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.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
While corporates have more choice when it comes to choosing financial services, the core relationship between banks and businesses hasn't changed, argues Michael Cummins, head of treasury solutions at Citizens Bank.
Direct carrier billing is currently a competitive payments industry in Europe, but will it flourish under PSD2? EE and Microsoft think so.