Dr. Ashraf El-Sharkawy, Chairman of the Egyptian Financial Supervisory Authority (EFSA), announced that the exchange-traded funds (ETFs) should be activated in Egypt by the beginning of 2013.
El-Sharkawy further noted that the EFSA will be completing the ETFs framework by the end of the current year.
“ Beltone Financial is the first firm to have launched the draft ETF prospectus, which is currently under the EFSA’s review.” El-Sharkawy added
The EFSA Chairman explained that the Egyptian market is unable to accommodate further financial instruments at present, as the existing instruments are appropriate amidst the instability and constant liquidity shortage.
El-Sharkawy said the current political instability has adversely affected investors’ appetite for trading in the stock market and accordingly the liquidity flow.
