Hisham Tawfik Slams EGX For Collecting Fees From Investors

Hisham Tawfik,  Chairman of Arabeya Online Brokerage (AOLB) and Board Member of the Egyptian Exchange, has criticized the EGX for collecting fees from the investors in return for providing them with information they need to get such as trading data of the trading session (value and volume), market announcements alongside the required fundamental and background data of any listed company on the bourse.

“In fact, the worldwide bourses are providing all the investors with such information for free.” Tawfik added

He explained that the EGX is collecting monthly fees ranging between EGP 100 and 150 from each investor willing to get some pieces of information about the market through the trading screens distributed by the Egypt for Information Dissemination (EGID); a joint venture between the EGX (owns 50% stake) and NASDAQ OMX. Most of the EGX traders do not obtain detailed information, as they are unable to pay those monthly dues.