EGX In Cooperation With MCDR Develop The Omnibus Accounts Trading Mechanism

The Egyptian Exchange (EGX) in cooperation with Misr for Central Clearing, Depository and Registry (MCDR) conducted amendments to the Omnibus account to facilitate the procedures of executing orders between Omnibus to sub accounts.

Mohamed Farid, EGX Chairman, explained that the exercise prior to the amendments was slowing down Omnibus because of the manual allocation of shares by the investment manager and suspension of clients codes based on change in data.

“The recent development of Omnibus allows for better automated mechanism”, Farid says.  He added that there are 3 allocation methods developed, namely; equal allocation, percentage to the total quantity allocation and manual allocation.

Mohamed Abdel Salam, MCDR Chairman, said that MCDR exerted all efforts for the development and increase the efficiency of the Egyptian market.  He added that the old version of the system will be available along with the new one during the coming 2 weeks to allow the market to absorb the changes.