During His Participation In The World Federation Of Exchanges General Assembly, EGX Chairman Signs An MOU With BM&FBOVESPA

Dr. Mohammed Omran, EGX Chairman, signed today a memorandum of understanding with the Brazilian stock exchange “BM & FBOVESPA” in order to support and strengthen the cooperation and exchange of information and experiences in relevant fields between the two exchanges, where FBOVESPA is ranked as one of the largest stock exchanges in the world.
This agreement, which was signed on the sidelines of the WFE General Assembly, allows initiating new prospects of cooperation between the two exchanges in order to exchange expertise. This enables the two exchanges to implement the strategies and helps to strengthen their international position. The two entities will also cooperate to improve the level of their capital markets’ standards, especially in the field of governance, sustainability, disclosure, surveillance  and membership.

The agreement also emphasize on strengthening the cooperation between the two exchanges with regards to joint training programs and exchange of information about the capital markets, the advanced financial tools, in addition to the programs of educating the investors.

Mr. Edemir Pinto, the managing director of BM & FBOVESPA stated that the MOU represents a significant step towards deepening the cooperation between the capital markets of Egypt and Brazil. This will create new opportunities between the two markets to achieve the highest benefit for both countries.
On the other hand, Dr. Mohammed Omran, EGX chairman, announced that  the agreement comes within the context of EGX’s strategy to deepen the international presence, open new opportunities of cooperation with the markets in new geographical areas compared to the usual cooperation zones such as the Middle East, Africa and Europe. He added that they are studying the possibility of Dual Listing of ETFs on the two exchanges to create diversified investment opportunities for investors in both Egypt and Brazil.
From another perspective, the WFE General Assembly witnessed an intense activity for the Egyptian Exchange, where Dr. Omran raised up the initiative to intensify the WFE degree of involvement to support the sustainability. He stressed on the importance of issuing a periodical report of its Sustainability in order to be a role model for the Members. This initiative was welcomed by the federation members, where it was stressed the importance of active participation to achieve global sustainability goals.
 
Omran also called for importance to launch and implement a code for social responsibility for the companies especially in light of changing the institutional structure of the federation into a company, which highlight the importance of the federation’s active participation in the activities of the social responsibility.
 
Worth to mentions is that EGX holds the position of the Vice Chairman of WFE’s committee for sustainability.
 
Finally, Dr. Omran held a series of discussions with officials of Taiwan Stock Exchange, which is one of the largest twenty stock exchanges worldwide. It was agreed on a mutual cooperation in dual listing aiming at attracting more investments to the Egyptian market and diversify the tools available for investors. During the upcoming period, a series of discussions between a number of investment banks from the two countries will be held in order to find new mechanism that allows dual listing.