Egyptian Exchange Forms An Advisory Committee From National & International Market Participants

The Egyptian Exchange (EGX) is forming an advisory committee to develop and promote market strategies of the coming 10 years. The committee will be also responsible of proposing mechanisms and new tools to activate the market.  Forming this committee is one of the steps EGX  is taking to develop the capital market domestically and internationally.

There will be sub-committees materializing from the advisory committee to be responsible for implementing some development files assigned.

Mr.Atef El Sherif, EGX Chairman said that they are keen to take advantage of the existing and prospective members skills and competencies.  It is worth mentioning that the committee includes a number of foreign funds CEOs, for the communication between EGX and major investment institutions globally.

He pointed that one of this committee's main focus point is to develop the market and to return it to a better liquidity levels.  This is essential to support the market development process.

Mr. El Sherif stated that the committee will also study and submit a proposal to convert EGX to a self-regulated organization and will work to develop the capital market legislative structure.

ElSherif said that through-out the selection phase of committee members, it was crucial to select members of value to the committee and the market in general; local or international.  He pointed out that we need to study the  best international practices and standards in markets to be implemented in the Egyptian Market.

Till now the committee includes the following names;

• Dr.  Amr Hassanein, 
• Mr. Hussein Abaza, 
• Mr. Hussein Shokri, 
• Mr.Ashraf Salman, 
• Mr. Salama Fares, 
• Mr. Mohammad Taymour, 
• Mr. Ahmed Heikal, 
• Ms. Nevine El Tahery, 
• Mr. Mohamed Maher, 
• Mr. Essam Khalifa, 
• Mr. Ashraf Gamal El-Din. 

Also the external experts

• Mr. Sandy Frucher - current NASDAQ OMX Chairman and 
• Mr. Carl Bob Hogg - former OMX Stockholm stock exchange Chairman.

Mr. El Sherif said he addressed India stock exchange to nominate one of its executives in order to benefit from the Indian capital market experience.