1、外文题目THESBLMARKETLIGHTSUPDUBAI出处GLOBALINVESTOR，2010（3）P3843作者AZZAMHENRYEVANSHUGHABSTRACTTHEARTICLEDISCUSSESTHEHIGHLIGHTSOFTHE2010GULFREGIONSECURITIESFINANCEMASTERCLASSCONFERENCEHELDATTHEJUMEIRAHEMIRATESTOWERSHOTELINDUBAI,UNITEDARABEMIRATESUAEDEUTSCHEBANKSHENRYAZZAMOPENEDTHEEVENT,INWHICHHETALKEDABOUTT
2、HEDUBAIDEBTCRISISASANEXAMPLEOFAFAILEDMARKETCOMMUNICATIONSSTRATEGYHONGKONGANDSHANGHAIBANKINGCORPHSBCSHUGHEVANSDISCUSSEDTHEMAJORROLETHATCOULDBEPLAYEDBYSTOCKBORROWANDLENDINGINTHERECOVERYOFTHEGULFCOOPERATIONCOUNCILGCCMARKETSKEYWORDSTHESBLMARKET；DUBAICRISIS；STOCKBORROWDELEGATESGATHEREDATTHEGLOBALINVESTOR
3、/ISF2010GULFREGIONSECURITIESFINANCEMASTERCLASS,HELDATTHEJUMEIRAHEMIRATESTOWERSHOTELINDUBAITOHEARABOUTTHECHALLENGESFACINGTHEMARKETSANDSOMEOFTHEPOSSIBLESOLUTIONSTOGROWTHLASTYEARWASWHENTHEGULFREGIONREALISEDTHATTHEGLOBALDEBTCRISISWASNOTJUSTABOUTWESTERNFINANCIALPROBLEMS,SUCHASLEHMANS,MADOFFANDBEARSTEARNS
4、FORTHEGLOBALDEBTCRISISWASALSOABOUTDUBAIWORLD,THESTALLEDSUKUKMARKETANDTWOFAILEDSAUDICONGLOMERATESLASTYEARWASWHENANYCOMPLACENCYINTHEGULFREGIONABOUTTHENEEDFORPROPERRISKMANAGEMENTSTRUCTURES,TRANSPARENCYANDBESTPRACTICEWASSWEPTAWAY,PROPELLINGTHEMUPTHEAGENDAFORREFORMINFACT,THEPROBLEMSENCOUNTEREDINTHEGULFRE
5、GIONLASTYEARTURNEDOUTTOBETHESAMEASANYELSEWHEREINTHEWORLD,WITHAFEWOFITSOWNADDEDINTOTHEMIXHENRYAZZAM,CHIEFEXECUTIVEOFDEUTSCHEBANKSMENAOPERATIONS,WHOOPENEDTHEGLOBALINVESTOR/ISF2010GULFREGIONSECURITIESFINANCEMASTERCLASSHELDINDUBAI,SAIDTHEDUBAIDEBTCRISISDUBBED25/11DEMONSTRATEDANINABILITYTOCOMMUNICATETOTH
6、EMARKETSBUTTHEREWEREALSOEXAMPLESOFFRAUD,CORRUPTIONANDPROBLEMSWITHOVERLEVERAGEINDIFFICULTMARKETCONDITIONSFOR2010,AZZAMPAINTEDAMOREPOSITIVEOUTLOOKTHEPRIVATESECTORCONTINUESTOBESUBDUED,ASITPURSUESPOLICIESOFDELEVERAGINGANDGENERALRETRENCHMENTGOVERNMENTSHAVEADOPTEDTIGHTERFISCALPOLICIESBUTONABRIGHTERNOTE,OI
