The membership committee of Egypt stock Exchange (EGX) issued a decision on Wednesday accepting Beltone Financial Holding as a market maker, pursuant to the membership rules issued by virtue of the EGX Chairman’s decision No. 156/2014, dated 11/05/2014.
The Egyptian Financial Supervisory Authority (EFSA) had licensed Beltone to undertake the ‘market maker’ activities, as per provisions of the capital market law and its executive bylaw.
A market maker is a broker-dealer firm that accepts the risk of holding a certain number of shares of a particular security in order to facilitate trading in that security. Each market maker competes for customer order flow by displaying buy and sell quotations for a guaranteed number of shares. Once an order is received, the market maker immediately sells from its own inventory or seeks an offsetting order. This process takes place in mere seconds.