Cairo, Bombay bourses sign information exchange MoU

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Egyptian and Bombay stock exchanges signed Wednesday a memorandum of understanding aimed at promoting mutual cooperation and exchanging information across both bourses’ business areas.

The memorandum is expected to build capital flows and communication channels between the Egyptian Exchange (EGX) and Bombay Stock Exchange (BSE).

Through the memorandum, the two bourses have created possibilities for a range of opportunities to be studied and explored for the development of their businesses, products, and markets, and to share knowledge and build on strategies of strengthening international connectivity.

“This Memorandum of Understanding further complements EGX’s strategy to cooperate with global exchanges beyond its traditional markets in Africa, the Middle East and Europe.” EGX chairman Mohamed Omran said.

“We (EGX) … aim to cross list and trade securities that would provide new investment alternatives to investors in both markets”,

“The MoU between BSE and EGX represents a significant step in integrating both the exchanges to build capital market flows.” Ashishkumar Chauhan, Managing Director and chief executive CEO of BSE, said.

“We are very pleased to sign this memorandum of understanding with one of the world’s oldest stock exchange. We are sure that this integration will go a long way in building both our expertise in product development and strengthening international connectivity.” Chauhan added.