{"id":582609,"date":"2023-03-13T00:00:00","date_gmt":"2023-03-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/a-new-lending-pool-to-resuscitate-short-selling\/"},"modified":"2023-03-13T00:00:00","modified_gmt":"2023-03-13T00:00:00","slug":"a-new-lending-pool-to-resuscitate-short-selling","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/a-new-lending-pool-to-resuscitate-short-selling\/","title":{"rendered":"A new lending pool to resuscitate short selling?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The Financial Regulatory Authority <\/span><span style=\"font-weight:700\">(FRA) could within days create a central \u201clending pool\u201d in cooperation with Citibank through which investors can engage in short selling<\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/03\/12\/1642800\" style=\"\">Al Borsa<\/a><\/span><span style=\"\"> reports, citing FRA boss Mohamed Farid. The regulator has been discussing amendments aimed at boosting short selling with EGX representatives and clearing house <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mcsd.com.eg\/mcdrnew\/en\/main.aspx\" style=\"\">Misr for Central Clearing and Depository (MCDR)<\/a><\/span><span style=\"font-weight:400;\">, according to Al Borsa. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">How it would work: <\/span><span style=\"\">Investors who want to short a certain stock currently have to approach <\/span><span style=\"font-weight:400;\">and sign contracts with the custodian and broker of that specific security. The lending pool would streamline the process, giving investors access to any of the securities licensed for short selling in one place without having to approach custodians and brokers, according to the news outlet. MCDR would manage the lending pool.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Short selling? <\/span><span style=\"\">When investors think the share price of a company is set to fall, they try to mak<\/span><span style=\"\">e money on that stock by shorting it. They borrow shares from a broker, sell them immediately, then later buy them back, or \u201cclose out\u201d their position, at a (hopefully) lower price and return them, pocketing the difference minus fees. Short selling is a riskier form of investment as there\u2019s theoretically no limit to the level of losses investors can rack up if they make a bad pick. The opposite play is known as taking a long position, where an investor buys a security with the hope that its value will rise over time and net them gains. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We knew this was coming: <\/span><span style=\"\">Authorities have <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/05\/this-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today-90236\/\" style=\"\">in recent months<\/a><\/span><span style=\"\"> been working with Citibank and other<\/span><span style=\"\"> foreign investors and experts on best practices to boost short selling activity and improve clearing procedures in the country. The EGX last year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/02\/07\/you-can-now-short-buy-on-margin-and-day-trade-these-egx-stocks-64345\/\" style=\"\">increased<\/a><\/span><span style=\"\"> the list of securities eligible for short selling to 66. Short selling was launched for around 30 securities on the bourse <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/02\/short-selling-comes-to-the-egyptian-stock-market-7495\/\" style=\"\">back in 2019<\/a><\/span><span style=\"\"> but has so far<\/span><span> failed to take off. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FUTURES EXCHANGE TO LAUNCH BY 4Q 2023? <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Our futures exchange is expected to launch before year end: <\/span><span style=\"\">The country\u2019s long-anticipated <\/span><span style=\"\">futures exchange is expected to launch in 6-8 months, Farid is quoted as saying. The FRA approved the ownership structure of the exchange and any related clearing companies \u201cmonths ago,\u201d he added. EGX boss Ramy El Dokany <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/06\/egx-will-be-biggest-shareholder-in-future-exchanges-benya-borrows-big-90358\/\" style=\"\">in December<\/a><\/span><span style=\"font-weight:400;\"> said the bourse was aiming to finalize the exchange\u2019s ownership structure in 1Q 2023.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s the hold up? <\/span><span style=\"\">Some technical issues around futures contracts still need to be studied <\/span><span>and reviewed, including \u201cdetermining risk ratios and volatility rates,\u201d according to Farid. The FRA had initially hoped to launch the exchange <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/06\/30\/our-new-futures-exchange-could-go-live-before-the-end-of-the-year-46302\/\" style=\"\">by the end of 2022<\/a><\/span><span style=\"font-weight:400;\">. The plan is for the exchange to initially allow traders to buy and sell index futures contracts, before launching stock futures, and stock and index options at a later date.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Ownership limits on new futures clearing companies to be scrapped: <\/span><span>A <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/06\/30\/our-new-futures-exchange-could-go-live-before-the-end-of-the-year-46302\/\" style=\"\">10% limit<\/a><\/span><span style=\"font-weight:400;\"> on the stake each investor can hold in new clearing companies that will serve the futures exchange will be scrapped under the new amendments set to land this week, Farid said. Clearing companies will need to pay in a minimum EGP 25 mn in capital to register with the regulator and have capital of around EGP 100 mn to start operations, he added. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We only know of one clearing company in the works \u2014 and there doesn\u2019t seem to be any private-sector involvement:<\/span><span style=\"\"> State-owned banks and the EGX will be allowed to own stakes in the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/06\/30\/our-new-futures-exchange-could-go-live-before-the-end-of-the-year-46302\/\" style=\"\">clearing company<\/a><\/span><span style=\"font-weight:400;\"> authorities are setting up for futures trading. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who\u2019s involved? <\/span><span style=\"\">The regulator <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2020\/12\/30\/the-fra-just-joined-the-fight-for-gender-equality-28493\/\" style=\"\">has allocated<\/a><\/span><span> at least 75% of the exchange to financial institutions that meet solvency standards and \/ or with experience in futures contracts. The National Bank of Egypt, Banque Misr, Banque du Caire and United Bank all reportedly want <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/06\/30\/our-new-futures-exchange-could-go-live-before-the-end-of-the-year-46302\/\" style=\"\">a piece of the potential exchange<\/a><\/span><span>.