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We have plenty of capital market news for you this morning, with the local business press picking up statements from EGX boss Ahmed El Sheikh on overhauling the EGX trading system, the planned launch of a new real estate exchange, and efforts to boost the short selling market. Plus, we heard more from the Financial Regulatory Authority (FRA) about the voluntary carbon market it aims to launch.
#1- A new EGX trading system? The EGX is looking to overhaul its trading system by the end of 2024 as part of a wider strategy to upgrade the bourse, Ayman Taha, the media advisor to the EGX’s chairman, told Enterprise. The exchange is currently in talks with three unidentified international companies providers of trading systems in search of the most compatible and cost-effective platform to adopt.
The rationale: The current trading system is over 15 years old, El Sheikh has told reporters, making a new system necessary to increase the EGX’s compatibility with regional and international stock exchanges.
#2- A real estate exchange is launching in 1H 2024: The EGX’s real estate exchange could launch as early as the first half of 2024, Taha told us. The bourse is working on finalizing the legislative and regulatory framework ahead of the launch, El Sheikh told Asharq Business. The EGX is also working to establish a real estate registration unit that is responsible for transferring the ownership of assets and marketing them, El Sheikh said.
FYI- For all things real estate index, you can check out our Hardhat on the new initiative.
#3- Short selling to get a shot in the arm? The exchange is also looking to boost short sellingactivity over the “coming period,” El Sheikh has told reporters. The EGX, alongside the Financial Regulatory Authority and Misr for Central Clearing and Depository (MCDR), held talks last year with experts and foreign investors looking into the best practices to promote short selling in the country.
#4- Checking in on the upcoming carbon market: FRA boss Mohamed Farid met with some 35 company representatives to discuss the planned voluntary carbon market and how to speed up its launch, according to an FRA statement released yesterday. The EGX was initially expected to launch the market during the middle of the year.
#5- A new launch date for the sharia-compliant index: The EGX is now looking to launch its sharia-compliant index during 1Q 2024, Al Sheikh told reporters. We were expecting the index to launch over the summer.
