The National Bank of Egypt, Banque Misr, Banque du Caire, and United Bank are reportedly interested in a piece of the new futures exchange, according to a letter from the Federation of Egyptian Banks received by the Financial Regulatory Authority (FRA), sources told Al Mal. The banks will be vying for the 75% stake of the exchange on offer to financial institutions that meet solvency standards or with experience in futures contracts, as stipulated in regulations issued last December by the FRA. Some of the banks that are petitioning for a stake want to own over 5%. The regulations limit the ownership each institution can grab at 10%.

What’s banks so excited? Well it could have something to do with the futures exchange potentially being listed on the EGX. The FRA had allowedthe exchange to potentially list up to 25% on the stock exchange.

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