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Thndr Claps » EGY Claps » EGX 🔔 » EGX to adopt new system for dealing with canceled trades↩️

EGX to adopt new system for dealing with canceled trades↩️

by Shams Abbas
August 14, 2022
EGX, Claps

The Clap
The FRA has agreed to the EGX’s request to change the process by which it cancels trades that show signs of market manipulation.

What Changed?
The EGX currently handles transactions that violate rules by canceling them after the session has ended. This has some disadvantages:

  • Those on the other side of the trade, whether buyers or sellers, have nothing to do with the violation, yet they end up getting caught up in the middle of the issue
  • Investors have turned away from the market as this decreased trust in the market
  • It affected the closing price, which also decreased trust in the market

The new system in place would have the manipulating party simply reverse the trade (if they bought they sell back; if they sold they buy back). This helps prevent the disadvantages mentioned above.

Why this Matters
This is one of Dr. Mohamed Farid’s first decisions since becoming FRA Chairman. It comes as part of efforts to maintain stability in the market, as well as protect all stakeholders in the market.

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