7、LPRICESHAVEFIRMEDUP,GIVINGGDPGROWTHRATESTOTHEREGIONOFBETWEEN24QATARSTANDSOUTASTHEMARKETWITHTHEBRIGHTESTHOPES,WITHANEXPECTEDGDPGROWTHRATEOF14ANUMBEROFRISKELEMENTSWILLREMAINTOHAUNTTHEMARKETSTHEFIRSTONAZZAMSLISTWASREALESTATETHEPRESSUREONTHISSECTORWILLCONTINUE,HESAID,ASBANKSAREFORCEDTOMAKEPROVISIONFORLO
8、SSESPRICESANDRENTALSAREUNDERPRESSUREFROMOVERSUPPLYOFREALESTATE,ANDAREEXPECTEDTOADJUST10LOWERTHISFORCESUPTHENUMBEROFDEFAULTS,WHICHINTURNFORCESBANKSTOMARKDOWNTHETHEIRASSETSANDBOOKLOSSESHOWEVER,AZZAMSAID,THETROUGHWILLENDTHISYEAR,ASDISTRESSEDASSETSCOMEONTOTHEMARKET,ATTRACTINGNEWMONEYBANKSAREALSOFACINGPR
9、ESSUREFROMNONPERFORMINGLOANS,WHICHAREIMPACTINGTHEIRPERFORMANCELASTYEAR,THEREGIONSBANKSDIDNOTLENDATALL,DESPITETHEINCREASEDLIQUIDITYPUMPEDINBYGOVERNMENTSASELSEWHEREINTHEWORLD,THEBANKINGSECTORLASTYEARSAWANEXCESSOFLENDING,WHICHHASNOWDROPPEDSIGNIFICANTLY,LEAVINGPROFITSAT2006LEVELSANOTHERRISKSTEMSFROMTHEL
10、IKELIHOODTHATTHEDUBAIWORLD22BNDEBTRESTRUCTURINGWILLBEALENGTHYPROCESSTHISINCREASESTHEPOSSIBILITYTHATTHERESTRUCTURINGCOULDSPRINGAFEWNASTYSURPRISESTHEMARKETISNOTCLEARABOUTHOWTHISRESTRUCTURINGWILLPANOUT,BUTTHEREISAFEARTHATMORESKELETONSMAYBEFOUNDINTHEDUBAIWORLDCUPBOARDTHENEEDFORCAUTIONHASBEENFURTHERUNDER
11、LINEDBYTHEGREECEDEBTSTORY,WHICHHASNOWTAKENCENTRESTAGEFROMDUBAI,HIGHLIGHTINGTHEGLOBALNATUREOFTHEDEBTCRISISONERESULTOFTHISDEBTCRISISISTHATTHECOSTOFBORROWINGHASGONEUP,AFFECTINGTHEALREADYSUFFERINGSUKUKMARKETCONSOLIDATIONISNOWAFACTOFLIFEFORCORPORATESINANUMBEROFSECTORS,INCLUDINGREALESTATEDEVELOPERS,FINANC
12、IALFIRMSANDEVENBANKSLOCALSTOCKMARKETSARECLOSELYCORRELATEDTOINTERNATIONALSTOCKMARKETSANDTHEPRICEOFOIL,ANDTHERESULTINGVOLATILITYISASERIOUSRISKTOTHEREGIONSOLONGASTHEOILPRICESTAYSATTHECURRENTLEVELOF60/BARREL,THEREGIONSPROSPECTSAREGOODBUTTHEREGIONWILLFACEREALPROBLEMSIFOILPRICESDROPTO40THELOWLEVELOFTRANSP
13、ARENCYANDPOORCORPORATEGOVERNANCEAREALSOHARBOURINGRISKTOTHEREGION,AZZAMSAIDTHEBANKRUPTCYLAWHASNOTBEENTESTED,DESPITEANUMBEROFSUKUKDEFAULTSTHISPOINTSTOANABSENCEOFPROPERLEGALINFRASTRUCTURE,ANDTHENEEDFORPROPERRISKMANAGEMENTANDINTERNALCONTROLSTHEFINANCIALSECTORFACESANUMBEROFQUESTIONSCORPORATESARENOWTURNIN
