CAIRO: After receiving only two proposals that failed to fulfill technical requirements, the Cairo and Alexandria Stock Exchanges (CASE) has decided to re-launch its calls for bids to provide it with new trading systems.
A senior official at the bourse said that the Swedish OMX Company and the French Euronext had submitted proposals in October to supply the new trading systems, but both proposals fell short of meeting the technical requirements announced by CASE in September.
Among the technical requirements is a condition that bidders should have a presence in the Egyptian market in order to provide technical support for the systems as well as undertake any future expansion initiatives of the Egyptian stock market.
The official expects both companies to join in the competition after amending their proposals in line with CASE requirements.
Both companies operate in Egypt through partnerships with CASE and Misr Clearance Company.