{"id":549363,"date":"2022-09-14T04:03:53","date_gmt":"2022-09-14T04:03:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/14\/listing-on-the-egx-just-got-a-little-easier-a-boost-to-margin-trading\/"},"modified":"2022-09-14T04:03:53","modified_gmt":"2022-09-14T04:03:53","slug":"listing-on-the-egx-just-got-a-little-easier-a-boost-to-margin-trading","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/14\/listing-on-the-egx-just-got-a-little-easier-a-boost-to-margin-trading\/","title":{"rendered":"Listing on the EGX just got a little easier + a boost to margin trading"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>SMART POLICY- FRA tweaks listing procedures + scraps margin trading caps:<\/strong> The Financial Regulatory Authority (FRA) has handed down a slate of changes designed to boost liquidity on the EGX. At a presser yesterday, the FRA made its first major policy statement of the Mohamed Farid era, announcing new measures to simplify listing requirements and boost margin trading.<\/p>\n<p><strong>Here\u2019s the rundown:<\/strong><\/p>\n<p><strong>#1- Listing on the EGX got a little bit easier: <\/strong>Companies can now \u201ctemporarily\u201d list their shares on the EGX before getting regulatory approval from the FRA, under amendments to <a href=\"https:\/\/ent.news\/2022\/9\/FRA-amended-listing-rules-August-2022.doc.pdf\">listing rules (pdf)<\/a> approved by the regulator, Farid said during the presser.<\/p>\n<p><strong>More time for companies to get their ducks in a row:<\/strong> Companies will now have six months to meet listing requirements, including minimum quotas for the number of listed shares and shareholders. Companies were previously required to seek pre-approval from the FRA before listing their shares and were given a one-month window to begin trading after getting the FRA\u2019s blessing.<\/p>\n<p><strong>#2- The FRA has also <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/9\/%D8%AA%D8%B9%D8%AF%D9%8A%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D9%87%D8%A7%D9%85%D8%B4.pdf\">scrapped (pdf)<\/a><\/strong> <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dcd7f4f7-2cb4-4804-b6dc-1895dd922487\">proposed caps to margin trading<\/a><\/strong><strong>:<\/strong> The rules, first proposed by the regulator last year, would have placed new limits on the number of shares investors could purchase on margin. In November the regulator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d5b64f8-dc18-49ff-8e2b-2a2b09107c25\">delayed introducing the limits<\/a> on fears that they could hurt activity at a time when the reintroduction of the capital gains tax was expected to depress trading volumes.<\/p>\n<p><strong>So\u2026 how does the watchdog plan to mitigate risk?<\/strong> Brokerages now have to conduct risk assessments on incorporated investors before lending them funds for margin trading. They also need to update them every year as needed, and be prepared to provide the data to the EGX and FRA when requested.<\/p>\n<p><strong>The EGX and the FRA will still butt in if needed: <\/strong>The amendments still give the two authorities the power to ban certain securities from being traded on margin or control price movements for securities when necessary.<\/p>\n<p><strong>SOUND SMART- Margin trading is basically a brokerage loaning money to a client so the client can buy more shares.<\/strong> Check out our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/33dbee3e-f89b-4b93-97f2-5b7f32b7fe24\">explainer<\/a>, which takes a deep dive into the topic, including its risks (margin calls) and benefits (more liquidity in the market).<\/p>\n<p><strong>ALSO FROM THE FRA + EGX-<\/strong><\/p>\n<ul>\n<li><strong>The shares of companies undergoing liquidation can now be written off at any stage of <\/strong><strong>the process<\/strong>, meaning folks holding the shares can take charges today rather than waiting many quarters (or years) before wrapping things up.<\/li>\n<li><strong>A proper secondary market for debt:<\/strong> Any of the Finance Ministry\u2019s issued securities \u2014 like sukuk and variable bonds \u2014 can now be listed on the EGX, a move designed to help create an active secondary market for debt in Egypt (and, we hope, drive interest in a market for corporate paper).<\/li>\n<li><strong>Clearing derivatives trades:<\/strong> The regulator wants to set up a central counterparty clearing house (CCP) to facilitate and oversee derivatives trading.<\/li>\n<li><strong>Resuscitating short selling:<\/strong> The FRA, EGX and Misr for Central Clearing and Depository (MCDR) are in talks with foreign investors and experts \u2014 among them <a href=\"https:\/\/alborsaanews.com\/2022\/09\/13\/1576699\">Citibank<\/a> \u2014 on best practices to <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/02\/short-selling-comes-to-the-egyptian-stock-market-7495\/\">boost<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/02\/short-selling-comes-to-the-egyptian-stock-market-7495\/\">short sellin<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/02\/short-selling-comes-to-the-egyptian-stock-market-7495\/\">g activity<\/a> and improve clearing procedures in the country.<\/li>\n<li><strong>Expediting approvals for ins. products:<\/strong> The FRA <a href=\"https:\/\/bit.ly\/3RY0pl1\">discussed with ins. companies<\/a> accelerating approvals by the regulator for new products.<\/li>\n<\/ul>\n<p><strong>WATCH THIS SPACE- <\/strong><strong>Who\u2019s in for the local carbon market?<\/strong> The EGX is <a href=\"https:\/\/alborsaanews.com\/2022\/09\/13\/1576605\">in talks with asset<\/a><a href=\"https:\/\/alborsaanews.com\/2022\/09\/13\/1576605\">managers<\/a> about participating in a future local carbon market being planned by policymakers.