By Mahmoud Salah El Deen
Cairo – Mubasher: The Egyptian Financial Supervisory Authority (EFSA) completed establishing the legal framework of the Middle East's first commodities trading exchange, said Sherif Sami, EFSA chairman.
The authority has set twenty articles for generally governing the trading system and mechanism, the board’s formation as well as the entity’s governance, EFSA chair added.
Further, the new articles suggest adding “room traders” to the whole process, which include companies trading in wheat, corn, or any other particular good, Sherif Sami clarified.
These articles will be appended to the capital market law following regulatory approval, he indicated, expecting no time frame for ratifying the new regulations.
The revived institution will cater to the whole region’s need and will develop as well the country’s internal markets and mechanisms controlling hikes in food prices.
It is noteworthy that commodity exchanges were established in the 19th century, namely in cotton trading, yet shut off following 1952 revolution.
Translated by Ahmed Elsayed Ali
