Yasser Zaazaa, the regional manager for Socit Gnrale Securities Services (SGSS) in Egypt and North Africa, has been appointed 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.
The MCDR, which was established in 1994, acts as the central depositary system, the central registry for securities, and facilitates trading in dematerialized shares. It undertakes clearing and settlement of capital market securities trades and is applying a delivery versus payment system.
Its board of directors comprises 11 members elected by MCDR shareholders, which consist of local banks and brokerage firms.
The MCDR also holds the presidential office of the Africa & Middle East Depositaries Association.
(OS)