Cairo - Mubasher: The chairman of the Egyptian Exchange (EGX) presented the main features of the proposed reforms by the bourse’s newly chosen management, noting that the three main areas of focus are listed companies, trading mechanisms, and investors.
Mohamed Farid also explained in a meeting organized by the Egyptian Association for Direct Investment and the Association of Graduates and Trainees from Britain in Egypt (AGTBE) that some steps have already been taken to implement these reform plans.
As for listed companies, Farid indicated that the focus is on the quality and not just quantity of the companies.
Regarding trade mechanisms, the chairman pointed to some amendments that already took place, such as modifying the suspension time for stocks with a change exceeding 5%, adding that they are currently working on introducing new mechanisms such as short selling, as well as other financial instruments.
The Egyptian Exchange is working on adapting the tools of data mining, and artificial intelligence (AI) in monitoring the market, the chairman added.
The EGX chairman also stressed the importance of promoting the Nile Exchange (Nilex) as a platform to finance the growth of small and medium companies.
