Abdel Razek Al-Shuwekhi of the Egyptian Daily News has some information from the Egyptian trading market involving global brokerage, Saxo Bank. Abdel is reporting that Denmark’s Saxo Bank is investigating the possibility of adding the Egyptian Exchange to the list of global stock markets for which the bank allows stock trading by the end of 2015. Abdel spoke with Mohamed El Masry, Development Manager of Saxo Bank in the Middle East.
Masry believes that the Egyptian Exchange has a promising future in light of the political stability that lies ahead. Currently, Saxo offers stock trading for 80 global markets through it’s online platform. He added that the bank not only offers online financial services to individual investors, but also to broker consultants and other financial institutions.
“Saxo Bank performs all operations online and focuses on global financial market trade using all tools, including FX, stocks, commodities, energy, precious metals and traded funds,” said El Masry.
Saxo Bank profits reached a peak in 2010 at over DKK 600m, but had declined to less than DKK 100m in 2012. The figure rose again to DKK 280m by the end of last year, El Masry said. Europe and the United States represent 70% of trade that takes place through the bank, he added. El Masry believes that Forex markets suffer from lack of awareness in Egypt, which has prompted the bank to set up training workshops over the coming months to introduce Forex dealers and encourage trade with Saxo Bank.
Egypt’s 80 million strong population is definitely a market that cannot be ignored, should the political atmosphere in Egypt calm down for any great length and the economy start to move in the right direction, this market (both traders and accessing exchanges) has some untapped potential that is worth any brokerage’s attention.
The exchange being referred to in the report is the Egyptian Exchange (EGX). The exchange has normal trading sessions from 10:30am to 2:30pm, local time, on all weekdays, except Fridays, Saturdays and holidays declared by the exchange in advance. LeapRate will be sure to follow up with any new official announcements from Saxo Bank.