Qatar has announced financial reforms giving ultimate regulatory authority over the country's stock market to the central bank, lengthening the settlement time for institutions' stock trades, and expediting the creation of banks' brokerage arms.
A circular sent to financial firms this week by the Minister of Economy and Finance said the central bank had taken the place of the Qatar Financial Markets Authority (QFMA), which oversees the stock exchange, as the country's supreme stock market regulatory authority.
"It's essentially another monitoring channel placed upon the QFMA, a regulator to regulate the regulator," said Ahmed Shehada, head of trading at Qatar National Bank Financial Services.
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