The Egyptian Exchange (EGX) won a board seat of the Arab Federation of Capital Markets (AFCM), representing the North African markets, with 23 votes out of a total of 24 votes.
The elections are the first after the comprehensive restructuring of the Federation during the chairmanship of Egypt in 2019 to allow its sustainable institutional development. The business environment and studying ways of interconnecting the Arab exchanges in order to reach a platform for cooperation and coordination that allows the exchange of experiences and soliciting the opinions of all relevant parties.
The elections process witnessed a competition between Egypt, Tunisia and Morocco for the two North African seats. EGX succeeded in securing 23 votes representing the highest votes for the participants in the electoral process. Bahrain stock exchange and Tadawul Stock Exchange won the seats in the Gulf region, Iraq Stock Exchange and Amman Stock Exchange won representing the Levant region, and Misr Central Clearing, Depository and Registry (MCDR) along with Securities Depository Center Company “Edaa”, won representing the CSDs.
