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EGX launches second phase of OTC market restructuring

16 March 2015  |  1541 views  |  0 Source: The Egyptian Exchange

The Egyptian Exchange (EGX) started today, Sunday 15 March, 2015, to work with the second phase of improving the Over The Counter (OTC) market mechanisms, which represents an important step in EGX' trading system, where investors can put the sell order for non-listed companies without the need to have the other side of the transaction, the thing that will contribute greatly to accelerate the partnership activity even in non-listed companies, and would help those companies to obtain financing more easily as the partners will have a fast exit way.

Dr. Mohammad Omran, EGX chairman stated  “in my opinion this is a strategic step for EGX and means that the stock market would strongly contribute to improve the investment climate in Egypt, as this step could facilitate the access to finance because the investor has now more confidence in the existence of smooth exit opportunities which is an important indicator in measuring the investment quality in any country. "
 
It’s noteworthy that EGX has launched the first phase of the OTC market restructuring for the shift to be an automated market in 2014, and it announced earlier its intention to allow parties to enter selling orders without the existence of an agreement with the other party. EGX conducted a trial session using that system last Wednesday with the participation of a large number of brokerage firms, and was reassured to the brokers’ understanding of the system.

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