The Egyptian Exchange (EGX) launched the live operation of the new automated surveillance trading system from "MillenniumIT", a member of London Stock Exchange Group (LSEG). This new system uses the best practices and new technologies to control and monitor the mechanisms for the abnormal, miss-uses of the regulations, and manipulations in the Egyptian capital market. It tightens the control over the market by accurately and rapidly identifying abusive behaviours to ensure a fair, efficient and transparent market for all participants. It also oversees and inspects the daily trading activities via high quality and effective technological techniques.
EGX contracted "MillenniumIT" to update, customize, and qualify the system in order to meet requirements of trading and regulations of the Egyptian stock market. Moreover, the technical service providers had to translate all of the rules and regulations governing the legal part of the trading in a purely electronic form to measure all the variables associated with market's trading.
Dr. Mohammed Omran, Chairman of EGX, highlighted that MillenniumIT Trading Surveillance System, an international best practice based surveillance system, is considered a great privilege to the Egyptian capital market. It will allow EGX to fulfil its vision to serve and empower the investors of the Egyptian market to be one of the fair, transparent and efficient capital markets in the region and even in the world. This highly technological system will also allow EGX to meet the future demands of the market, and establish highly equitable exchange which is committed to integrity and fairness.
Mr. Tony Weeresinghe, CEO of MillenniumIT and Director of Global Development at London Stock Exchange Group, said: "We are very pleased offer our services to the Egyptian Exchange to improve its surveillance and market monitoring functions. We believe our state-of-the-art system will not only help EGX better oversee its market through rapid detection of abnormal trading activity but also help support this detection by further investigation of these behavioral patterns".
It is worth mentioning the successful launch of MillenniumIT systems at three exchanges- Borsa Italiana, Mongolian Stock Exchange and Johannesburg Stock Exchange within the last few weeks.