14、GTOTHEREGIONSRULERSFORPROTECTION,AREVERSALOFTHEDEREGULATIONPOLICYTHATFEATUREDTHROUGHOUTTHE1980SAND1990SSHOULDREGULATORSUSEPUBLICMONEYTOBAILOUTDEFAULTSORSHOULDTHISBEAJOBFORCREDITORSANDSHAREHOLDERSSHOULDTHESECTORFOLLOWTHESAUDIMODEL,WHICHMEANSASEPARATIONOFINVESTMENTANDRETAILBANKING,ORSHOULDITFOLLOWTHEG
15、LOBALINVESTMENTBANKINGMODELTHESEANDOTHERQUESTIONSARETHESAMEFACEDBYOTHERGLOBALMARKETSBUTANYANSWERSWILLREFLECTTHEREGIONSNEEDSLENDINGPANELSTOCKBORROWANDLENDINGCOULDPLAYAKEYROLEINRESTORINGTHEGCCMARKETSTOHEALTH,SAIDHUGHEVANS,GLOBALHEADOFACCESSPRODUCTSATHSBCONEYEARONFROMLEHMANS,THEMARKETSAREMOREOPTIMISTIC
16、BUTSTILLINANERVOUSMOOD,ANDNEEDINGABOOSTTOTRADINGVOLUMESTHATSLBCOULDPROVIDETRADINGVOLUMESINTHEMENAMARKETSARESTILLDROPPINGSAUDIARABIA,THEMOSTSIGNIFICANTMARKETINTHEREGION,HASATURNOVEROF600MILLION,WHICHREPRESENTSATHIRDOFLASTYEARSLEVELINRESPONSE,THESTOCKEXCHANGESAREANXIOUSTOEXPAND,KEENTOSEEARELAXATIONOFR
17、EGULATIONSTHATHAMPERTRADEANDSOGAINMOREMARKETLIQUIDITYBUTTHEREGULATORSHAVEADIFFERENTMINDSET,ANDCURRENTMARKETCONDITIONSTELLTHEMTOSTAYCAUTIOUSEGYPTISANEXAMPLEOFAMARKETTHATHASBEENAPIONEEROFTHESTOCK,LOANBORROWINGSLBMECHANISMINTHEREGION,BUTITHASNOTENJOYEDGREATSUCCESS,ANDISNOWHAVINGTOREVISEITSPROGRAMMEARIN
18、DAMDAS,DEPUTYHEADOFHSBCSECURITIESSERVICESMENA,PICKEDOUTANUMBEROFREASONSTHETIMINGOFTHELAUNCHOFEGYPTSSLBPROGRAMME,INLATE2008,WASUNFORTUNATETHEPROGRAMMEWASFURTHERHOBBLEDBYAPOORSTRUCTUREANDANEXPENSIVEBUSINESSMODELBUTTHEBENEFITOFSLBTOTHEMARKETSREMAINSCLEAR,SAYSDAS,ANDSHOULDBEIMPLEMENTEDELSEWHEREINTHEREGI
19、ON,ALWAYSWITHANEYEONTHELESSONSLEARNEDFROMEGYPTSEXPERIENCE,INPARTICULARCOSTEVANSAGREED“SLBPROGRAMMESNEEDTOBEASCHEAPASPOSSIBLETOPROVIDEASMUCHLIQUIDITYASPOSSIBLE“EVANSHIGHLIGHTEDTHEFEARSOVERTHECENTRALCOUNTERPARTYSYSTEM,FROMTHEPOINTOFVIEWOFTHEBANKS“SLBISDIFFICULTWHENINTERNALAPPROVALISUNLIKELYTOBEGIVENFO
