Egypt-Turkey Bourse Alliance Comes Into Force By Sept-End: Official

The anticipated joint trading project between the Egyptian and Turkish stock exchanges will come into effect by the end of the coming September, the Egyptian bourse chief said on Monday.

Dr. Mohamed Omran – the Chairman of the Egyptian Exchange – announced that the alliance project between the EGX and Istanbul Stock Exchange (ISE) will be finalized by the end of September.

This comes after the EGX management had undergone lengthy intensive discussions with the country’s financial regulator – the Egyptian Financial Supervisory Authority (EFSA) to ensure the joint trading process between the two bourses.

Omran further noted that the Turkish investors will be permitted to trade in the firms listed in the main index, EGX30.

The EGX chairman elaborated that the management will be holding a meeting with the benchmark-listed firms to stress the importance of delivering their own reports written in English so as to allure more Turkish investors to trade in their stocks after the completion of the joint trading project. The EGX management are currently working on devising a mechanism which would enable the Egyptian investors to trade in the ISE-listed firms.