Back to the complete issue
Thursday, 28 November 2019

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. 

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2020 Enterprise Ventures LLC.