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Sunday, 7 July 2019

Egypt’s exchange to establish new derivatives clearing company ahead of market launch later this year

Egypt exchange to establish new derivatives clearing company ahead of market launch later this year: The EGX will set up a new derivatives clearing company with Misr for Central Clearing, Depository and Registry (MCDR) in time to launch the new derivatives market by the end of the year, EGX Chairman Mohamed Farid said, according to Youm7. The exchange is currently making changes to the electronic platform to enable traders to buy and sell derivatives.

The bourse is ready for short selling: Farid said that the stock exchange is ready to activate short selling in the coming period pending some final touches, Youm7 reported. Financial Regulatory Authority (FRA) deputy head Khaled El Nashar said last week that short selling is expected to be activated in 3Q2019. The Financial Regulatory Authority has so far issued licenses to four brokerage arms enabling them to facilitate short selling.

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