About Damascus Securities Exchange
Comprehensive guide to the Syrian financial market and its operations
Establishment
The Damascus Securities Exchange was established by Legislative Decree No. 55, dated 1/10/2006, which provided for the establishment of a securities market in Syria, known as the Damascus Securities Exchange.
Key Features
- Legal personality and financial and administrative independence
- Linked to the Syrian Securities and Markets Commission and operates under its supervision
- Main headquarters in Damascus
- Possibility of conversion to a joint stock company owned by market members
Management
The market is managed by a board of directors consisting of nine members, appointed by a decision of the Prime Minister, based on a proposal from the board of commissioners of the Syrian Securities and Markets Commission.
Board Composition
Executive Management
An executive director of the market and his deputy are appointed by a decision of the Prime Minister based on the recommendation of the commission's board and the proposal of the market's board of directors, selected from those with competence and practical experience in managing financial markets and holders of appropriate scientific qualifications.
Financial Resources
The market's resources consist of the following:
Membership
Mandatory Membership
Membership in the market is legally mandatory for all licensed financial services and brokerage companies (except limited liability financial consulting companies) and companies issuing securities whose shares are accepted for listing in the market.
Securities
Currently Traded Sectors
Future Listings
Market Divisions
The Damascus Securities Exchange is divided into:
Regular Market
The main market for established companies meeting all listing requirements
Parallel Market
Secondary market for companies with different listing requirements
Companies can be transferred between parallel markets based on listing conditions achieved
Trading
Trading Mechanism
Trading in the Damascus Securities Exchange is conducted according to the principle of continuous auction (Continuous Auction).
Allowed Operations
Order cancellation and cancellation of execution is allowed but in accordance with market regulations
Not Allowed
Forward selling, margin selling, or lending and borrowing of shares is not currently allowed
The market confirms that ownership restrictions recorded in market records and accounts, whether written or electronic, and any documents issued by it are the legal evidence of trading in the securities shown therein as of the date of those records, accounts, or documents unless proven otherwise.
Clearing & Settlement
Settlement Timeframe
Settlement in the Damascus market takes place on the second day (T+2), i.e., two days after trading
The market deals with a single settlement bank, which is the Central Bank of Syria
The establishment of a securities market came with the aim of working to provide an appropriate climate to facilitate the investment of funds, their employment, and securing the necessary capital to expand economic activity through establishing the foundations of proper, clear, and fair trading of securities.