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FRA grants the first short selling license

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Within the framework of the Authority’s efforts to activate what is known as “Short Selling” in order to raise trade volumes and values in the Egyptian market and increase the stock market’s liquidity,
 Dr. Mohammed Omran – FRA’s Chairman issued decision No. 684 of 2109 regarding granting license to Arqaam Securities Brokerage to short sell.

It is expected that technology structure required for activating this mechanism will be finalized in MCDR, brokerage firms and custodians soon. Short selling is a transaction in which the seller does not actually own the stock that is being sold but borrows it from the broker-dealer through which he or she is placing the sell order. The seller then has the obligation to buy back the stock at some point in the future, thereby making profits from the difference in selling prices and purchasing prices

It is worth mentioning that last February, FRA’s Chairman issued a regulatory decision no. (268) of 2019 on short selling rules to activate the mechanism. On the other hand, the Egyptian Stock Exchange and MCDR shall prepare and equip the automated systems and technical requirements and notify the Authority before activating short selling mechanism.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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