EGX Cancels Market Makers ETF Minimum Quantities
CAIRO – February 13, 2020: The Egyptian Stock Exchange (EGX) has submitted a proposal eliminating the minimum invitation quantity on exchange-traded funds (ETFs), which limited retail investors’ trading in the ETF.
The 2014 EGX Chairman’s Decision No. EGX’s statement.
This proposal has been adopted by the Egyptian Financial Regulatory Authority (FRA).
“This move is part of EGX’s efforts to provide diversified investment products that meet the needs of all investors, especially retail investors, through long-term investments in EGX,” said he added.
According to Investopedia, a market maker is an individual market participant or member firm of an exchange that also buys and sells securities on its own account, and at the prices it displays in the trading system of its exchange, in the main purpose of taking advantage of the offer. ask spread, which is the amount by which the ask price exceeds the bid price of a market asset.
On another note, EGX ended Thursday’s session in the green, adding around LE 474.51 million to the market cap, amid foreign buying.