Egyptian Exchange Posted
On Sunday, September 24th, 2023, trading of treasury bills in the secondary market began on The Egyptian Exchange (EGX), representing a significant milestone in EGX’s ongoing development and a key component of its strategy.
This step came in full coordination with the Central Bank of Egypt, the Ministry of Finance, the Financial Regulatory Authority (FRA), and Egyptian Central Securities Depository (ECSD) over the past months. The project aims to stimulate trading activity on government debt instruments within the framework of applicable legislation.
Mr. Ahmed El-Sheikh, EGX’s Executive Chairman, stated that this day symbolizes the outcome of EGX’s dedicated and ongoing teamwork. The GFIT trading system was internally developed by EGX’s information technology team to facilitate the trading of treasury bonds. Subsequently, it was enhanced by incorporating new features to facilitate the trading of treasury bills as well.
Moreover, the system is currently linked with Egyptian banks, both major and non-major dealers, to enable them to trade in the secondary market
for government debt instruments. The Sheikh added: “Trading treasury bills through EGX streamlines trading operations and provides added value for investors”.
El-Sheikh stated that EGX has organized several workshops and training courses for participants in the trading process over the past few weeks. Representatives from approximately 35 banks attended these sessions.
The trading value of treasury bills on the first trading day amounted to almost EGP 33.8 billion over 109 transactions.