Execution and research broker ITG has appointed Societe Generale Securities Services (SGSS) to act as its settlement agent bank in Egypt.
The services will be delivered through SGSSs subsidiary National Societe Generale Bank.
SGSS has been an active participant in the development of North Africas infrastructure over the last few years. Key to this is the recent appointment of Yasser Zaazaa, the regional manager for SGSS in Egypt and North Africa, to the board of directors of the Egyptian Misr of Central Clearing, Depository and Registry (MCDR), the authority overseeing post-trading activities in the country. Zaazaa will represent the Egyptian custodian community at the board and will work with participants to develop capital market mechanisms.
In February, Egypts CSD the Misr for Central Clearing Depository andRegistry (MCDR), set up a committee, comprising brokerage firms and religious authorities to facilitate the implementation of short-selling in the market on a Sharia compliant basis.