20、RLARGEDEALS“ARINDAMDASDESCRIBEDAMISMATCHBETWEENTHENEEDSOFLOCALINVESTORSANDINTERNATIONALBANKSLOCALINVESTORSAREHAPPYWITHACENTRALCOUNTERPARTYSYSTEMBUTNOTWITHSLBFROMTHEINTERNATIONALBANKSFORTHEIRPART,THEBANKSARENERVOUSABOUTLOCALCCPHESAID“SLBISDIFFICULTWHENINTERNALAPPROVALISUNLIKELYTOBEGIVENFORLARGEDEALS“
21、MOHSINMUJTABA,EXECUTIVEADVISERTOTHECHIEFEXECUTIVETHEQATAREXCHANGE,SAYSLIQUIDITYINTHEMARKETHASBEENIMPROVINGBUTTHATMORENEEDSTOBEDONE“WEHAVEINITIATEDDISCUSSIONSWITHBIGMARKETPLAYERSTOBOOSTSUPPLYANDDEMANDBECAUSESOMEARESITTINGONLARGESECTIONSOFMARKETCAPITALIZATIONWHATWEWANTISACUSTOMERORIENTEDAPPROACH“HECON
22、FIRMEDTHATFOREIGNOWNERSHIPRULESREMAINACHALLENGE,SAYINGTHATTHEIRREMOVALWOULDSIGNIFICANTLYHELPTRADINGFLOWSALSO,WITHINTHECONTEXTOFAREGIONALVIEWOFTHEMARKETS,THEREISANEEDFORINCREASEDCORPORATEDIALOGUEANDHARMONIZEDSTRUCTURESMARKTIDY,HEADOFINTERNATIONALBUSINESSDEVELOPMENT,GLOBALSECURITIESLENDINGATBNYMELLONA
23、SSETSERVICING,RESPONDEDBYSAYINGTHATMUCHDISCUSSIONTURNSONTHECUSTOMERSNEEDSHISCLIENTS,HESAID,AREHAPPYTOUSETHEMODELTHATBNYMELLONPROVIDES“OURCLIENTSARECOMFORTABLEWITHTHEMARKETSTHATAREAVAILABLEWEOFFERATURNKEYSOLUTIONOURCLIENTSPLUGINTOANETWORKTHATISALREADYESTABLISHED“IFTHOSECLIENTSWANTSOMETHINGOUTSIDETHEB
24、NYMELLONMODEL,THATTOOCANBEARRANGEDBUTTOBNYMELLONSTANDARDSBUTASTIDYEXPLAINED“ITISNOTAMATTEROFTHEINTERNATIONALINVESTMENTCOMMUNITYIMPOSINGTERMSITISABOUTEVOLVINGTOWARDSADIFFERENTAPPROACH,WHICHHASBEENAGREEDWITHUS“BRIANSTAUNTONOFCITI,BACKEDEVANS,SAYINGTHAT“SLBISABSOLUTELYFUNDAMENTALTOTHEHEALTHOFTHECAPITAL
25、MARKETSWENEEDTOENSURETHATCHANGEGOESINTHERIGHTDIRECTIONTODOTHIS,WENEEDPLENTYOFDIALOGUETOSHAREBESTPRACTICE,SKILLSANDEXPERIENCE“REGULATORYPANELALLTHEGCCMARKETSREGULATORYSTRUCTURELOOKSIMILAR,BUTTHEDEVILISINTHEDETAIL,SAIDMIKEHUGHES,OFDEUTSCHEBANKFROMTHEPOINTOFVIEWOFTHEINTERNATIONALINVESTOR,THECOMPLEXITYI
