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CASE (the
Egypt stock exchange) is made from the Cairo exchange and
the Alexandria exchanges, both them having the same
government director board and sharing the same clearing,
settlement and trading systems. 1883 is the year when the
Alexandria stock exchange was established and the stock
exchange of Cairo came in 1903.
The 2 stock
exchanges had a big activity in the 40s, being ranked as the
world` s 5th stock exchange. |
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The socialist
policies and the central planning that were adopted in the
50s had as result the dormancy of the stock exchange in the
1961-1992 period of time. The 90s are the years when the
economic and restructuring reform program of the Egypt` s
government led to the Egypt stock market` s revival. In
1997, January, a very important change in the Alexandria and
Cairo stock exchanges organization happened:
a board
committee number was established and the new director board
was elected. Sherif Raafat was the chairman of the
directors` board who modernized the stock exchange.
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Among the steps taken was to
create an organization structure that has a certain
division of the responsibilities and of the
authority.
To decide the installation of a new
trading, a settling and clearing system that is
conform to the international standards.
To develop
new trading rules and new membership rules, as well
as to develop resolution procedures of arbitration,
and also to plan the payment, settlement and
clearing systems` improvement.
These steps had a
result in November 1998, when 833 companies were listed at
the Egypt stock exchange with about L.E. 71.3 billion market
capitalization (from 627 companies in 1991 and L.E. 8.8
billion market capitalization). |
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The trading sessions of the
Egypt exchange are from 10.30 to 02.30 every day excepting
the Fridays, the Saturdays and the holidays. Among the stock
exchanges` major priorities and goals is to protect the
investors.
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This goal was
reached by following 2 axes: the information
dissemination axis and the regulatory and monitoring
axis.
A complex system of surveillance
was developed on the regulatory and monitoring side.
The open, expandable and integrated system use the
newest mining and data warehousing technologies that
offers on line surveillance functionality in real
time, furnishing a lot of information for the on
line surveillance. More, the stock exchange, having
the support of the international experts,
established some certain membership rules in order
to offer the investors an adequate protection and
services of high quality.
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For an increased
awareness of the media and public about the important role
played by the stocked market and the various market` s
products, the Exchange developed some programs and other
ones are about to be implemented in the future.
Not only
that the Egypt Exchange started an important project of
renovating and restoring the building that houses the Cairo
stock exchange, but it also completed the project with
success. The building was furnished with technology of last
hour. There is also a project of remodeling the surrounding
area, having wall screens and displays that show the stock
prices in real time.
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