Mohamed Farid, Chairperson of the Financial Regulatory Authority, has revealed that it could within days create a central “lending pool” in cooperation with “concerned parties” through which investors can engage in short selling. The Misr for Central Clearing Depository and Registry (MCDR) is set to manage the new pool. He added that a study is underway to provide verification and certification requirements for international companies to be present in the Egyptian market under legal cover, until Egyptian companies obtain a license. The financial derivatives market is an exchange during which contracts are traded whose value is derived from financial or in-kind assets, price indices, commodities, or others determined by the Authority. In a related context, he explained that the legislative amendments regarding the maximum and minimum limits for private insurance funds await the final approval of the House of Representatives.