26、NVOLVEDINTRADINGACROSSDIFFERENTGCCMARKETSISASERIOUSDISINCENTIVE“ALLMARKETSHAVESIGNIFICANTDIFFERENCESINTHEIRSTRUCTURESTHERENEEDSTOBEAGREATERCONSISTENCYBETWEENTHEREGIONSSLB,CLEARINGANDSETTLEMENTSTRUCTURESWITHTHERESTOFTHEWORLD“THISCANONLYBEPROVIDEDBYTHEREGULATOR,HUGHESSAID“THISISNOTACOMMERCIALISSUETHER
27、EGULATORSNEEDTOSTEPUPANDPROVIDETHESTRUCTURETHATMAKESTHEREGIONATTRACTIVETOFOREIGNINVESTORS“HESAIDTHATUNTILTHEYDOSO,THEGCCMARKETSWILLREMAINEXPENSIVE,THANKSTOHIGHTRANSACTION,BROKERAGEANDSETTLEMENTCOSTS“WHATARETHEGOALSOFTHEGOVERNMENTSANDREGULATORSUNTILTHATISCLARIFIED,THISWILLREMAINANEXPENSIVEMARKET“CLEA
28、RTARGETSWOULDINSPIREGREATERCONFIDENCEINTHEFOREIGNINSTITUTIONALINVESTORANDHELPBUILDACASHMARKETUNTILTHATISDONE,HESAID,“WEWILLREMAINDEPENDENTONTHERETAILMARKET“ASMONULLAH,ADIRECTOROFBANKOFAMERICAMERRILLLYNCH,SAID“CRITICALMASSWILLONLYBEACHIEVEDWITHTHEARRIVALOFTHEINTERNATIONALINSTITUTIONALPLAYERS“MARTINKI
29、NSKYMANAGINGDIRECTOROFMARKETSATTHEDUBAIFINANCIALSERVICESAUTHORITY,REPLIEDTHATTHEREGULATORSCANNOTDOTHISALONE“THECREATIONOFALIQUIDMARKETISNOTGOINGTOHAPPENOVERNIGHTTHEREARESTILLISSUESONULTIMATEGOALS,SUCHASTHEREGIONSCOMMONCURRENCY,THATNEEDTOBERESOLVEDREGULATORSCANTSOLVETHISALONESLBISAPRIVATETRANSACTIONA
30、LMATTERTHATHASALWAYSBEENOURPOSITIONANDWILLREMAINSO“HEAGREEDTHATPROGRESSWASBEINGMADE,ANDTHATTHISWASNOTASMUCHASWASWANTED,BUTALLDEPENDEDONTHEPRIVATESECTORTODRIVETHEMARKETTHEQUESTIONOFTAXREMAINSAPROBLEM,SAIDMONULLAH“ALLCOUNTRIESHAVEDIFFERENTTAXARRANGEMENTS,ANDTHEREISNOEASYANSWERTOTHISITISVERYDIFFICULTTO
31、GETCLARITYONTHISISSUEDIFFERENTPEOPLEWILLHAVEDIFFERENTVIEWSONANYPARTICULARTAXPOSITION“GOVERNMENTSWILLALSOLIKELYMAKETHISWORSEBYIMPOSINGTAXCHANGESTHATHAVEUNINTENDEDCONSEQUENCESASANEXAMPLE,INVESTORSHADBEENPARTICULARLYALARMEDWHENKUWAITRECENTLYIMPOSEDARETROSPECTIVECAPITALGAINSTAXINRESPONSE,KINSKYSAID“WEMO
