Business news feedEgypt seen activating bond trading platform in Q2


Posted on Tuesday, 21 January 2014 14:45

Egypt seen activating bond trading platform in Q2

January 21, 2014, 4:48 pm

CAIRO (Reuters) - A bond trading platform in Egypt that has been 10 years in the planning could open for business in the second quarter of 2014, stock exchange chairman Mohamed Omran said on Tuesday. Omran had said in October that trading via the electronic platform could start as early as the first quarter of this year if progress on the project continued without hindrance. "We hope to activate the bonds market in the second quarter of this year. The file is now with the central bank to come to an agreement with banks on how to issue certain percentages of the bonds for trading," Omran told Reuters. Egypt has been trying to revive its economy, which has been battered by three years of political turmoil. It is currently revising listing regulations for its stock exchange to attract new companies and boost turnover, including developing new mechanisms for exchange-traded funds (ETF) and rights issues. The bond trading platform could make it easier for investors to buy and sell securities on the bourse. A small number of government and corporate bonds already trade on the Egyptian stock exchange, but activity is light because once banks and investors buy government securities, they tend to hold onto them until maturity.

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