1. Educating the Investor “ The false advertising” Dr. Fadi Khalaf Secretary General Union of Arab Stock Exchanges Cairo October 8 - 2010

2. Different parties to educate and different programs Stock Exchanges and Regulators are not always in direct contact with investors Stock Exchanges and Regulators are not always in direct contact with investors Educating investors can’t be done without involving all other parties in this program Educating investors can’t be done without involving all other parties in this program

3. Mains Partners Financial Intermediaries MediasUniversities

4. Financial intermediaries Direct contact with investors Direct contact with investors Conventional Publicity Conventional Publicity Sponsoring Medias educational programs Sponsoring Medias educational programs Conflict of interests Conflict of interests Long term positions / Commission on trades Commission on trades

5. Medias like other education programs have to fit with ICSA International Council of Securities Associations -Principles and Best Practices for Investor Education - January 15, 2004: ICSA International Council of Securities Associations -Principles and Best Practices for Investor Education - January 15, 2004:

6. 1. Investor education programs should be efficient, effective and appropriate for their intended audience 2. Investor education should be delivered to as broad an audience as possible; 3. A comprehensive investor education program should include reference to investor protection services 4. A comprehensive investor education program should include measures to foster dialogue and cooperation between providers of investor education.

7. Before Educating the Investor We have to increase awareness against fales advertising We have to increase awareness against fales advertising Led specially by some online Futures trading companies Led specially by some online Futures trading companies Through opposite methods Showing the risk before the opportunities Through opposite methods Showing the risk before the opportunities

8. To avoid misunderstanding, Even Basic programs should get into some details. All markets does not behave the same way Equities, indices, commodities, Currencies, Fixed income, etc.... Investing or trading on different markets with a same behavior can be very risky

10. Graph: TRADER ’ S MIND