32、NITORINTERNATIONALDEVELOPMENTSOFREGULATORYISSUESVERYCLOSELYTHEQUESTIONISNOTWHATWEWANTBUTWHATTHEGLOBALTRENDSARETHEUSISINTRANSITIONWITHANELECTIONCOMINGUP,ISTHEUKSYSTEMABOUTTOCHANGEOURPOLICYISNOTTOFOLLOWTHEEXAMPLEOFOTHERSSLAVISHLYBUTTOIMPLEMENTABESTOFBREEDPOLICYIFITMAKESGOODCOMMERCIALANDREGULATORYSENSE
33、WEWILLADOPTIT“ALIKAZIMI,APARTNERATDELOITTESFUNDSADVISORYTEAM,SAIDEFFORTSSHOULDBEFOCUSEDONFINDINGWAYSTOATTRACTTHEBIGINSTITUTIONALPLAYERSHECONCLUDEDONANUPBEATNOTE,SAYINGTHAT“INASLITTLEAS18MONTHSFROMNOWALLWILLBECHANGED“ETFPANELTHEETFMARKETSINTHEUSANDEUROPEREFLECTTHERELATIVEABSENCEOFSTOCKSINTHEMENAREGIO
34、NMARKETSMANOOJMISTRY,HEADOFETFSTRUCTURINGATDEUTSCHEBANK,SAID“THEREARENOTMANYETFSTRACKINGMENA/GCCMARKETSBECAUSETHEREISNTMUCHOUTTHERETHECOMBINEDASSETSARELESSTHAN100MILLION,ANDTHESEARENOTTRADEDOFTEN“FROMADESIGNPERSPECTIVE,ANETFNEEDSTOHAVEATLEAST15PRODUCTSASTHEUNDERLYINGINDEX,MISTRYSAID,WHILEANYOVERLYLA
35、RGESTOCKNEEDSTOBEWEIGHTEDDEUTSCHEBANKLISTSSEVENETFSTHATTRACKTHEMENAMARKETS,SIXLISTEDINEUROPEANDONEINTHEUSTHEETFWITHTHEMOSTASSETSISTHELYXORETFFTSECOASTKUWAIT4018MILLION,FOLLOWEDBYEASYETFDJUNITEDARABEMIRATES1337MILLIONANDTHEEASYETFKUWAITTITANS301003MILLIONPOWERSHARESANDISHARESALSOHAVEETFSTRACKINGTHERE
36、GION,WHILELISTEDINTHEUSISTHEMARKETVECTORSGULFSTATESETF117MILLIONTHESHARIAHCOMPLIANTETFSHAVEATTRACTEDMOREASSETS,INPARTICULARISHARES,DBXTRACKERSANDEASYETFSLISTEDINEUROPE,MYETFANDDAIWALISTEDINASIA,ANDONELISTEDINTHEUS,THEJETSDOWJONESISLAMICMARKETINTERNATIONALINDEXFUNDETFSAREANASCENTMARKET,REQUIRINGMUCHD
37、EVELOPMENTBOTHINTERMSOFTHEREQUIREDINFRASTRUCTUREANDTHEUNDERLYINGMARKETSTOBETRADEDJALALTAJIFARUKI,HEADOFINSTITUTIONALSALESATALMALCAPITAL,ADUBAIBASEDINVESTMENTADVISERANDBROKER,SAIDTHEAVAILABLEETFSWEREREGIONAL,RATHERTHANCOUNTRYSPECIFICSAUDIARABIA,UNITEDARABEMIRATESANDQATARWERETHEMAINMARKETSBUTNONEHAVED
