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Rami El-Dokany, The Egyptian Exchange (EGX) Executive Chairman, announced that EGX’s Holding Company for Financial Markets Development has finalized establishing a clearing and settlement house specialized in futures contracts dubbed “Taswyaat for Clearing Services” with an issued capital of EGP100 million in preparation for launching futures exchange.
El-Dokany said that Taswyaat’s first founding assembly was held and approved the formation of its first board of directors which includes several capital market experts selected to support the new company, as it represents a large and qualitative addition to the Egyptian capital market ecosystem.
Sameh El-Torgoman will assume the position of Chairman of the Board of Directors, while members of the Board of Directors will include Maged Shawky, Yasser Al-Alaili, Dalia El-Baz, Hanan Abdel Meguid, and Mohamed Abu El-Magd. Taswyaat’s CEO and Managing Director will be Khaled Amer.
El-Dokany stated that most of the board members are independent. He added, “I personally did not join the board to avoid any conflict of interest and to adhere to the best practices of governance and transparency.”
He said that this step comes in line with EGX's strategy to introduce new investment vehicles to cater for all investor categories which results in improving market efficiency and raising liquidity levels. He added “financial derivatives main advantage is providing investors with a mechanism for hedging price risks”.
Additionally, Taswyaat will have the necessary infrastructure, technology and knowhow enabling it to activate the clearing and settlement operations of futures contracts on commodities as one of its potential expansion opportunities.
