Blom Egypt Securities applies for short selling license

Blom Egypt Securities has applied for a short selling license from the Financial Regulatory Authority (FRA), Managing Director Mohamed Fathalla told Al Mal. Blom Bank Egypt’s brokerage arm could become the latest to acquire the license after the FRA granted it to EFG Hermes, CI Capital, the Arab African International Securities, and Arqam Securities. The authority issued regulations earlier this year allowing short selling on the EGX through brokerages who will act as market by finding lenders and borrowers of stocks.