Egypt and Turkey will be soon finalizing the transfer mechanism of funds and securities as soon as the expectant alliance project between the two countries' stock exchanges comes into force, the head of the Arab nation's clearing house said on Wednesday. Mohamed Abdel Salam, chairman of Egypt's Central Clearing, Depository and Registry house (MCDR), told ‘Amwal Al Ghad' that the tie-up process between the Egyptian and Turkish clearing houses is firmly based on the launch of the alliance project between the Egyptian Exchange (EGX) and Istanbul Stock Exchange (ISE). The alliance project between the EGX and ISE is expected to come into effect within the first half of the current year. Citibank will likely act as the mediator for the EGX-ISE alliance process, for the bank maintains a strong presence in both countries, Abdel Salam noted. The MCDR Chairman further referred that the transfer mechanism of funds and securities with its Turkish counterpart will be finalized after the activation of the Egypt-Turkey bourse alliance. It is worth mentioning that the EGX management is targeting the activation of the tie-up project with Turkey before Dr. Mohamed Omran ends his term as the Chairman of the Egyptian bourse. As pursuant to the EGX-ISE alliance project, only 5 Egyptian securities firms shall perform transactions inside the Turkish bourse.
