Cairo, London - 14 January 2013, The Egyptian Exchange (EGX) is pleased to announce that it today signed a license agreement in London with NYSE Liffe, the European derivatives business of NYSE Euronext, to list the EGX 30 index. Witnessing the signing ceremony was His Excellency, Mr. Osama Saleh, Minister of Investment of Egypt.
EGX signs license agreement with NYSE Liffe to enable the listing of an EGX 30 index futures contract on NYSE Liffe London
This signed agreement will enable NYSE Liffe to work with market participants to develop and launch a futures contract based on the EGX 30 index.
Egyptian Minister of Investment, Mr. Osama Saleh pointed out that the agreement will be a strategic turning point in the history of the Egyptian capital market to enter a new phase of development for the non-banking financial sector. The Minister also expressed the importance of the agreement’s timing, as the Egyptian economy continues its recovery, which asserts the international community's confidence in the future of the Egyptian economy. H.E. Mr. Saleh, assured that this agreement will not be the last, stressing the importance of increasing the Egyptian Exchange’s exposure to the international markets in order to turn Egypt into the largest financial center in the region.
EGX Chairman, Dr. Mohamed Omran said "Futures contract on EGX 30 index will increase volumes on the underlying constituents of EGX 30 index, which will increase liquidity on EGX cash market. Furthermore, it will introduce for the first time a beneficial hedging tool for investors to manage their risks". Dr. Omran mention that "EGX values its business agreement with NYSE Euronext and looks forward to more joint projects with NYSE Euronext that create value for both parties".
Mr. Roland Bellegarde, Group EVP for European Equities and Equity Derivatives at NYSE Euronext said: “We are delighted that EGX selected NYSE Liffe as its European derivatives partner to internationalise the EGX 30 index. The Exchange is committed to developing and offering a broad suite of derivatives contracts that meet the trading requirements of our customers and community.”
For further information please contact:
Contact: Hesham Turk
Contact: Ada Anunoby
The Egyptian Exchange (EGX) is one of the oldest Stock Exchanges in the World. It dates back one hundred and thirty years. Being the oldest, most open exchange in the Middle East and North Africa, EGX vision is to be the premier trading venue in the region providing top-notch market technology, innovative products in a fair, flexible, transparent and efficient marketplace. EGX is specialized in listing and trading of equities, government bonds, corporate bonds and close ended mutual funds. EGX’s competitive advantage stems from the diversity of its listed companies, low transaction and listing fees and absence of restrictions on foreign investment.
EGX is the first Arab Exchange to be a member of the World Federation of Exchanges since 2005. The executive Chairman of EGX is a member of executive committee of African Securities Exchanges Association (ASEA), the Vice Chairman of Federation of Euro Asian Exchanges (FEAS) and a founding member of the Union of Arab Stock Exchanges.
For further information, please visit EGX website at www.egx.com.eg
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets - the New York Stock Exchange, NYSE Euronext, NYSE MKT, NYSE Alternext and NYSE Arca - represent one-third of the world’s equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index. For more information, please visit: http://www.nyx.com.
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