EGX Chooses MillenniumIT to Provide Trading Surveillance System
MillenniumIT (UK), a technology solutions provider and part of the London Stock Exchange Group, and the Egyptian Exchange (EGX) have entered into a partnership agreement where MillenniumIT will provide EGX with a trading surveillance system (TSS). The TSS will help the EGX maintain an orderly market in a fast-paced, electronic trading environment.
The software will enable the EGX to proactively, accurately and rapidly identify abusive behaviour and conduct further investigations to ensure a fair, efficient and transparent market for all participants.
Maged Shawky, executive chairman of EGX, said: “Strongly committed to market integrity, we are pleased to partner with MilleniumIT, which will provide EGX with a proactive, international best practice surveillance system. We are confident that this system will be an important asset to EGX in fulfilling its vision of providing an equitable, transparent and high quality market place. MillenniumIT has a proven track record in technology solutions for capital markets and we look forward to reaping the rewards of a cutting-edge surveillance system, that can meet the Egyptian market’s future needs and ensure EGX prominence in regulation.”