The Egyptian Stock Exchange is investigating the possibility of joint trading with its Istanbul equivalent, in order to allow both Turkish and Egyptian investors to trade on the other’s market.
“We are seeking methods that can enable Turkish investors to trade directly on Egyptian stock exchange from Turkey via Turkish brokerages, as well as Egyptians to trade in Turkish shares via Egyptian brokerages,” the chairman of Egyptian Stock Exchange, Dr. Mohamed Omran, told Reuters news agency. “A Turkish delegation is to visit Egypt to join the 16th annual conference of the African Securities Exchanges Association (ASEA), which will be held in the period of 2-4 December 2012,” he added.
The Turkish delegation plans to discuss the implementation of the items agreed upon in the memorandum of understanding (MOU) that was signed by the two exchanges in June 2012. The MOU plans implementing Turkish-Egyptian cooperation on technical issues, technology sharing, training, and data production.
“Recently, there’s a noticeable intimate relationship between Egypt and Turkey, especially after the Turkish soft loan, which encourage refreshing the joint cooperation between both countries”, said Eissa Fathy, vice chairman of the securities division at Cairo’s Chamber of Commerce.
The Turkish deal will not require any amendments to the Capital Market Law, chairman of the Egyptian Financial Services Authority (EFSA), Dr. Ashraf Al-Sharkawy, told Reuters. In June, the industry regulator and the EFSA declared that brokerages and portfolio management firms could no longer trade foreign securities.
Source: The Daily News Egypt