News Details
EGX Participates In The WFE Annual Meetings
07/09/2017
Mr. Mohamed Farid, Chairman of the Egyptian Exchange (EGX), participated in the 57th annual meeting of the World Federation of Exchanges (WFE), hosted by Thailand Stock Exchange over two days during the period 6-8 of September, in the presence of more than 300 delegations and the federation’ members of about 200 exchanges and central clearing and settlement institutions.
 
From his part, Farid explained that EGX participation comes as per its executive departments’ keenness to enhance communication with international capital market leaders and senior officials in the international regulatory and supervisory authorities, moreover to strengthen the Egyptian vision in the process of developing the global financial markets system.
 
He pointed that the WFE annual meeting's activities have discussed a number of issues affecting the capital markets and their future, specially the legislation issued by the European Union (EU) of allowing financial institutions and investment banks established within the EU to trade outside its geographical range, and the Union has reviewed the position of the new controls and their purpose, specially that this legislation aims at equality between the various regulators by obliging them to apply to the EU to study their compatibility with the rules set by the union.
 
In this context, Mr. Farid stressed during the event on the need of the WFE role to fully clarify the exclusion of this legislation as the offers made by the EU did not clarify whether this legislation is for the securities issued by non-EU countries and listed in one of the EU trading platforms, or is it related to securities outside the EU markets in general, stressing that it must be clarified whether this legislation is organizing those institutions’ deals on their accounts and their own balances or on their customers’ accounts only.
 
On the other hand, the WFE Chairman pointed to the efforts of the relevant committees within the federation to coordinate with the concerned authorities to clarify all the matters relating to the new controls, revealing about the current negotiations with the EU on setting typical models for the process of applying for "equality" by markets outside the European Union.
 
The meeting also discussed the joint report recently issued in cooperation with the United Nations Conference on Trade and Development (UNCTAD) entitled "The Role of Capital Markets in Enhancing the Economic Development". EGX Chairman said that the discussions also discussed the ways and means of filling the available resources from local and international portfolios to ensure the sustainability of the Economic growth and development. The meeting addressed the efforts of the financial markets to improve the financing capacity of SMEs through special markets for this segment of projects, as well as the ways to stimulate funds and financial institutions to meet the challenges related to growth’ sustainability.

The meeting also highlighted the latest developments in the technological systems and programs used in the organized capital markets and the role of technology in raising the efficiency of stock exchanges and providing protection to the crisis for all of the involved parties.

The WFE was established in 1961, it is considered to be the international umbrella for financial markets and clearing and settlement institutions, and is based in London. The number of companies listed on the members' stock exchanges is about 45,000 companies, with capital approaching $ 68 trillion.
The federation is a reliable source of trading statistics, specially the historical statistics for the member exchanges. Its database extends for a long historical period of up to 40 years.
 


 

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