Egyptian Exchange
| البورصة المصرية | |
 |
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| Type | |
|---|---|
| Location | Cairo, Egypt |
| Key people | Dr Mohamed Omran (CEO) |
| Currency | Egyptian pound |
| Market cap | (EGP) 417 billion |
Egypt's Stock Exchange, now Egyptian Exchange (EGX), comprises two exchanges, Cairo and Alexandria, both governed by the same board of directors and sharing the same trading, clearing and settlement systems.
The Alexandria Stock Exchange was officially established in 1883, with Cairo following in 1903. Both exchanges were very active in the 1940s, and the combined Egyptian Stock Exchange ranked fifth in the world. The central planning and socialist policies adopted in the mid-1950s led to the exchange becoming dormant between 1961 and 1992.
In the 1990s, the Egyptian government's restructuring and economic reform programme resulted in the revival of the Egyptian stock market, and a major change in the organisation of the Cairo and Alexandria stock exchanges took place in January 1997 with the election of a new board of directors and the establishment of a number of board committees.
Sherif Raafat, former chairman of the board of directors, sought to modernise the exchange by:
Alexandria Stock Exchange
During the 19th century, (Alexandria's Futures Market) was one of the oldest in the world.Alexandria Stock Exchange was established in 1883. The first local recorded cotton transaction took place in 1885 in Alexandria's Café de l'Europe on Place des Consuls which was later renamed Mohammed Ali Square. It was there that cotton merchants met and cut deals based on supply and demand for the long staple Karnak and Menouf or the short to medium staple Ashmouni, Giza and Zagora. Over the years, deals extended to cotton seed varieties such as Hull, Afifi and Sakellaridis.
The first cotton deal-makers eagerly waited for the weekly arrival of the news-sheets from Europe to guide future operations. Reputation counted for everything. Cotton growers who delivered on time were courted by exporters and received large orders the following season. Timing and reliability was of the essence if profits were to be made.
From Café de l'Europe cotton deal-makers moved to a nearby building and as business grew, the Association Cottoniere d'Alexandrie (later the Alexandria General Produce Association or AGPA) was created for the purpose of trading in cotton, cotton seeds and cereals in the spot and future markets.
In 1899, during the reign of Khedive Abbas Hilmi II, AGPA moved to an imposing new building, henceforth called The Bourse on Mohammed Ali Square. The Alexandria Bourse became a city landmark featuring in postcards, books and city guides. In more ways than one, the bourse became the focal point of the city's financial community. The Association's old premises meanwhile, was transformed into a bank, and later on into the Top Hat night club.
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Wikipedia