Nasdaq Dubai allows Egyptian brokerages to apply for membership
Nasdaq Dubai, the region’s international stock exchange, is streamlining its process by which Egyptian brokerages can connect directly to its market.
Under the process, brokerages can apply to become a Member of Nasdaq Dubai based on their Egyptian licence, without the need to open an office elsewhere. This process is called Recognised Membership.
Hamed Ali, Chief Executive of Nasdaq Dubai, said: "With Recognised Membership as a regulatory option that we are actively proposing to Egyptian brokers, it will be much easier in practice for them to join our market and trade equities and other securities on behalf of their clients. This opens a door for more Egyptian investors to access the attractive opportunities on our exchange, including dual listings."
"Our decision to streamline the Recognised Membership application process is the latest of many steps that are rapidly bringing the capital markets of Egypt and the UAE closer together, for the benefit of market participants and mutual national prosperity. These steps include links that have been created by Nasdaq Dubai with Egypt that facilitate dual listings and share movements between the two markets."
The Recognised Membership streamlining includes close application support and accelerated decision-making by Nasdaq Dubai.
Egyptian brokerages that apply for Recognised Membership will need to meet appropriate Nasdaq Dubai and other regulatory requirements, including that they are regulated by the Egyptian Financial Supervisory Authority (EFSA).
Nasdaq Dubai is in discussion with a number of Egyptian brokerages that have expressed interest in joining its market.
Beltone Market Maker, a subsidiary of Beltone Financial Holding, one of Egypt’s leading investment banks, joined Nasdaq Dubai as a Member specifically to provide market making services in August 2015.
Orascom Construction, one of Egypt’s largest companies, carried out a primary equity listing on Nasdaq Dubai in March 2015, together with a secondary listing in Cairo.
Nasdaq Dubai is regulated by Dubai Financial Services Authority (DFSA).
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