{"id":582967,"date":"2023-03-14T00:00:00","date_gmt":"2023-03-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/14\/one-step-closer-to-the-new-futures-exchange\/"},"modified":"2023-03-14T00:00:00","modified_gmt":"2023-03-14T00:00:00","slug":"one-step-closer-to-the-new-futures-exchange","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/14\/one-step-closer-to-the-new-futures-exchange\/","title":{"rendered":"One step closer to the new futures exchange"},"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 FRA is out with new regs for the upcoming futures exchange: <\/span><span style=\"\">The <\/span><span>Financial Regulatory Authority (FRA) has issued amendments to rules on the establishment of <\/span><span style=\"font-weight:400;\">the company that will manage the new futures exchange and its clearing company. <\/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\">REMEMBER- The futures exchange could launch by 4Q 2022. <\/span><span style=\"\">The FRA, EGX, and Misr for <\/span><span style=\"\">Central Clearing and Depository (MCDR) are<\/span><span style=\"\"> aiming to laun<\/span><span style=\"\">ch the long-anticipated futures exchange<\/span><span> within <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/13\/a-new-lending-pool-to-resuscitate-short-selling-99506\/\" style=\"\">6-8 months<\/a><\/span><span>, FRA boss Mohamed Farid was reported as saying earlier this week. Some technical issues around futures contracts still need to be studied and reviewed, including \u201cdetermining risk ratios and volatility rates,\u201d Farid said. Authorities 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 2021<\/a><\/span><span style=\"font-weight:400;\">. <\/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;\">The amendments in short: <\/span><\/p>\n<ul>\n<li><span style=\"\">The futures exchange company will need to pay in a minimum <\/span><span style=\"font-weight:700\">EGP 12.5 mn in capital to register<\/span><span style=\"\"> with the regulator and have a <\/span><span style=\"font-weight:700\">total minimum capital of EGP 50 mn<\/span><span style=\"font-weight:400;\"> (or the equivalent in hard currency); <\/span><\/li>\n<li><span style=\"font-weight:700\">The company\u2019s board<\/span><span style=\"font-weight:400;\"> will sit for a minimum three-year term; <\/span><\/li>\n<li><span style=\"font-weight:700\">A <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><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 shareholder can own in clearing companies has been scrapped;<\/span><\/li>\n<li><span style=\"font-weight:700\">The clearing company <\/span><span>that will serve the futures exchange needs to pay in a <\/span><span style=\"font-weight:700\">minimum EGP 25 mn (<\/span><span style=\"font-weight:700\">or the equivalent in hard currency<\/span><span style=\"font-weight:700\">) in capital <\/span><span>to register with the regulator and have a <\/span><span style=\"font-weight:700\">minimum capital of EGP 100 mn<\/span><span style=\"font-weight:400;\"> to start operations.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The players:<\/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 style=\"\"> at least 75% of the exchange to financial institutions <\/span><span>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><span style=\"font-weight:400;\">State-owned banks and the EGX will also be allowed to own stakes in the clearing company for the futures exchange. <\/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 style=\"\">The plan is for the exchange to initially allow traders to buy and sell index <\/span><span>futures contracts, before launching stock futures and stock and index options at a later date. 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><span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The futures exchange could launch by 4Q 2022<\/p>\n","protected":false},"author":1,"featured_media":582968,"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":[8614],"tags":[102,68,72,76,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-watch","tag-capital-markets","tag-egx","tag-enterpriseam","tag-financial-regulatory-authority","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"9bcc168f-6fd3-410b-a287-8ced932fd01f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/FRA-2.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt\u2019s regulators publish rules for upcoming futures exchange","related_issue":[582958],"teaser":"The futures exchange could launch by 4Q 2022","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.477a956e-cda9-495c-bdd5-2ec9b4eb185f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The long-awaited exchange will initially allow traders to buy and sell index futures contracts, before launching\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/379.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582609,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/a-new-lending-pool-to-resuscitate-short-selling\/","url_meta":{"origin":582967,"position":2},"title":"A new lending pool to resuscitate short selling?","author":"enterpriseam admin","date":"13 March 2023","format":false,"excerpt":"Futures market could launch later this year.","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Stock-data-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573913,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/24\/fra-wants-private-sector-to-hold-ownership-stake-and-possibly-majority-in-upcoming-futures-exchange\/","url_meta":{"origin":582967,"position":3},"title":"FRA wants private sector to hold ownership stake (and possibly majority) in upcoming futures exchange","author":"enterpriseam admin","date":"24 August 2020","format":false,"excerpt":"SMART POLICY- FRA wants private sector to own a chunk (and possibly a majority stake) of the futures exchange: It appears that the Financial Regulatory Authority (FRA) wants the private sector to hold a stake in the long-awaited futures exchange, FRA Vice President Khaled El Nashar told Hapi Journal on\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\/177.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587632,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/valu-telda-partner-up-plus-tatweer-misr-signs-partnership-deal-to-enter-saudi-frs-approves-egx-futures-clearing-company\/","url_meta":{"origin":582967,"position":4},"title":"valU, Telda partner up. PLUS: Tatweer Misr signs partnership deal to enter Saudi, FRS approves EGX futures clearing company","author":"enterpriseam admin","date":"30 May 2023","format":false,"excerpt":"valU is also planning a fresh securitization transaction soon","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1609.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575672,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/22\/were-getting-closer-to-a-final-decision-on-the-ownership-structure-of-egypts-new-futures-exchange\/","url_meta":{"origin":582967,"position":5},"title":"We\u2019re getting closer to a final decision on the ownership structure of Egypt\u2019s new futures exchange","author":"enterpriseam admin","date":"22 October 2020","format":false,"excerpt":"REGULATION WATCH- We\u2019re getting closer to a final decision on the ownership structure of the new futures exchange \u2014 and private sector involvement is still part of the plan, according to a report in Al Mal\u2019s print edition that cites sources it says are in the know. 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