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1、外文題目：TheSBLmarketlightsupDubai出處：GlobalInvest，2010（3）：p3843作者：Azzam.HenryEvans.HughAbstract:Thearticlediscussesthehighlightsofthe2010GulfRegionSecuritiesFinanceMasterclassconferenceheldattheJumeirahEmiratesTowersHotelinD

2、ubaiUnitedArabEmirates(UAE).DeutscheBanksHenryAzzamopenedtheeventinwhichhetalkedabouttheDubaidebtcrisisasanexampleofafailedmarketcommunicationsstrategy.HongKongShanghaiBankingCp.(HSBC)sHughEvansdiscussedthemajrolethatcou

3、ldbeplayedbystockbrowlendingintherecoveryoftheGulfCooperationCouncil(GCC)markets.Keywds:TheSBLmarket；Dubaicrisis；stockbrowDelegatesgatheredattheGlobalInvestisf2010GulfRegionSecuritiesFinanceMasterclassheldattheJumeirahEm

4、iratesTowersHotelinDubaitohearaboutthechallengesfacingthemarketssomeofthepossiblesolutionstogrowth.LastyearwaswhentheGulfregionrealisedthattheglobaldebtcrisiswasnotjustaboutWesternfinancialproblemssuchasLehmansMadoffBear

5、Stearns.FtheglobaldebtcrisiswasalsoaboutDubaiWldthestalledsukukmarkettwofailedSaudiconglomerates.LastyearwaswhenanycomplacencyintheGulfregionabouttheneedfproperriskmanagementstructurestransparencybestpracticewassweptaway

6、propellingthemuptheagendafrefm.InfacttheproblemsencounteredintheGulfregionlastyearturnedouttobethesameasanyelsewhereinthewldwithafewofitsownaddedintothemix.HenryAzzamchiefexecutiveofDeutscheBanksMENAoperationswhoopenedth

7、eGlobalInvestisf2010GulfregionSecuritiesFinanceMasterclassheldinDubaisaidtheDubaidebtcrisis(dubbed2511)demonstratedaninabilitytocommunicatetothemarkets.Buttherewerealsoexamplesoffraudcruptionproblemswithoverleverageindif

8、ficultmarketconditions.F2010Azzampaintedamepositiveoutlook.Theprivatesectcontinuestobesubduedasitpursuespoliciesofdeleveraginggeneralretrenchment.numberofsukukdefaults.Thispointstoanabsenceofproperlegalinfrastructurethen

9、eedfproperriskmanagementinternalcontrols.Thefinancialsectfacesanumberofquestions.Cpatesarenowturningtotheregionsrulersfprotectionareversalofthederegulationpolicythatfeaturedthroughoutthe1980s1990s.Shouldregulatsusepublic

10、moneytobailoutdefaultsshouldthisbeajobfcreditsshareholdersShouldthesectfollowtheSaudimodelwhichmeansaseparationofinvestmentretailbankingshoulditfollowtheglobalinvestmentbankingmodelTheseotherquestionsarethesamefacedbyoth

11、erglobalmarketsbutanyanswerswillreflecttheregionsneeds.LendingpanelStockbrowlendingcouldplayakeyroleinrestingtheGCCmarketstohealthsaidHughEvansGlobalHeadofAccessProductsatHSBC.OneyearonfromLehmansthemarketsaremeoptimisti

12、cbutstillinanervousmoodneedingaboosttotradingvolumesthatSLBcouldprovide.TradingvolumesintheMENAmarketsarestillping.SaudiArabiathemostsignificantmarketintheregionhasaturnoverof$600millionwhichrepresentsathirdoflastyearsle

13、vel.Inresponsethestockexchangesareanxioustoexpkeentoseearelaxationofregulationsthathampertradesogainmemarketliquidity.Buttheregulatshaveadifferentmindsetcurrentmarketconditionstellthemtostaycautious.Egyptisanexampleofama

14、rketthathasbeenapioneerofthestockloanbrowing(SLB)mechanismintheregionbutithasnotenjoyedgreatsuccessisnowhavingtoreviseitsprogramme.ArindamDasdeputyheadofHSBCSecuritiesServices(MENA)pickedoutanumberofreasons.Thetimingofth

15、elaunchofEgyptsSLBprogrammeinlate2008wasunftunate.Theprogrammewasfurtherhobbledbyapostructureanexpensivebusinessmodel.ButthebenefitofSLBtothemarketsremainsclearsaysDasshouldbeimplementedelsewhereintheregionalwayswithaney

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