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Futures trading?<\/span><span> Futures are <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/04\/06\/enterprise-explains-derivative-trading-68585\/\" style=\"\">derivative contracts<\/a><\/span><span> where a buyer and a seller exchange an asset at a future date at a price they both agree upon in advance. Check out our explainer on all things futures <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/07\/07\/futures-are-coming-to-egypt-so-lets-brush-up-on-them-46800\/\" style=\"\">here.<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Futures market could launch later this year.<\/p>\n","protected":false},"author":1,"featured_media":582610,"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":[102,68,72,76,3174,831],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-egx","tag-enterpriseam","tag-financial-regulatory-authority","tag-misr-for-central-clearing-depository-and-registry","tag-short-selling","wpautop","entry"],"acf":{"mongo_id":"89c03c30-e7fc-468d-979e-aae2e078733a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Stock-data-1600.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[582596],"teaser":"Futures market could launch later this year.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.d91275dc-bccf-439c-a8c2-aaf58a6cd214.mp3"},"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>A new lending pool to resuscitate short selling? - 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\/2023\/03\/13\/a-new-lending-pool-to-resuscitate-short-selling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A new lending pool to resuscitate short selling?\" \/>\n<meta property=\"og:description\" content=\"Futures market could launch later this year.\" \/>\n<meta property=\"og:url\" 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admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Stock-data-1600.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Stock-data-1600.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Stock-data-1600.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":596732,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/egypts-exchange-to-establish-new-derivatives-clearing-company-ahead-of-market-launch-later-this-year\/","url_meta":{"origin":582609,"position":0},"title":"Egypt\u2019s exchange to establish new derivatives clearing company ahead of market launch later this year","author":"enterpriseam admin","date":"7 July 2019","format":false,"excerpt":"Egypt exchange to establish new derivatives clearing company ahead of market launch later this year: The EGX will set up a new derivatives clearing company with Misr for Central Clearing, Depository and Registry (MCDR) in time to launch the new derivatives market by the end of the year, EGX Chairman\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598349,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/egypts-misr-clearing-to-provide-short-selling-platform\/","url_meta":{"origin":582609,"position":1},"title":"Egypt\u2019s Misr Clearing to provide short selling platform","author":"enterpriseam admin","date":"22 May 2019","format":false,"excerpt":"REGULATION WATCH- Regulator to give Misr Clearing key role in short selling: Misr for Central Clearing, Depository & Registry (MCDR) will provide a platform for traders and brokerage firms to use for short selling under changes to recently-issued short selling regulations, Egyptian Capital Markets Associations (ECMA) Chairman Mohamed Maher said.\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573596,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/11\/the-egx-is-allowing-investors-to-short-smaller-companies\/","url_meta":{"origin":582609,"position":2},"title":"The EGX is allowing investors to short smaller companies","author":"enterpriseam admin","date":"11 August 2020","format":false,"excerpt":"The EGX is allowing investors to short smaller companies: The EGX yesterday approved plans to allow investors to short smaller companies in a bid to encourage short selling activity which has failed to take off on the exchange since it was launched in December, it announced in a statement (pdf).\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\/8\/78.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595034,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/15\/shorts-are-expected-to-come-to-egypts-stock-exchange-in-november\/","url_meta":{"origin":582609,"position":3},"title":"Shorts are expected to come to Egypt\u2019s stock exchange in November","author":"enterpriseam admin","date":"15 September 2019","format":false,"excerpt":"Shorts are expected to begin in November: The Financial Regulatory Authority (FRA) is expected to give the green light to begin short-selling on the EGX in November, FRA deputy head Khaled El Nashar said on Thursday following a meeting with FRA\u2019s consultation council, and the heads of the EGX and\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568798,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/04\/egypts-fra-accepts-egx-proposal-to-extend-short-selling-period-to-6-months\/","url_meta":{"origin":582609,"position":4},"title":"Egypt\u2019s FRA accepts EGX proposal to extend short selling period to 6 months","author":"enterpriseam admin","date":"4 February 2020","format":false,"excerpt":"REGULATION WATCH- FRA accepts EGX proposal to extend short selling, settling margin position period to 6 months: The Financial Regulatory Authority (FRA) has approved a proposal from the EGX to extend the period custodians can short shares to six months instead of two, effective today, the bourse said yesterday. The\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":583547,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/this-evening-the-fra-wants-to-give-short-selling-a-boost-with-a-select-pool-of-licensed-stocks-startupland-scrambles-to-contain-silicon-valley-bank-fallout\/","url_meta":{"origin":582609,"position":5},"title":"THIS EVENING: The FRA wants to give short selling a boost with a select pool of licensed stocks + StartupLand scrambles to contain Silicon Valley Bank fallout","author":"enterpriseam admin","date":"12 March 2023","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and welcome to the end of the start of the week. Things are still on a relatively brisk note in the news cycle as the ripple effect of the Silicon Valley Bank continues to be felt.THE BIG STORY TODAY A new lending pool to resuscitate\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/market-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582609","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=582609"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582609\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582610"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582609"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582609"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}