Division of Securities Seeks Emergency Charges Reduction, Receives Offers

Egypt’s Division of Securities has postponed its meeting until next week awaiting telecom companies’ offers as the Division has requested for the reduction of the charges which are paid for the securities brokerage firms in case of emergencies.

Elsewhere, the brokerage firms have received an offer to reduce these charges from Misr for Central Clearing, Depositary and Registry (MCDR). The MCDR offered to make these charges worth only EGP 40 thousand a year for each firm, but the Division of Securities seeks to pay less.

The Division of Securities was supposed to hold its meeting today so as to discuss the methods of reducing the charges paid to the brokerage firms in case of emergencies, but it preferred to wait until receiving further offers and suggestions so as to choose the most suitable among them.

The Division seeks to pay maximally EGP 20 thousand for each brokerage firms in case of emergencies.

Worth mentioning, the Division used to pay about EGP 80 thousand to the brokerage firms in case of emergencies but amid the instability the Egyptian market witnesses, it decided to pay much less.