Arab Finance: The Egyptian Exchange’s (EGX) board members approved extending trading hours from 9:30 AM to 3:00 PM, announced EGX Chairman Islam Azzam.
This followed the Financial Regulatory Authority's (FRA) approval for the new timeframe, instead of the current 10:00 AM-2:30 PM session.
Azzam noted that the decision will be implemented after the Eid El-Fitr holiday to compensate for the reduced trading hours during Ramadan.
Starting next Sunday, February 15th, the EGX will apply the continuous trading system for government bonds and treasury bills (T-bills). This step aims to develop the secondary market for government debt instruments.
The chairman added that the new feature will enhance pricing efficiency, increase liquidity, and boost transparency.
He also revealed that future contracts trading in the EGX30 will start as of March 1st, after testing the technical systems with brokerages.
Hence, two contracts, with tenors of three months and six months, will be offered to pave the way for expansion to other indices, stocks, and option contracts before the end of this year, he added.
Furthermore, Azzam noted that two companies have already obtained licences for financial derivatives trading, while another five companies submitted their applications for the licence. Meanwhile, 15 companies are qualified to obtain the license.