The Egyptian Exchange (EGX) has completed developing “electronic trading support systems” to continue work in the stock market remotely, according to EGX Chairperson Mohamed Farid. The move comes as part of efforts to limit gatherings to prevent the spread of the novel coronavirus (COVID-19).
Several trading support systems have been made available remotely, including customer coding, electronic membership system, financial solvency, and OMNI accounts.
Brokerage companies wishing to work remotely with these services should contact the EGX to take the necessary measures to start trial operation.
Farid said that different working groups have been formed to manage and follow up on all developments and develop scenarios to ensure business continuity at the internal level between EGX employees. These measures also extend to continuing work between the EGX and different market parties such as member brokerages, Misr for Central Clearing, Depository and Registry, and the like.
He noted that, in compliance with the governmental decision asking institutions to limit the workplace presence of employees, a plan was developed that did not prejudice the required daily work. The measures included developing electronic systems that allow employees to work remotely, as about 60% of EGX staff is currently working outside of office.
Farid explained that electronic systems related to the membership sectors have been developed, which deals with all member companies and the coding sector operating in the market on a daily basis. The electronic systems act as a link between all parties that allow them to complete daily transactions from a distance, something that has been successfully tested in the recent past.