Pharos Holding for Financial Investments, a leading Investment Bank in Egypt, said it’s brokerage subsidiary has received the license for margin trading on the Egyptian stock market from the Capital Markets Authority (CMA).

This comes on the back of the licence for Intra-Day trading which the company received on September 21 this year, said a company official.

"With these two additions, Pharos completes the portfolio of services supporting its securities brokerage clients which include Global Depository Receipt (GDR) trading, an expanding retail brokerage branch network, and a world-class research department," observed Hussein El Sherbiny, Pharos managing partner responsible for Securities Brokerage.

The CMA granted the margin trading license after thorough inspection, evaluation, and testing of Pharos’ procedures, technology and personnel.

Only a small percentage of the licensed brokerage firms in Egypt (around 10 per cent) has been granted the licence to conduct margin trading by the CMA.

“Receiving the margin trading license complements our product offerings and will allow us to expand our client base and our trading volume significantly,” he noted.

"There is very high demand in the Egyptian market for both margin and intra-day trading. However, using these tools needs a certain set of skills and qualifications."

"Our experienced and well-trained team will be able to assist our clients in utilizing these tools in an optimum and secure way. The events of the last period have demonstrated to investors that it is crucial to be dealing with a firm that applies these tools in a responsible manner," he added.-TradeArabia News Service