FRA approves EFG’s request to suspend bond trading arm
The Financial Regulatory Authority (FRA) has approved a request from EFG Hermes’ to suspend for one year one of its fixed income trading subsidiaries, according to an FRA statement (pdf). EFG Hermes had founded the subsidiary back some years ago, when it obtained a license for it. It had remained inactive since, with EFG Hermes’ general assembly voting to suspend the license.
CORRECTED on 28 November 2019
EFG Hermes had requested the suspension of one of its subsidiaries and not its entire fixed income trading business, as was previously reported. EFG Hermes had made the announcement through the Membership Management, which gives news to all listed brokers about other brokers and their subsidiaries and affiliates, and not through the EGX trading floor as was previously stated. Included context and background on the subsidiary.