Brazil, Egypt bourses sign MoU for mutual cooperation

Egypt and Brazil’s bourses have signed Thursday a memorandum of understanding that includes mutual cooperation and the exchange of information across both the two exchanges’ business areas.

BM&FBOVESPA and the Egyptian Exchange (EGX) announced in Cartagena, Columbia during a meeting of the World Federation of Exchanges (WFE), the signing of the MoU.

BM&FBOVESPA is the 13th largest stock exchange in the world; while EGX is one of Africa’s ten largest exchanges and the oldest.

Through this agreement, the two exchanges will create possibilities for a range of opportunities to be studied and explored for the development of their businesses, products, and markets and also the opportunity to share knowledge and build on both exchanges’ strategies of international strengthening in the search of new opportunities.

“The Memorandum of Understanding is an important step on our path towards establishing effective cooperation between Brazil and Egypt’s capital markets and is also in line with a market that is ever more globalised.” said Edemir Pinto, CEO from BM&FBOVESPA.

“The purpose of this cooperative relationship is the development of markets in the two countries through the identification of opportunities that bring benefits to both sides” Pinto added.

“This Memorandum of Understanding complements our strategy to cooperate more with global exchanges, way beyond our traditional markets in Africa, the Middle East, and Europe. We look forward to a long and fruitful collaboration with BM&FBOVESPA for the benefit of both exchanges, and aim to list index or ETF products that would provide new investment alternatives to investors in both markets”, commented Mohamed Omran, Chairman of EGX.

BM&FBOVESPA and EGX will also cooperate on disseminating information and education through the exchange of programmes about capital markets, securities, derivatives, and other relevant programmes aiming to educate investors.