(AFP Photo)
Board of directors of the Egyptian Stock Exchange (EGX) ratified its management strategy for the next four years in a Sunday meeting.
According to a press statement from EGX, the outlines of the strategy include dealing with the bourse’s current obstacles and moving the Egyptian market from the circle of traditional markets and transforming it to a modern one.
Modern markets are characterised by protecting the investors’ rights, providing a rich trading environment, developing a technological structure and creating a strong legislative structure, which helps in achieving greater efficiency.
Developing the legislative structure of the capital market industry, which comes as the first axis of the strategy, would provide “those who are in charge of the market [with] more flexibility without harming the roles of relevant parties”.
The second axis of the strategy is focused on developing the trading system and boosting its efficiency, which will improve the competitiveness of the Egyptian market, the statement said. This will be achieved through activating a number of mechanisms, especially in the bond market.
The third axis focuses on improving the information and technological structure, deepening the role of the stock market in social and economic development and strengthening the position of EGX on an international level.
Head of the bourse, Mohamed Omran, confirmed that this strategy is applicable and did not overlook the legislative, regulatory and political obstacles which may hinder its implementation.
Omran added that this strategy would contribute to the creation of a more efficient market that is able to strongly compete on a global level.
