Egypt Clearing House ‘ready’ to absorb demands of commodities exchange
Published 2017-04-12 19:32:06| Islam Salah, Islam Abdelhameed & Gehad Abdel Ghany
Egypt’s Central Clearing, Depository, and Registry House (MCDR) is ready to handle the settlement process for the country’s anticipated futures and commodities exchange, its chairman Mohamed Abdel-Salam said Wednesday. MCDR clearly has the technological know-how to be able to absorb the demands of a commodities exchange, Abdel-Salam added. It has the ability and capacity to absorb any clearing and depository services required by a commodities exchange, in particular with respect to the trading of cotton, cement, and orange. MCDR undertakes efficient settlement in line with international standards as they are able to process same day gross settlement, he added. Egypt announced plans to set up a global commodities centre back in 2014 but gave few details at the time. News of the initiative first broke in late 2014, when the government announced it intended to turn Egypt into a trade hub. It talked of processing and re-exporting up to 65 million tonnes of wheat, soybeans, sugar and other commodities via a new port to be built on the Mediterranean, as well as creating the Middle East’s first commodities mercantile exchange. In November 2015, Egypt signed cooperation protocol with Jordan-based Sigma Investments) to establish first ever electronic Egyptian Commodities Exchange.
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Dubai Financial Market (DFM), the UAE’s main stock exchange, launched on Sunday a trading platform for exchange-traded funds (ETFs) in an effort to encourage the listing of more such funds by improving liquidity. The market currently lists just one ETF, Afkar Capital's S&P UAE UCITS fund, which invests on the Abu Dhabi Securities Exchange and NASDAQ Dubai as well as DFM itself. It replicates the S&P UAE BMI Liquid 20/35 Capped Index, which includes the largest stocks by capitalisation in the United Arab Emirates. The new platform, which DFM described as the region's first of its kind, aims to make trading smoother and more efficient. Afkar Capital said on Sunday it had appointed Egypt's Beltone Financial as foreign market maker for its fund.
European markets closed lower on Friday as investors reacted to fresh earnings and geopolitical tensions.The pan-European Stoxx 600 ended down 0.18 percent with most sectors in negative territory. The European stocks benchmark moved 2.36 percent higher on the week. The French CAC 40 ended the trading week over 4.2 percent higher on the back of centrist presidential candidate, Emmanuel Macron's first round victory in the French election. While Germany's DAX surged 3.2 percent and the U.K.'s FTSE 100 moved up 1.4 percent for the week. Telecom stocks were the worst performers on Friday.Commerzbank analysts suggested the reportedly lower risk of far-right presidential victory in France could see a merger between Orange and Bouygues Telecom.On the other hand, basic resources stocks led the gains on positive sentiment in the copper industry.However, corporate earnings remained investors main focus on Friday as a number of banks reported their latest figures. UBS said Friday its net income rose 79 percent in the first quarter of this year. The bank's shares ended up over two percent on Friday.
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