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Wednesday, 14 August 2019

Madbouly Cabinet approves amendments to MCDR Act

CABINET WATCH- Madbouly Cabinet approves amendments to MCDR Act: The Madbouly Cabinet approved on Thursday amendments to the Misr for Central Clearing, Depository & Registry (MCDR) Act, according to a cabinet statement. The statement gave no details on the amendments. If we were to put our speculative caps on we could say that this might have to do with short selling, as MCDR will provide a platform for traders and brokerage firms to use for short selling under changes to recently-issued short selling regulations. Short selling transactions are due to hit the EGX in 3Q2019, FRA deputy head Khaled El Nashar said earlier last month. This could also have something to do with the launch of derivatives trading, as MCDR and the EGX have been working on regulations and infrastructure needed to launch a derivatives market.

The Madbouly Cabinet appeared preoccupied with higher education in its last meeting, having approved four directives to build faculties at various universities across Egypt.

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