EGX allows Omnibus Mechanism for its SMEs Platform

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Wed, 02 Sep 2020 - 03:08 GMT

FILE- Employees in the EGX following performance of the trading session

FILE- Employees in the EGX following performance of the trading session

CAIRO – 2 September 2020: The Egyptian Exchange (EGX) announced Wednesday finalizing its Omnibus trading mechanism for its small and medium enterprises (SMEs) platform to be activated on Thursday, Sept. 3, to facilitate executing order procedures of the Egyptian SMEs market.  

 

“This is one of the actions taken for the restructuring and development of the Egyptian SMEs market and is a complementing step to the action taken, in cooperation with Misr for Central Clearing, Depository & Registry (MCSD), in July 2019 allowing Omnibus Trading Mechanism in the main market,” it added in a statement.

 

Executive Chairman of EGX Mohamed Farid,  stated that this step will contribute to the further activation of the Omnibus mechanism in the market, and increase the appetite of institutional investors for the SMEs market.  Adding that EGX’s management made several modifications to the system to further activate and simplify it.  

 

He added that there are three allocation methods developed, namely; equal allocation, percentage to the total quantity allocation and manual allocation stressing that controls and procedures have been put in place to resolve the issue of stopping customer codes as a result of changing the coding data at the client's request during the trading session radically.

 

EGX ended Wednesday’s session in a semi-collective rise as: EGX30 dipped 0.1186 percent, while EGX 50 inched up 0.01 percent, EGX70 rose 0.22 percent, and EGX 100  increased 0.16 percent.

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