah was appointed director general of the KSE in October 2006, replacing Safaq al-Rukaibi. Al-Falah was formerly the director of the Kuwait Investment Authority. During his tenure, Al-Falah has introduced stricter disclosure rules for KSE-listed companies and blocked unsuitable companies from listing on the exchange. In October this year, the exchange signed a three-year contract worth $64m with New York’s Nasdaq Group to provide trading technology, market data and advisory services. A key part of this initiative is the implementation of a new electronic trading platform at KSE, which will be used to trade equities, bonds and derivatives. KSE is one of the oldest stock markets in the region. It has a market capitalisation of about $125bn, and is the second-largest Arab bourse after the Saudi stock exchange (Tadawul).
Contact Tel: (965) 2299 2190
Tom Healy
Position: Chief executive officer (CEO), Abu Dhabi Securities Exchange (ADX)
Biography: Tom Healy became CEO of the ADX in September 2007. Established in November 2000, the ADX lists 67 companies with a total market capitalisation of $90.5bn. One of Healy’s key aims since joining the ADX has been to increase the range of instruments available for trading on the exchange. Plans for exchange-traded funds (ETFs) have been delayed due to the current financial downturn. But Healy maintains that the exchange aims to start trading in derivatives by mid 2010. Healy has considerable experience in capital markets, having served as the CEO of the Irish Stock Exchange from 1987 to 2007. Prior to that, he served as communications manager at the Irish Export Board from 1980 to 1987. He graduated with a bachelor’s degree in economics from Ireland’s Trinity College Dublin in 1974.
Contact Tel: (+9712) 612 8755
Fouad Rahman Rashid
Position: Director, Bahrain Stock Exchange (BSE)
Biography: In his role as director of the BSE, Fouad Rahman Rashid has worked to strengthen its collaboration with other exchanges in the region. Rashid facilitated the BSE’s signing of a memorandum of understanding with the ADX in May 2007 to strengthen co-operation between the two markets, especially in matters related to the clearing and settlement of securities. In 2008, Rashid oversaw the launch of the BSE’s online trading service, which gives clients the ability to respond quickly to share price fluctuations and enables investors to track their portfolios through an electronic trading system via the internet. Rashid has played a key role in increasing the number of sukuk (Islamic bond) issuances on the BSE, the largest being the $1bn bond issued in 2008 by Saudi Arabia’s Dar al-Arkan International Sukuk Company.
Contact Tel: (+973) 1721 2759
Jeff Singer
Position: CEO, Nasdaq Dubai
Biography: Jeff Singer was appointed CEO of Nasdaq Dubai in July 2008. Despite the adverse climate, share trading volumes grew by 48 per cent in the first nine months of 2009, compared with the same period in 2008. Under his leadership, the exchange launched its equity derivatives market in November 2008 and Dubai Gold Securities – its first sharia-compliant listing – in March this year. To date, a total of 40,213 gold securities have traded on the exchange. In early November, the International Finance Corp-oration issued its first sukuk of $100m on Nasdaq Dubai. Singer previously served as senior vice-president of the Nasdaq OMX Group, where he was responsible for the exchange’s global business development. Prior to that, he served as president and CEO of US retail advisory company 4R Systems. Singer holds an MBA from the US’ Harvard Business School.
Contact Tel: (+9714) 361 2220
Abdullah al-Suweilmy
Position: CEO, Tadawul
Biography: Abdullah al-Suweilmy was appointed CEO of the Saudi stock exchange (Tadawul) in December 2007. Al-Suweilmy has ushered in radical change at the exchange and opened it up to international investors. In August 2008, swap agreements were introduced, which allow foreign investors to trade in local stocks through Saudi intermediaries. Although the number of listings on the Tadawul has dwindled as a result of the global financial downturn, it now has a strong reputation for initial public offerings (IPOs), hosting at least one IPO or rights issue every month last year. With a career at the Tadawul spanning more than a decade, Al-Suweilmy has been a key architect of its development. He served as programme director from 1999-2001, overseeing the implementation of new technical infrastructure for the exchange, before being promoted to general manager in October 2001.
Contact Tel: (+966) 1218 1222
Andre Went
Position: CEO, Qatar Exchange
Biography: Andre Went was appointed CEO of the Qatar Exchange in July 2009. The two shareholders of the exchange are state-owned Qatar Holding and the US’ NYSE Euronext. Prior to joining the bourse, Went served as the European managing director of data solutions for NYSE Euronext, based in Amsterdam. In late 2008, he was instru-mental in launching Euronext’s Trade Check application, which allows electronic traders to check asset prices across a range of exchanges and other trading platforms. Went has more than 20 years’ stock exchange experience in various positions at NYSE Euronext, including being responsible for the management of the market data and business index of the exchange from 2005. He served as its director of strategy and market development in the 1990s and co-led the introduction of a new trading system for Euronext Amsterdam.
Contact Tel: (+974) 433 3101
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