38、EDICATEDETFSALSOREFLECTINGTHENOVELTYOFETFSINTHEREGIONISTHENEEDTODEVELOPTHELEGALSTRUCTURESTHATWOULDGIVETHEMARKETAMORERECOGNISABLEENTITYANOTHEROBSTACLETOGROWTHISTHAT,WHEREASINTHEUSANDEUROPEETFSAREPREDOMINANTLYFORINSTITUTIONALINVESTORS,INTHEGCCTHESTOCKMARKETSAREALMOSTWHOLLYRETAILINCHARACTERINSAUDIARABI
39、ATHESTOCKMARKETIS95RETAIL,JALILISAID“THEREAREMOREINVESTORSCOMINGTOWARDSMANAGEDPORTFOLIOS,BUTTHEREAREFEWMONEYMANAGERSWENEEDTOCHANGETHATMENTALITY“PUTTINGTHEPROBLEMSINTOPERSPECTIVE,JORGESOLTERO,DIRECTOROFMARKETSATBANKOFAMERICAMERRILLLYNCH,SAID“ITTOOKTHEUSSIXYEARSTOLAUNCHTHEFIRSTETFANDQUITERIGHTLYSOTHEY
40、HADTOMAKESUREALLTHEREGULATIONSWEREINPLACEBEFORELAUNCH“BUTTHEUSFINANCIALMARKETSPROVIDEDAREADYMADEFOUNDATIONONWHICHTOBUILDANEWETFMARKETTHEGULFREGIONDOESNOTEVENHAVETHESEBASICSJALILISAID“WENEEDALLTHEPIECESOFTHEPUZZLEINPLACEFIRSTWENEEDSERVICEPROVIDERS,THEASSETMANAGEMENTCULTUREANDTHESTOCKMARKETSWITHLIQUID
41、ITYANDVOLUME“HEADDEDTHATTHELOCALMARKETSNEED“APUSHFROMTHEREGULATORSTOALLOWFOREIGNOWNERSHIPOFTHECOMPANIESONALOCALSTOCKEXCHANGE“THIS,COUPLEDWITHAREFORMOFVOTINGRIGHTS,WOULDHELPTOPERSUADEMOREINVESTORSTOCOMETOMARKETMARKETLIQUIDITYREMAINSTHEREGIONSMAINPROBLEMASMISTRYSAID,LIQUIDITYOFETFSISCRUCIAL,ANDTHISDEP
42、ENDSONTHEUNDERLYINGINDEXJALILIADDED“LIQUIDITYHASDRIEDUPWEVERYMUCHHOPEITWILLPICKUPAGAIN“GLOBALINVESTOR/ISFWOULDLIKETOTHANKALLATTENDEESANDSPONSORSOFTHEMIDDLEEASTMASTERCLASSEVENTANDWELOOKFORWARDTOANOTHERPRODUCTIVEANDINFORMATIVEEVENTEARLYNEXTYEAR外文题目迪拜借助债务市场发光出处GLOBALINVESTOR，2010（3）P3843作者AZZAMHENRYEVA
43、NSHUGH摘要本文主要讨论2010年在阿拉伯联合酋长国迪拜珠美拉酋长塔酒店举行的海湾地区证券金融会议。德意志银行的HENRYAZZAM在会议上谈到迪拜债务危机是一个典型的失败的市场沟通策略。香港上海汇丰银行的休埃文斯认为海湾合作委员会市场的证券借贷和贷款回收将会起到很大的作用。关键字债券市场；迪拜危机；债券借贷2010年海湾地区证券金融全球投资者大师班在迪拜的珠美拉酋长塔酒店举行，代表们聚集在此，讨论市场面临的挑战和一些可能的增长的情况。去年，当海湾地区意识到全球债务危机不仅仅是例如雷曼兄弟、麦道夫和贝尔斯登等西方的金融问题时，全球债务危机也与迪拜世界，中东SUKUK市场和两次失败的沙特企业
44、集团有关。去年当一切有关于海湾地区人们风险管理结构、透明度和最佳实践的需求的自满情绪被冲走，则推动了它们的改革。事实上，去年在海湾地区遇到的问题却与任何其他的地方的一样。主办了2010年在迪拜的海湾地区证券金融的全球投资者大师班的德意志银行在中东和北非的行政长官HENRYAZZAM说，迪拜债务危机结果无法传达到市场。但是也有欺诈、腐败和市场过度困难的问题的例子。2010年，AZZAM有了一个更积极的态度。因为它奉行的去杠杆化和一般裁员政策，私人部门持续疲软。政府采取了紧缩的财政政策。更好的是，石油价格已经确立，使得国内生产总值增长率介于2到4之间。卡塔尔作为有光明前景的市场而著名，它有着14的
