Al-Torgoman: establishment of brokerage back offices

Negotiations are currently taking place with three large world institutions of brokerage back office management from France, Sweden and UK, for establishing a national company for managing brokerage companies' back offices with the contribution of the Egyptian Stock Exchange (ESE), Chairman of Cairo and Alexandria Stock Exchanges (CASE), Sameh El-Torgoman said.

ÊÊÊ He added that brokerage companies that do not have these offices can hire them and that such offices would be connected to the ESE, Misr Clearance Co. and banks for all transactions to be carried on online.

ÊÊÊ A fund for non-trade market risks where brokerage companies will take part is under discussion, he noted, asserting that ESE will submit all related details to the Capital Market Authority (CMA) by the end of the year, he remarked.

ÊÊÊ Al-Torgoman said that the ESE management would come up with the organizing regulations of marginal purchase in the coming few months for determining the future role of concerned companies with a views to creating a comprehensive market policy.