{"id":543634,"date":"2022-02-10T03:53:22","date_gmt":"2022-02-10T03:53:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/"},"modified":"2022-02-10T03:53:22","modified_gmt":"2022-02-10T03:53:22","slug":"new-clearing-companys-board-formed-in-another-step-to-joining-euroclear","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/","title":{"rendered":"New clearing company\u2019s board formed in another step to joining Euroclear"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Inching closer to \u201cEuroclearable\u201d status:<\/strong> The board of directors has been formed for our new central clearing and depository company, Egyptian Central Securities Depository (ECSD) in another step toward making local debt \u201cEuroclearable,\u201d Al Borsa <a href=\"https:\/\/alborsaanews.com\/2022\/02\/09\/1506735\">reports<\/a>, picking up a story from state-owned Middle East News Agency.<\/p>\n<p><strong>What\u2019s this new company? <\/strong>ECSD \u2014 which is 70% owned by the Central Bank of Egypt (CBE) and 30% owned by the Finance Ministry \u2014 will manage registration, deposit and settlement procedures for government debt instruments. It will use a different system than the one used by Misr for Central Clearing and Depository (MCDR), though the two are currently working together, CEO and Managing Director Yasser Zaazaa was quoted as telling Al Borsa. ECSD has issued and paid-up capital of EGP 100 mn and authorized capital of EGP 1 bn.<\/p>\n<p><strong>Why do we care? <\/strong> ECSD\u2019s establishment \u2014 which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c31d5b0-7df8-4820-8d29-6d2de7a51ea0\">got the final sign-off at the end of 2020<\/a> \u2014 is a key step for Egyptian debt to be cleared in Europe under Euroclear. Having local debt cleared in Europe will make EGP bonds more accessible to foreign investors, who can currently only access the market through a small number of local banks. Making it easier for foreign funds to invest should translate into greater inflows into Egyptian debt.<\/p>\n<p><strong>The board: <\/strong>The nine-member-strong board includes five central bank representatives, two Finance Ministry representatives, and two independent members. Zaazaa was appointed managing director <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7d5a2dd0-b3ba-47d1-91c7-7d8b4d1473c0\">last year<\/a>, when CBE Deputy Governor Rami Aboul Naga was also named non-executive chairman. Joining them are:<\/p>\n<ul>\n<li><strong>From the CBE: <\/strong>Central bank board member Tamer Eldakak, and Assistant Sub-Governors Zakeya Ibrahim and Ehab Nasr.<\/li>\n<li><strong>From FinMin: <\/strong>Vice Minister of Finance Ahmed Kouchouk and advisor Nevine Mansour.<\/li>\n<li><strong>Independents:<\/strong> Mohamed Youssef, and a final independent board member who has yet to be appointed.<\/li>\n<\/ul>\n<p><strong>Next steps: <\/strong>The company will begin operations in the third quarter of this year, Al Borsa quoted Zaazaa as saying (after the government irons out the final wrinkles \u2014 related to an unresolved <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11eb3081-75f6-433f-b7b0-62d2c029fe7a\">\u201ctechnical point\u201d<\/a> \u2014 in its discussions with Euroclear). The latest indications from the Finance Ministry are that we should expect our debt to become \u201cEuroclearable\u201d in the second half of 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inching closer to \u201cEuroclearable\u201d status: The board of directors has been formed for our new central clearing and depository company, Egyptian Central Securities Depository (ECSD) in another step toward making local debt \u201cEuroclearable,\u201d Al Borsa reports, picking up a story from state-owned Middle East News Agency. What\u2019s this new company? ECSD \u2014 which is 70% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":543635,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[782,82,271,88,72,714,276,331,886],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-ahmed-kouchouk","tag-bonds","tag-central-bank-of-egypt","tag-debt-watch","tag-enterpriseam","tag-euroclear","tag-finance-ministry","tag-nevine-gamea","tag-rami-aboul-naga","wpautop","entry"],"acf":{"mongo_id":"7ba5c1ae-4242-4dbb-8154-acbe730eb8bd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/140.jpg","photo_position":"above","related_issue":[543624],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New clearing company\u2019s board formed in another step to joining Euroclear - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New clearing company\u2019s board formed in another step to joining Euroclear\" \/>\n<meta property=\"og:description\" content=\"Inching closer to \u201cEuroclearable\u201d status: The board of directors has been formed for our new central clearing and depository company, Egyptian Central Securities Depository (ECSD) in another step toward making local debt \u201cEuroclearable,\u201d Al Borsa reports, picking up a story from state-owned Middle East News Agency. What\u2019s this new company? ECSD \u2014 which is 70% [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-10T03:53:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/140.