45、国内生产总值的增长率。一系列的风险因素将继续困扰着市场。第一份AZZAM的名单是房地产。他说，这个部分的压力将会继续，银行被迫为损失做出规定。房地产的价格和资金处于供过于求的压力，并预计调低10。这会增加违约数量，从而降低他们的资产和预定损失。然而，AZZAM说，这个低气压会在今年结束，因为市场上的受损资产会吸引新的货币。银行也面临着不良贷款的压力，这会影响他们的表现。去年，这一区域的银行根本就没有借贷，尽管增加了政府的流动资金。世界上的其他地方的银行部门去年有了额外的借贷，现已大幅下降，保持2006年的利润水平。另一个风险起源于迪拜世界的220亿美元债务重组是一个长期的过程。这增加了结构重组
46、失败的可能性。市场不清楚这项重组会怎样成功，但是人们担心，可能在迪拜世界发现更多尸骨。需要注意的是希腊债务的故事已被进一步强调了，迪拜退下了中心舞台，突出全球债务危机。这次的债务危机的一个结果是借贷的成本上升了，已经影响到SUKUK市场。在有些部门内包括房地产发展商，金融公司和银行合并是现今合作的一种方式。当地的股票市场与国际股票市场以及石油价格有紧密的联系，波动的结果是该区域一系列的风险。只要是价格维持在当前的60美元每桶，该区域的前景就被看好。但是如果石油价格掉至40美元，该区域将会面临真实问题。透明度低和困难的政府合作对于该区域也是与众不同的风险，AZZAM说。尽管有一系列的SUKUK违
47、约，但是破产法没有经过测试。这一点没有适当的法律基础设施，以及适当的风险管理和内部控制。金融业面临着一些问题。法人团体转变该地区的保护政策，是在20世纪80年代到90年代的放松管制政策的逆转。监管机构应该使用公款去摆脱违约吗应该随着意味着隔离投资和零售银行的沙特模型，又或者应该跟随全球投资银行模型其他全球市场同样面临着这些和其他问题，但是一些答案将会影响该区域的需求。贷款小组休埃文斯说,借入股票和贷款对于恢复海湾合作委员会市场的健康发挥关键的作用，全球主管在汇丰银行接入产品。雷曼事件一年以来，市场更加乐观但是也还是有紧张的情绪，以及需要增加委员会提供的交易量。中东和北非市场的交易量持续下降。该
48、区域最具意义的市场沙特阿拉伯需要6000亿的周转资金，它是去年3倍的水平。对此，股票交易所急于扩大，渴望看到一个宽松的政策，这会影响贸易和增加市场流动性。但是，监管者有不同的观点，当前市场条件提示他们要小心谨慎。埃及就是一个一直是该地区先进的股票、贷款机制的市场的例子，但它并没有获得巨大的成功，现在不得不修改其方案。汇丰证券服务公司的副团长ARINDAMDAS提出了一系列的原因。2008年末，埃及债券方案实施的时间非常不幸。该方案进一步被一个简单的结构和复杂的商业模式所束缚。DAS说，但是对于市场来说债券的作用依然很明显，应该在该地区的任何地方实施，吸取埃及的经验教训，尤其是成本。EVANS也
49、同意“债券方案需要尽量便宜地提供尽可能多的流动资金。“EVANS强调从银行的观点，担忧中央对手方系统。“当内部批准不可能给出大的交易时债券市场就十分困难。”ARINDAMDAS描述当地投资者和国际银行之间的需求差异当地投资者很高兴有中央对手方系统，但是不是国际银行的债券。对他们来说，银行对于当地的关键控制点十分紧张。他说“当内部批准不可能给出大的交易时债券市场就十分困难。”卡塔尔交易市场的首席执行官MOHSINMUJTABA说，市场的流动性增加了但是还是需要做更多工作。“我们已经开始讨论大市场参与者，以增加供应和需求，因为一些都是基于大部分的市场资本化。我们想要的是一个以客户为导向的方法。”他证实外国所有权政策仍然是一个挑战，他说，这将大大有助于贸易流动。此外，在其职权范围内的市场区域的观点，还需要增加公司对话和协调的结构。国际业务发展、美隆资产服务的全球证券借贷领导MARKTIDY回应说许多的讨论打开了客户的需求。他说，客户很开心使用美隆提供的模式。“我们的客户满意可能的市场。我们提供全方位的解决方案。我们的客户插入网路已经成立。”如果这些客户想要美隆以外的模式，也可以安排，但是以美隆的标准。但是就像TIDY解释的“国际投资实施条件并不是一个问题。这是有关于说服我们同意的不同的做法。”花旗的布赖恩斯汤顿支持埃文斯说，“债券是资本市场的绝对基
