Egypt’s FRA approves EGX’s request to correct transactions

Egypt’s Financial Regulatory Authority (FRA) has approved the Egyptian Stock Exchange’s (EGX) request about correcting transactions to improve the performance of the stock market, according to its official statement published on Sunday.

EGX has applied to expand the use of reverse implementation mechanism to correct trading irregularities and remove their implications by selling what has purchased and buying what has sold, while neutralising the impact on the closing price.

This step comes within the framework of the parties’ desire to stabilise markets and the safety of transactions through applying mechanisms that will avoid market turmoil.

The two parties look forward to applying the principle of gradualism in correcting violations, which ensures stability of the market along with protecting the rights of all clients.