Egypt’s first exchange market for industrial and agricultural commodities to launch within days

MENAFN – Daily News Egypt) The Egyptian Exchange (EGX) has completed the feasibility study for the holding company that will be set up to manage the country’s first exchange market for industrial and agricultural commodities. Informed sources told Daily News Egypt that the completion of the establishment of a private company for the commodity exchange will be within days. The Ministry of Supply and the EGX will provide the capital, in addition to other parties and institutions of government that are now being negotiated. The company will take overall tasks related to the management of the commodity exchange, including the provision of trading systems, quotations, pricing and control mechanisms, risk management, and other tasks related to the management of a commodity exchange. The sources told Daily News Egypt that an agreement between the Supply Ministry and the EGX set five conditions for accepting goods to be traded on the exchange. The commodity should be standardised, priceable, able to be stored, and have a large volume of trading by merchants and consumers, such as iron, cotton, and wheat. This came on the sidelines of the opening session of trading on Sunday at the EGX headquarters, in the presence of Mohamed Farid,… continue reading

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Source: CTRM Center

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