Completion of the procedures for incorporating the futures contract settlement company
The head of the Egyptian Stock Exchange, Rami El Dokani, said that the launch of the financial derivatives market in Egypt has been studied for a long time, and this project is expected to be launched at the end of July or the beginning of next August.
Al-Dukani added, in an interview with Al-Arabiya, that the opportunities for the Egyptian Stock Exchange are stronger than some stock exchanges in the Arab region in this market in light of the special composition of Egyptian investors, as the majority of them are individuals, and this product will be offered mainly to individuals.
Regarding the establishment of a futures settlement company, Al-Dukani said that the stock exchange preferred to establish this company with 100% ownership at the present time, while negotiations are underway with a large group of commercial and investment banks to participate as clearing members and not as shareholders, and there is no objection to opening the way for buying shares in rights of this company in the future.
The Egyptian Stock Exchange has completed the procedures for establishing a futures contract settlement company, under the name “Tasweyat Clearing Services Company”, with the aim of conducting clearing and settlement operations for contracts that are dealt with on futures exchanges.
This step comes within the framework of preparing to launch a comprehensive market for futures contracts in Egypt, as it initially includes offering future contracts on the “EGX30” and “EGX70” indices, then later on highly liquid stocks, then commodities and precious metals, and finally options.
2023-06-11 13:08:13
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