Beltone is First Market Maker on Egyptian Bourse
SunGard said that Beltone Financial, a leading regional investment bank headquartered in Egypt, has become the first market maker on the Egyptian Exchange (EGX), providing liquidity on the bourse’s recently launched exchange traded funds (ETF) that tracks the EGX30 index called XTMisr.
Beltone has expanded SunGard’s order management system (OMS) and market connectivity platform with the suite’s market making and trade execution tools, helping it to manage, side by side, its direct market access institutional business as well as its new function as a market-maker on the ETF segment launched by EGX.
“Beltone is a leading market-maker in Egypt and a leader for direct access to Middle East markets, having been chosen from amongst its peers at the Egyptian Exchange to launch this new service,” added SunGard.
The launch in Egypt of market-making facilities and new products, such as ETFs, follows the growing trend in frontier and emerging bourses to improve secondary capital market conditions; with a market-making scheme announced in Abu Dhabi and ETFs being launched across Africa, most recently in Nigeria.
“Local financial markets are focusing on maturing their product offering to reflect the increased sophistication of local and regional investors, as well as responding to increasing interest from international investors looking to trade in the Middle East,” said Philippe Carré, global head of connectivity, SunGard.