July 6, 2009 / 10:16 AM / 10 years ago

Egypt aims for derivatives exchange in 2011

CAIRO (Reuters) - Egypt aims to set up an exchange for derivatives in 2011, pushed back from a planned start at the end of 2009 because the world financial crisis drove down trading, the deputy head of the stock exchange said on Monday.

“We may have a delay in derivatives trading. We are still keeping an eye for (setting up a) derivatives exchange in 2011,” Mohamed Omran, deputy chairman of the Egyptian Stock Exchange, told reporters.

He said the exchange was likely to start with futures trading linked to main index, and trading in other instruments such as swaps and options would be considered later.

He also said he expected the number of companies listed on the Egyptian bourse to decline this year as companies that are not actively traded are delisted.

“I would not be surprised if we have less than 250 companies by beginning of 2010,” he said, compared to 333 currently. He also said, however, that two new firms could be listed on the exchange by the end of the year.

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