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The Egyptian Exchange Issues the Criteria for Selecting the Securities Eligible for Short Selling
May 16, 2019
Mr. Mohamed Farid Saleh, Chairman of the Egyptian Exchange, issued a decision on the criteria of selecting securities allowed to carry short selling in order to meet all the necessary requirements for the speed of activation of the new mechanism to enhance liquidity and trading in the market.
 
The number of securities listed on the Stock Exchange and eligible for short selling mechanism currently are 29 securities in addition to ETFs.
 
EGX based its criteria selection on 7 standards after examining the best international standards and practices in this regard.  Among these standards is the free float of the security, the number of trading days, the daily average of brokerage companies, the daily average of the customers, number of shares issued and the average daily trading.
 
In this context, the Egyptian Financial Regulatory Authority (FRA) has adopted the criteria approved by the Board of Directors of the Egyptian Exchange within the framework of permanent and continuous cooperation between EGX & FRA and based on decisions for the development of the Egyptian capital market.
 
Mohamed Farid, Chairman of EGX, said that the issuance of the criteria for selecting securities eligible for dealing with the mechanism of borrowing for sale came within the framework of EGX’s management keenness to speed up and stimulate trading in the Egyptian Market. He added that the effort now is on the brokerage firms to meet the technical requirements to carry out securities lending operations for sale and then apply for a license to practice the activity.
 
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