The Egyptian Financial Supervisory Authority (EFSA) is setting the legislative groundwork for a futures market, paving the way for the launch of a commodities exchange, EFSA chief Sherif Samy tells Al Borsa. A package of 20 key amendments to the Capital Market Law is now with the Investment Ministry for review, Samy noted, saying licenses to trade futures will cost on the order of EGP 10 mn. The regulations will apparently differentiate between proprietary trading by commodity market players (including dealers in wheat, cotton, corn and bakeries) on the one hand, and brokerage houses on the other. Brokers will face tougher regulations, Samy said, without further explanation. Among other things, the amendments call for the establishment of a body which would serve as a central clearing for trades (similar to the functions of Misr Clearing) and which would apparently ensure the physical availability of the commodities being traded.