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"New clearing company\u2019s board formed in another step to joining Euroclear\",\"datePublished\":\"2022-02-10T03:53:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\"},\"wordCount\":363,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/140.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Ahmed Kouchouk\",\"Bonds\",\"Central Bank of Egypt\",\"debt watch\",\"EnterpriseAM\",\"Euroclear\",\"Finance Ministry\",\"Nevine Gamea\",\"Rami Aboul Naga\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\",\"name\":\"New clearing company\u2019s board formed in another step to joining Euroclear - 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What\u2019s this new company? 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Cabinet had approved the establishment of the new central clearing and depository\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/438.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587699,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/local-currency-debt-to-be-euroclearable-this-year-maait\/","url_meta":{"origin":543634,"position":1},"title":"Local-currency debt to be euroclearable this year -Maait","author":"enterpriseam admin","date":"31 May 2023","format":false,"excerpt":"The new clearinghouse will settle treasuries by August","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1702.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594089,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/20\/egypt-signs-agreement-with-euroclear\/","url_meta":{"origin":543634,"position":2},"title":"Egypt signs agreement with Euroclear","author":"enterpriseam admin","date":"20 October 2019","format":false,"excerpt":"Egyptian debt is one step closer to being Euroclearable: Egypt signed a \u201cterms and conditions\u201d agreement with Euroclear on the sidelines of the IMF and World Bank annual meetings in Washington, cabinet said in a statement yesterday. The agreement paves the way for local debt issuances to be cleared with\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599318,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/25\/euroclear-delegation-in-egypt-to-wrap-up-procedures-making-debt-euroclearable\/","url_meta":{"origin":543634,"position":3},"title":"Euroclear delegation in Egypt to wrap up procedures making debt \u201ceuroclearable\u201d","author":"enterpriseam admin","date":"25 June 2019","format":false,"excerpt":"EXCLUSIVE- Euroclear is in Egypt to wrap up procedures that will make EGP-denominated debt \u201ceuroclearable\u201d: A delegation from Euroclear is currently in town to ensure Egyptian debt meets the technical requirements to make it clearable through the Belgium-based clearinghouse, two government officials tell Enterprise. The delegation sat down with Misr\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1593.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594146,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/21\/mps-voice-concerns-over-central-depository-and-registration-act-amendments\/","url_meta":{"origin":543634,"position":4},"title":"MPs voice concerns over Central Depository and Registration Act amendments","author":"enterpriseam admin","date":"21 October 2019","format":false,"excerpt":"LEGISLATION WATCH- MPs voice concerns over Central Depository and Registration Act amendments: Members of the House Economic Committee yesterday voiced concerns that proposed amendments to the Central Depository and Registration Act could have a negative impact on the securities market, Ahram Online reports. What would the proposed amendments do? Amendments\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561617,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/managing-director-non-executive-chairman-named-for-new-central-clearing-and-depository-company\/","url_meta":{"origin":543634,"position":5},"title":"Managing director, non-executive chairman named for new central clearing and depository company","author":"enterpriseam admin","date":"14 April 2021","format":false,"excerpt":"Yasser Zaazaa (bio) has been appointed managing director of the newcentralclearing and depository company for state debt issuances, while Central Bank of Egypt Deputy Governor Rami Aboul Naga (LinkedIn) was named non-executive chairman, Al Mal reports, citing unnamed sources. The new state-run company will handle all the clearing and registry\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543634"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543634\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543635"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543634"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543634"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}