Egyptian stock market officially accredited by US capital market
Egypt-USA, Economics, 5/24/2003

The two Stock Markets of Cairo and Alexandria are accredited as registered stock markets abroad by the American capital Market Authority from April 16 2003.

This was announced by Sameh Alturjuman Stock Exchange Head who said that by virtue of this step, the American financial organizations could buy or sell bank notes in the two stocks of Cairo and Alexandria without subjecting to the applied limits, in case of the absence of such classification. This would augment foreign investments in the Egyptian stock market as well as increasing the volume of dealing and liquidity which would benefit investors.

This classification came after a request from the Egyptian Stock Market to the American Stock Market Authority for regarding our Stock Market as a registered bank notes market abroad according to the article 902B in the American bank notes law that governs selling and buying bank notes outside the American market, Alturjuman added.

Alturjuman regarded the accreditation by the American capital Market Authority as a very important step towards developing Egyptian capital market and promoting Cairo's status as a regional financial center.

The American capital Market Authority applies strict standards in taking its decisions that depend on evaluating the rules of stock, its frame, the legislative and organizational framework as well as evaluating the levels of disclosure and the used systems in spreading circulation information, Alturjuman added regarding this evaluation as a confirmation to the Egyptian stock market status on the global arena.

It is worthy to mention that the accreditation of the American capital Market Authority of any stock market as a registered one abroad is regarded as a recognition of such stock market, giving confidence to investors to deal in such stock market freely and put no limits on its shares in the global markets.

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