Nasdaq OMX hails "successful" launch of Egypt trading system

15 December 2008

Nasdaq OMX has successfully launched the new trading platform for the Middle East and north Africa's oldest stock market, the Egyptian Exchange (EGX), it has been announced.

In a statement, the company said the new platform has been designed to give the market greater capacity, while reducing costs and making operations easier to manage.

The technology uses a fully-integrated trading platform for handling equities, debt, exchange-traded funds, futures, options, swaps and derivatives.

Since the platform's launch, NAsdaq OMX said there has been "immediate positive acknowledgement from participating members and the investing public".

EGX chairman Maged Shawky said the new system will act as a "catalyst for a more efficient, reliable and thus attractive market".

Meanwhile, Nasdaq OMX senior vice-president of market technology, Lars Ottersgard, commented: "[The platform] will enhance transaction speed and capacity and allow EGX to quickly and easily introduce new products and instruments."

EGX has its roots in the Bourse and Banking Company of Egypt, which was incorporated in 1903.

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