El-Sheikh emphasized that the primary objective of this initiative is to address concerns surrounding potential manipulation in the auction session, a critical factor influencing the closing price
The Egyptian Exchange (EGX) is planning to implement a comprehensive upgrade to its trading system and program in the coming year, according to Ashraq Business, citing its sources as the heads of four brokerage companies.
EGX Chairman Ahmed El-Sheikh met with brokerage companies on Monday evening, explained the sources.
El-Sheikh emphasized that the primary objective of this initiative is to address concerns surrounding potential manipulation in the auction session, a critical factor influencing the closing price, the sources stated. The development of the new program is part of efforts to enhance transparency and trust in the stock market.
During the meeting, the EGX head noted that the stock exchange administration was working closely with the Ministry of Finance and the Central Bank of Egypt.
The news outlet added that the EGX was exploring the possibility of implementing a T+0 system, allowing the buying and selling of stocks within the same session. A T+0 system provides the ability to settle trades on the same day they are executed.
Within the Egyptian capital market, 122 brokerage, mediation, and securities trading companies are currently active. Oversight for non-banking financial services, including the money market, financial leasing, factoring, real estate financing, and insurance, falls under the purview of the Financial Regulatory Authority.
