CAIRO: The Cairo and Alexandria Stock Exchange (Case) and Korea Exchange, Inc. (KRX) signed a Memorandum of Understanding (MOU) Thursday to facilitate exchange of information between both exchanges.
Inherent in their partnership is mutual long term cooperation for the respective benefit of securities market for Egypt and Korea.
Present at the conference for the MOU signing was Maged Shawky, chairman of Case and Young-Tak Lee, chairman and CEO of KRX. Korean Ambassador Chung Dalho also attended.
Bringing a five year partnership, both parties hope to cooperatively tackle key points in areas such as “listing of criteria, membership standards, corporate governance measures, as well as products traded on exchange such as warrants, bonds, and exchange traded funds, said Shawky.
Regular visits will take place with senior officers of both parties to monitor the expansion and modernization of their markets.
Registered as the only stock exchange in Egypt, Case works as a market operator specialized in listing and trading equities, government and corporate bonds, and close ended mutual funds.
Shawky told The Daily Star Egypt, “Case operates a high quality of market for the benefits of its Egyptian and international clients. It serves and empowers its customers by providing top notch market technology, innovative products, fair, transparent and efficient markets. Such partnership can only help increase investment from Korea for Egypt.
Case is also the only Arab Exchange that is a member of the World Federation of Exchanges since 2005.
“In terms of expanding our own market, we hope to see a youth more educated about the stock market and a culture of people who will have more interest in Case over the years, said Shawky.
In 2005, KRX was established by consolidating three domestic exchanges, Korea Stock Exchange, Kosdaq Market, and Korea Futures Exchange (Kofex) in order to fulfill its vision Global KRX: North East Asia’s finest Capital Market. KRX is a board member of the World Federation of Exchanges since 2006.
Lee told The Daily Star Egypt, “After Tokyo and Hong Kong, we are the third largest stock market exchange in Asia. This MOU can only help to accelerate our relationship in finance service areas and help us compete with China’s market.
“This is my first visit to Case and I’m very impressed by the way business is conducted here. I appreciate the MOU signing and I look forward to promote business between both countries. Our gathering today marks the start of a new future for Egypt and Korea and to spread awareness between our financial institutions, said Chung Dalho.