Follows delay in privatization of Beirut Stock Exchange
The Capital Markets Authority (CMA) has launched a request for proposal for a tender to select an operator for its planned electronic trading platform (ETP).
The operator could be one company or a consortium of companies and the ETP will operate as a stock exchange in the secondary market, said Firas Safieddine, Vice Chairman of the CMA.
Interested parties will be given four months to submit their bids for the tender. Once an operator is selected it will be given six to nine months to set up the system, so the ETP would start operations within one year, Safieddine said.
The operator will be given leeway to decide on how to proceed with the launch of the ETP.
“We gave them extreme flexibility,” Safieddine said. “The would-be operator knows beforehand the size of the market and its potentials and what to start with.”
The operator must submit a business plan for a minimum of five years showing their vision on how they will run the ETP and the schedule of their activities.