Under a memorandum of understanding (MoU) signed Monday 26/01/2009 between the JSC, the United States Agency for International Development (USAID) and the Financial Services Volunteer Corps (FSVC), the programme is designed to introduce risk-based supervision of brokers operating at the Amman Stock Exchange.

Chief Executive Officer Samir Jaradat of SDC commented that the memo holds upon an experienced technical services in which increase the Infrastructure's readiness of  the capital market institutions, adding that the SDC has achieved an (A+), in which it is placed among the International SDCs, by adopting transparency and disclosure to support  the capital market.

the programme seeks to advice on monitoring and reducing market volatility and enhancing member firms’ capital adequacy,  also it will assist in drafting a legislation related to mergers and acquisitions as well as upgrading provisions for investor protection fund besides broadening the investor base, creating new investment opportunities, developing new trading practices and reviewing the IT infrastructure of the capital market institutions.

Prior to signing the memo at the JSC’s headquarters yesterday, JSC Executive Chairman Bassam Saket indicated that the memo comes at an important juncture, where legislative revision and enhancement is timely due to the ongoing global financial crisis which has affected the financial markets worldwide.

Jay Knott, mission director of (USAID - Jordan), said: “It is important that we take the lessons learned from the recent crash of the international financial markets and develop better models, regulations and financial products that will improve Jordan’s capital market and make it a model for the region and the world”.

He added: “The partnership we are celebrating today will further enrich this exchange of information and technical expertise”.

The (FSVC) managing director for Middle East and Balkan Programmes, Andrew Cunningham, said: “The current global financial turmoil demonstrates the importance of strong regulations, efficient market mechanisms, and well-managed depository centers, and these are exactly the areas which we, with our two partners will be working on over the next two years”.

(FSVC) is a US-based not-for-profit organization whose mission is to build efficient financial systems in transitioning economies. It does this through technical assistance programmes which are staffed by expert volunteers who hold senior positions in leading global financial institutions. Since its foundation in 1990, (FSVC) has deployed more than 8,000 expert volunteers to more than 50 countries. (FSVC) has had an office in Amman since 2004.