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The first trading session was held at the PEX on 18/02/1997. Since its launching, the PEX depends on electronic trading and clearing, depository, and settlement systems. In this sense, the PEX is considered the pioneer securities market in the region that adopted the automation of all its processes related to trading, and clearing, depository and settlement. At present, the PEX is adopting the Horizon system supplied by OMX as a trading system. In addition, it is adopting the SMARTS system as a surveillance system.

 

Characteristics of Electronic Trading System

     Executing orders according to priorities without any prejudice. Priorities are arranged according to the following criteria:

-         Price

-         Time

     Remote trading through brokerage firms and their branches.

     Trading in more than one currency. Currently, trading is executed by the Jordanian dinar (JD) and the USD.

     Electronically-saved data makes it possible to retrieve any data and refer to a previous date to look into all movements that were carried out on that date.

     Direct link "Tightly coupled" with the CDS System. All trades are reflected directly on the investors' accounts, verify that their shares balances are available before any sell order is entered and to make sure that ownership ratio is not exceeded.

 

Trading Days and Times

        Trading is carried out daily from Sunday till Thursday every week.

        Trading is not carried out on: weekends (Friday and Saturday), official holidays.

        Scheduled trading session is to be cancelled if the ratio of member firms technically unable to connect and to trade is (35%) or more of the total number of member firms.

        Trading session starts at 09:45 and finishes at 13:30.

 

Trading Rules

     Price limit up and down: (7.5%) for the first market, (5%) for the second market and (5%) for Bonds:

Price limit up and down: (7.5%) for shares listed in the first market and (5%) for shares  listed in the second market and (5%) for listed Bonds.

 

     Trading Unit:

The minimum limit of the number of shares and bonds allowed for trading (buy/sell) at PEX is one (1) share for all traded shares and bonds.

 

Al Quds Index

In July 1997, Palestine Exchange adopted a record for measuring stock prices levels and determining the general direction of these prices known as "Al Quds Index". The closing prices of 7/7/1997 were adopted to be the basis to set the value of the base for Al Quds Index of 100 points.

Trading Surveillance

     Trading Surveillance is based on regulations related to securities which are applicable in Palestine; these are: Securities Law No. (12) of the year 2004, Companies Law No. (12) of the year 1964, Securities Trading Regulation, rules, instructions issued in their accordance, and instructions issued by the Capital Market Authority.

 

     Trading Surveillance aims at guaranteeing the integrity and transparency of trading with securities by regulating and controlling traded securities of the listed companies at the PEX and verifying their compatibility with current laws and regulations.

 

     The SMARTS System is adopted to carry out the functions of trading surveillance. SMARTS, which is adopted by the PEX and the Palestinian Capital Market Authority, is considered one of the best electronic systems used in trading surveillance used by the world exchange markets.

 

     The Trading Surveillance System monitors the trading session instantly to detect any unusual behaviors of prices or trading volumes by making comparisons between the electronic information of the trading session and the standards adopted by the system so that an alert triggered when any standard is violated.

 

     Any violation is subject to the adopted charter of penalties and fines.