Awwad, Awwad Saleh (2000) Legal regulation of the Saudi stock market : evaluation, and prospects for reforms. PhD thesis, University of Warwick.

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Abstract

The aim of this thesis is to explore which laws and institutions are essential for a
strong, well-developed and efficient securities market in Saudi Arabia. In connection
with understanding the significance of the subject matter, this dissertation seeks to
explore the development of the modern securities market, assess the recent efforts to
create new rules and institutions that could modernise the market, and offer
suggestions for reforms that could stimulate further market development. This
addresses the issues of coherence in regulatory and supervisory rules and norms at
national level. The Saudi market is not as competitive as other regional markets. It is
a bank-dominated system in which several large institutions exert significant
influence on the pattern and structure of market activities. The absence of non-bank
intermediaries within the financial system has meant that the Saudi market is
structurally less well developed. Indeed, the lack of competition in the market, due to
the absence of market makers, has led to acute problems in the area of finance, where
the lack of competition in the market has resulted in higher prices and a lower level
of liquidity. At the same time, there are serious regulatory problems associated with a
bank-dominated system. Recent work on these markets has shown that they are
characterised by insufficient transparency, wide bid-ask spreads insider self-dealing
and market manipulation. This thesis examines the transformations taking place in
the regulation of the Saudi stock market and considers them against the backdrop of
increased competition from other national exchanges in the Gulf region. This work
also investigates the pressure to remove protectionism regulation put on the national
supervisor by large investors seeking more accurate and timely information and the
limitation of insider trading by structural insiders. This thesis will seek to show that
the introduction of regulatory reforms could yield significant benefits for investors.
The prospect of greater transparency and public disclosure of information about
companies could enhance the relative liquidity of the Saudi Arabian exchange and
lower the cost of transactions.

Item Type:	Thesis or Dissertation (PhD)
Subjects:	H Social Sciences > HG Finance
Library of Congress Subject Headings (LCSH):	Securities -- Saudia Arabia
Official Date:	January 2000
Dates:	Date Event January 2000 Submitted
Institution:	University of Warwick
Theses Department:	School of Law
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	McCahery, Joseph
Extent:	xiv, 414 leaves
Language:	eng

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