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Egypt: Egypt Wins Presidency of Euro-Asian Exchanges

The Egyptian Exchange (EGX) won the presidency of the Federation of Euro-Asian Stock Exchanges (FEAS) for its upcoming round after strong competition with Sydney and Armenia exchanges.

In a statement released on Tuesday, Head of EGX Mohamed Farid said EGX’s winning of this post reflected the position of the Egyptian Exchange at the regional and international levels.

Farid said “It’s a great honor for me to be elected as a FEAS Chairman during the 32nd General Assembly Meeting, thanks to all my colleagues for placing their confidence and support in me. I would like to take this opportunity to congratulate the newly elected Board and Audit Committee members. I am sure that through hard work and dedication, we will achieve success within FEAS. Together we will work for the development of the federation and of capital markets in general.”

He said all efforts will be exerted to build capabilities of the FEAS member-states in a way that contributes to increasing competitiveness and integrate their various activities and services along with facilitating all measures for upping investments and enhancing interaction and promotion efforts for better trading operations.

FEAS was established on 16 May 1995 with 12 founding members who have grown to reach 17 full members and seven affiliate members, eight observers and four partners. The full membership in this Federation is open to the stock exchanges from countries in Europe, outside the European Union and EFTA, including CIS, Central and South Asia and the Middle-East.

Meanwhile, the affiliate membership is open to the Central Depositories, Clearing and Settlement Institutions working in the respective countries.

FEAS current members reached 39 including 20 full members, 7 affiliate members, 8 observers and four partners, in addition to unions and institutions from 20 countries and the European Bank for Reconstruction and Development (EBRD).

The mission of FEAS is to create fair, efficient and transparent market environment, with little or no barriers for trading among FEAS members. The market capital of FEAS reached dlrs 18.8 trillion, with the annual trading amounted to dlrs 873.5 billion.(MENA)