Egyptian Mercantile Exchange plans for restructuring, expansion
TLDR
- Egyptian Mercantile Exchange (EMX) undergoing a restructuring plan, with adjustments to listing rules and administrative structure.
- EMX introducing incentives to boost merchant registrations, including a one-year exemption from registration and trading fees for newly added commodities.
- EMX in discussions with Egyptian banks for financing options to support traders participating in the commodities bourse, aiming to double trading volume and turnover by the end of 2024.
The Egyptian Mercantile Exchange (EMX) is set to undergo a restructuring plan, as revealed by EMX Chairman Ibrahim Ashmawy. This initiative includes adjustments to the listing rules and administrative structure.
Additionally, the exchange aims to introduce new incentives to boost merchant registrations, with a one-year exemption from registration and trading fees for newly added commodities.
In further developments, the EMX is currently in discussions with Egyptian banks to secure financing options for traders participating in the commodities bourse. Ashmawy emphasized the exchange's target to double the trading volume and turnover of offered commodities, surpassing EGP 38 billion and around 3 million tons by the end of 2024, compared to the figures from the previous year.
Key Takeaways
The EMX was founded in January 2020 through a collaboration between the Egyptian Exchange, the Internal Trade Development Authority, and the General Authority For Supply Commodities. Serving as an organized market for current commodities, the Exchange operates as a mechanism to regulate prices through its electronic platform, offering the convenience of electronic buying and selling without intermediaries. Notably, the EMX boasts active participation from 500 companies out of a total of 1,450, indicating that more than 30 percent of the companies on the exchange are actively involved in trading the 9 featured commodities. This highlights the significance of the EMX as a hub for commodity trading and underscores the engagement of a substantial portion of listed companies in this aspect of the market.
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