CAIRO: EFG-Hermes announced yesterday that it has received approval from Egypt s Central Monitory Authority to launch and operate its online trading in Egypt.
Since launching online trading in the UAE in May 2006, trading volumes have grown 10 fold. Mamdouh El Baz, regional head of On-Line Trading for EFG-Hermes, said Now our customers in Egypt will benefit from the fastest, fully functional on-line trading. The product is tried and tested and provides users with a high degree of security and integrity.
The system is scheduled to be fully operational by November 2006 and will be available to individual EFG-Hermes investors.
Online trading accounts for more than 50 percent of traded volume in the Saudi Arabian market and has grown to more than 15 percent in UAE since its launch earlier in the year. EFG-Hermes is confident that online trading will grow to represent a significant percentage of traded volume in Egypt very quickly.
According to El Baz, EFG-Hermes will announce shortly the soft-launch of its online trading in Egypt.
EFG-Hermes is the number one securities broker on the Cairo and Alexandria Stock Exchange and has already built a top 10 position in UAE since its launch less than two years ago.
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