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Sunday, 15 September 2019

Shorts are expected to come to Egypt’s stock exchange in November

Shorts are expected to begin in November: The Financial Regulatory Authority (FRA) is expected to give the green light to begin short-selling on the EGX in November, FRA deputy head Khaled El Nashar said on Thursday following a meeting with FRA’s consultation council, and the heads of the EGX and Misr for Central Clearing, Depository, and Registry (MCDR). MCDR boss Mohamed Abdel Salam is expected to make an announcement detailing where things stand on launching short-selling in October during the 25th anniversary of the clearing house’s founding, El Nashar said, according to Al Masry Al Youm. Abdel Salam is also expected to announce trial runs with brokerages who have acquired short-selling licenses to gauge their readiness for the launch. Shuaa Securities, Arqaam, EFG Hermes, CI Capital, the Arab African International Securities, Prime Holdings, HC Securities, Cairo Capital Securities, and Premiere Securities have all recently acquired the license. EGX Chairman Mohamed Farid had said that short-selling would begin before the year was out, following expectations that they would launch in 3Q2019.

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