EGX Chairman, Mohamed Farid Saleh, issued a decision for the activation of market maker in the Egyptian market.
EGX set the criteria for brokerage firms allowing them to act as market makers and was approved by the Egyptian Financial Regulatory Authority (FRA). The decision states the criteria, registration steps, technical requirements, experience and competence required for applying for this activity along with EGX’s membership rules. The decision is to be active starting 6th of January 2019.
This comes as part of EGX management’s efforts to develop the market, its mechanisms and tools to increase the depth and efficiency and competitive of the Egyptian capital market.
EGX Chairman, Mohamed Farid, said that adding market maker activity to the Egyptian Market will contribute to increasing liquidity in the market.
It is worth mentioning that The Egyptian Exchange’s proposal of adding market maker activity to the Egyptian market was adopted by the Capital Market Authority and raised to Ministry of Investment which approved it with decision number 293 for the year 2007.