CAIRO: Chairman of the Egyptian Exchange (EGX), Mohamed Omran, was elected head of the Federation of Euro-Asian Stock Exchanges (FEAS,) according to a Sunday statement from the EGX.
The announcement took place in the Croatian capital Zagreb on the sidelines of the FEAS 22nd General Assembly meeting. “It is the first time that an Arab country is elected for such a post,” the assembly stated.
FEAS is a regional bloc with growth potential in the capital market, with 34 member countries and total market capitalization exceeding $700 billion, with a turnover of more than $500 billion annually.
“The move comes in light of the EGX strategy to restore its regional and global position,” Omran said in the statement.
This comes less than two months after the EGX was awarded the Most Innovative African Stock Exchange of the Year by Africa investor (Ai), a leading international investment and communications group. The award was announced at a large ceremony at the New York Stock Exchange.
Over the last year, the EGX introduced the block trading mechanism and cancelled precautionary measures adopted after the 2011 January 25 Revolution and finally saw the market return to a price discovery session Aug. 7.