- EGX Board approved setting rules to allow EGX Chairman to intercept the codes from transactions if there are irregularities in trading
- The Board establishes “EGX institution to serve the community” with a contribution of L.E. 5 million
The Egyptian Exchange (EGX) Board in its latest meeting approved the executive procedures of trading rules, the deals market’s mechanisms and announcing them for non-listed securities in the light of the Egyptian Financial Supervisory Authority (EFSA) decision No. 17 dated 08.02.2017.
On the other hand, EGX Board approved a set of proposed points to be included on practices that are harmful for trading which give EGX Chairman the right to take any of the actions to prohibit the customer form taking advantage form the bid and ask placing mechanism when dealing in the market, whether on one security or on a group of securities or on the level of the market as a whole, and for a period not exceeding one month if a trader or group of traders were violating the capital market law’ provisions or the decisions issued to execute it.
All of this is until the end of EFSA’ investigation for the cases transferred from EGX. EFSA in light of those investigations could take the suitable decision with regard to EGX chairman’ suspension, whether to reduce the suspension period, approve it or increase it. Those decisions will be activated upon adoption by EFSA.
From another perspective, within the framework of EGX’ social responsibility, EGX’ board approved the establishment of an institution to serve the community under the name of "EGX institution to serve the community", where EGX will contribute L.E. 5 million for it and the capital market’ entities will be addressed later to contribute as well in that institution which is considered an important representative for all workers in the capital market.
