During EGX’s participation in World Federation of Exchanges annual meeting, Omran discussed feasibility of creating futures market with a number of Exchanges’ CEOs
Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX), attended the Executive Committee Meeting, the General Assembly and Annual Meeting of the World Federation of Exchanges (WFE), which is being held this year in Mexico.
On the sidelines of the conference, Dr. Omran met the CEOs of Singapore Stock Exchange, NASDAQ – O.M.X, Warsaw Stock Exchange, NYSE Euronext, the Korean Exchange and NSE India. These meetings focused on feasibility of EGX forming futures market in terms of; timing, financial instruments to be traded, trading system, as well as clearing and settlement mechanisms.
On the other hand, and during a meeting between Dr. Omran and the Deputy CEO of NYSE Euronext, both parties completed the final outline of a futures contract based on the EGX 30 index, which is expected to start trading in NYSE Liffe during the 1st quarter of 2014. In the same context, a high-level delegation from the NYSE Euronext is scheduled to visit EGX within the next month to develop cooperation frameworks and discuss the mechanisms of linking the two markets.
EGX Chairman pointed earlier that Egypt?s participation this year WFE General Assembly came within the framework of EGX keenness to be present in the international forums.