The Egyptian Exchange (EGX) launched its FIX HUB project this month through linking to FIDESSA trading network.
EGX FIX HUB network will enable international investors to trade Egyptian securities with ease through a FIX gateway. Accordingly, this will reflect positively on the Egyptian market liquidity without violating capital market rules. It is worth mentioning that few years ago EGX has started its FIX HUB project with the aim of linking to London Stock Exchange (LSE).
EGX signed contracts with two firms i.e. FIDESSA and ULLINK. FIDESSA is a network having about 175 stock markets in the Middle East, Europe, Asia, America and over 3600 of partners in the financial services field with nearly 800 Billion US Dollars of executed buy and sell orders inside that network. ULLINK network serves about 131 financial institutions in the United States, Canada, Latin America, Europe and South and East Asia.
Dr. Mohamed Omran, EGX chairman, confirmed that EGX continuously thrives to support and improve the capital market products. He added that the FIX HUB will enable member firms, investors, portfolio managers in different markets to trade via secured communication network that is not expensive and thus will allow member firms to attract a large number of Arab and foreign investors. He concluded that this initiative is the first of its kind in the MENA region, which will not only increase the depth of liquidity on EGX and enable it to provide a value-added service to its members, it also reflects EGX vision to meet the challenges of an increasingly sophisticated and demanding global investment community."
It should be mentioned that EGX have selected the program designed by ULLINK after due diligence of technical offers received from several technology companies. ULLINK has been selected on the basis of its reliable and proven connectivity solutions with its experience exceeding 11 years in providing technical solutions to the business community in addition to its strong presence in most global stock exchanges.
Currently; HSBC Brokerage, Beltone Financial Holding and EFG-FG-Hermes have joined EGX FIX HUB project and are linked to FIDESSA network.