Egypt’s Clearing House To Discuss Tie-Up Plans With North Africa Region

Egypt’s Central Clearing, Depository and Registry house (MCDR) will be holding its meeting on Thursday in order to discuss its business results of the fiscal year of 2012 alongside its plans to link with its counterparts in the region, notably of the North African states.

The MCDR has reported net profits of EGP 45 million during FY/12, compared to a net profit of EGP 50 million for the same period a year ago.

The Egyptian clearing house will address in its meeting the reasons behind the decline in its FY/12 profits.

Egypt is currently holding intensive talks with a number of North African clearing houses, seeking to activate the linkage process within the current year.

On May 6th, Mohamed Abdel Salam, chairman of Egypt’s Central Clearing, Depository and Registry house (MCDR), stated that this comes in the wake of a decree from the Africa & Middle East Depositories Association (AMEDA) stressing the need for the GCC countries and the North Africa region to be linked with Egypt’s MCDR, as well as the other African securities depository centers through South Africa’s Strate Ltd.

Abdel-Salam further noted that MCDR is currently in talks with its counterparts in Morocco, looking forward to finalizing the tie-up process in the near future and to reaching similar agreements with the rest of North Africa countries within this year.

Abdel-Salam stated that MCDR has already managed to link up with South Africa’s Central Securities Depository (Strate), which is currently following up the transactions carried out by the investors in the Egyptian and South African markets.