Bangladesh 

ISC has worked extensively in Bangladesh, both in the capital, Dhaka, and in Chittagong. In addition to our technical assistance in establishing and developing both these markets, we have carried out various research studies there and have acted as advisors to the Finance Minister, who needed guidance in attempting to combat adverse market conditions in the country. We also carried out a residential project for the SEC, the market regulators, helping them to strengthen all aspects of their operations, for example, staffing and organisation; licensing of market intermediaries; training SEC staff; surveillance and enforcement; laws, regulations, etc.

  Channel Islands

The Channel Islands Stock Exchange is based on Guernsey and was established in October 1998. This was the culmination of a project in which ISC acted as advisors and gave technical assistance, right from the very first stage, i.e. conducting the original feasibility study, all the way through to the exchange's inauguration, and, indeed, beyond. ISC has continued to provide advice and assistance as the market develops.

The type of advice and assistance we provided was on aspects such as the organisational structure of the exchange; preparation of new draft legislation; preparation of the rules of the exchange; specification and identification of systems; marketing and promoting membership of, and listing on the exchange; analysis of competing off-shore exchanges; drafting job descriptions and recruiting staff; preparation of surveillance and office procedures and manuals; and providing general and specific assistance on all related matters.

  EASDAQ

EASDAQ was the first, and some would say, only, true pan-European stock exchange. ISC was called in at a fairly early stage in their development to review all operational procedures and practices and to help staff first, to develop a more structured approach, and second, to document the resulting processes and methods of working. ISC also assisted EASDAQ at this time, in implementing regulatory procedures and controls. More recently we were brought in to advise on the changeover from their original settlement system to a replacement, and provide project management for the installation and implementation of their new trading system.

  Fiji

Work in Fiji began with a review of the operation of the Suva Stock Exchange and advice on the development of the regulatory structure, trading and settlement systems. We also assisted the Fijians to promote the exchange to companies and investors.

Once the market was on a sound footing as regards infrastructure, we did a further review and made recommendations for strategic development of the market. The purpose of this project was to review securities market regulatory, supervisory and operational frameworks with a view to promoting and opening the market to foreign direct investment, mobilising domestic savings, and facilitating the float of privatised state-owned enterprises.

We also conducted an extensive study to determine the feasibility, or otherwise, of setting up a regional Pacific Islands Securities market.

  India

Currently we are assisting the Government of India in a project to develop the debt market; we are undertaking a comprehensive analysis of the current secondary debt market and designing a sequence of reform measures to enhance its activities. A team of consultants is currently working on this project which is due to be completed mid-2001. The project involves holding a high level forum as well as drafting what will be the definitive work on the current debt markets and proposed reforms. At the same time the government will carry out some study tours to countries which would be relevant examples of debt market reform.

ISC's experience of the Indian capital markets is wide ranging. We were advisers to the National Stock Exchange of India (NSEI) when they were developing their entirely new national, electronic stock exchange for both money market and equity instruments. The scope of this work included: preparing a market operations report and request for proposals, including a functional specification; evaluation of vendors' responses, assistance in selection and contract negotiations; and preparing an implementation plan and advising on the implementation of the systems in a quality assurance role. We also provided high level strategic advice on the development of the regulatory structure to help to improve efficiency and competitiveness of Indian capital markets world-wide.

In addition we have prepared research reports and given advice to a variety of organisations in India including government departments, investment banks, etc.

  Kuwait

We are currently (January 2001) working in Kuwait for the Kuwait Clearing Company on a project to help with the modernisation of their systems.

The KCC wishes to bring an international perspective to its trading, clearing and settlement arrangements, to ensure that its new systems will be as "future-proof" as possible. ISC visited Kuwait, analysed KCC's requirements and prepared a detailed request for proposals for international vendors. The project will continue with ISC helping to assess and select the most suitable solution.

  Lebanon

ISC's first project in Lebanon was an analysis of the Beirut Stock Exchange structure, operations and regulatory environment. From this, we prepared a plan for USAID's future assistance to the Exchange and related regulatory bodies. We went on to put the plan into operation and carried out a review of the draft securities law and proposed regulatory structure with the objective of ensuring compliance with international standards. We also gave advice on the establishment of the National Council as the securities industry regulatory body in Lebanon and the preparation of regulations in support of the securities law.

One of the major requirements was for a secure operational and technical infrastructure for the clearing, settlement and custody of Lebanese securities. ISC was asked to undertake this project which involved the acquisition and development of new systems to support the requirements of the Lebanese capital markets and the business objectives of MidClear.

  Macedonia

One of our most publicised undertakings, the establishment of a capital market in the Former Yugoslav Republic of Macedonia, which was funded by the British Government Know How Fund. This is an excellent example of a project carried out from inception report to post-implementation support. Indeed, ISC was asked to continue its involvement with the now operational market by drafting the Macedonian Securities Law and supporting regulations, assisting with the implementation of management controls within the brokers' offices, specification of requirements for a broker back-office system and providing general, continuous advice and assistance to the stock exchange itself.

  United Arab Emirates

In the UAE we have assisted both Dubai and Abu Dhabi to develop their own capital markets. The two emirates are close, both geographically and culturally, and were keen to establish markets which could be linked at a later stage if this proved to fit in with their individual strategies. Nevertheless, there were definite differences in the two environments and the projects showed, yet again, that there is no such thing as a "template" for a stock exchange; each and every market has its own characteristics and requires a different model for its market.

The extent of our work in the two markets also varied; in Dubai our main focus was on the legal and regulatory aspects and organisation and job descriptions although as experienced advisers our counsel was sought on numerous matters. In Abu Dhabi we gave technical assistance on all aspects of setting up the exchange.

 about us | services | experience | projects | team | links | sitemap | contact | home

Copyright © 2003 The International Securities Consultancy Limited - Legal Disclaimer