<\/p>\n<p><strong>WHY THIS MATTERS-<\/strong><\/p>\n<p><strong>Coming just <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44cce70e-9e32-4176-848b-df0c7a3fcf7f\">a month into his term<\/a><\/strong><strong>, these changes are a glimpse of the kind of FRA boss <\/strong><strong>Farid will be. <\/strong>The regulatory tweaks, especially the scrapping of margin caps, see us moving more towards a free market in which the regulator\u2019s direct presence is less pronounced than before, Arqaam Capital Associate Director Noaman Khalid told us. \u201cThis allows it to go back to its core function, which is to act when there\u2019s suspicion of potential corruption or manipulation in the markets,\u201d he added.<\/p>\n<p><strong>Farid is timing his move so that quality companies start thinking today about listing<\/strong> \u2014 his aim is clearly to have more high-quality paper on the runway in the hope we\u2019ll see a string of attractive IPOs when market sentiment (globally and in Egypt, specifically) turns. Investors have long hoped to see a wider range of companies (and more depth within key industries) on offer on the EGX.<\/p>\n<p><strong>Remember that this comes just two weeks after <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5ad2ca1-e887-4a1f-9c78-7e5678e23113\">Farid promised the FRA will fast-track M&A<\/a><\/strong>, granting or denying approval on proposed transactions without unnecessary delays. Regulatory delays prior to his taking office were the reason FAB <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/003314c4-b1ce-48c1-8c81-d789953d2a6b\">walked away<\/a> from its acquisition of EFG Hermes earlier this year.<\/p>\n<p><strong>Farid is looking to give a much-needed kick to both private and public markets:<\/strong> The EGX, still down 13% year-to-date, has only in the past few weeks seen trading volume break back past the EGP 1 bn per-day mark. Foreign and institutional investors fled public markets in a global risk-off following Moscow\u2019s invasion of Ukraine \u2014 and have yet to return.<\/p>\n<p><strong>Waiting for Godot: Investors in private and public markets alike are holding back as they <\/strong><strong>wait to see what happens with the EGP. <\/strong>No international investor is going to commit capital here \u2014 for an M&A, to take a position in an EGX-listed company, or to kick off a greenfield project \u2014 until it\u2019s clear they won\u2019t be taking a hair cut in USD terms.<\/p>\n<p><strong>\u201cBefore foreign investors can regain confidence in the Egyptian bourse, we need to first <\/strong><strong>regain the confidence of the local investor,\u201d<\/strong> new EGX boss <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cde1d264-19e5-41eb-9070-b6fa079b9515\">Ramy El Dokany<\/a> said during the presser. \u201cWe need new tools to facilitate smaller investments from regular investors,\u201d El Dokany said, citing short-selling and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/237572df-eb26-4853-842d-d908fe5611f3\">exchange-trade<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/237572df-eb26-4853-842d-d908fe5611f3\">d funds (ETFs)<\/a>.<\/p>\n<p><strong>ALSO- MCDR to launch an app for clearing services: <\/strong>The clearing house is working to launch an app through which investors can easily collect returns and dividends, MCDR Managing Director Khaled Rashed said at the presser. The app \u2014 which will be dubbed EgyClear \u2014 is part of a digital overhaul for the company that will see it invest USD 15 mn over the next three years, he said. The MCDR board approved hiring Baker & McKenzie to help in the modernization strategy, MCDR Managing Director Hesham Mabrouk said in statements picked up by <a href=\"https:\/\/alborsaanews.com\/2022\/09\/13\/1576699\">Al Borsa<\/a>. It will prepare a comparative study between MCDR and global clearing houses, Mabrouk said, expecting the study to be finalized within two months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SMART POLICY- FRA tweaks listing procedures + scraps margin trading caps: The Financial Regulatory Authority (FRA) has handed down a slate of changes designed to boost liquidity on the EGX. At a presser yesterday, the FRA made its first major policy statement of the Mohamed Farid era, announcing new measures to simplify listing requirements and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":549364,"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":[7303],"tags":[102,1052,68,72,76,78,830,2221,2313],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-derivatives","tag-egx","tag-enterpriseam","tag-financial-regulatory-authority","tag-ipo-watch","tag-margin-trading","tag-mohamed-farid","tag-ramy-el-dokany","wpautop","entry"],"acf":{"mongo_id":"781f8a28-a5ae-4f4f-b1e2-a24e80ce512a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/214.jpg","photo_position":"above","related_issue":[549359],"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>Listing on the EGX just got a little easier + a boost to margin trading - 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\/09\/14\/listing-on-the-egx-just-got-a-little-easier-a-boost-to-margin-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Listing on the EGX just got a little easier + a boost to margin trading\" \/>\n<meta property=\"og:description\" content=\"SMART POLICY- FRA tweaks listing procedures + scraps margin trading caps: The Financial Regulatory Authority (FRA) has handed down a slate of changes designed to boost liquidity on the EGX. 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