Arab Finance: The Egyptian Exchange (EGX) and the Financial Regulatory Authority (FRA) have launched the first phase of a comprehensive project aimed at digitizing the Global Deposit Receipts (GDR) system, as per a statement.

The launch ceremony was attended by the FRA’s Chairman Mohamed Farid and the EGX’s Head Ahmed El-Sheikh, among other key officials.

The first phase of the project involves developing an electronic system and digital platform for registering and managing requests and documents related to the transfer of GDRs between local stocks and certificates of deposit.

This digital integration establishes direct electronic links with all stakeholders, streamlining processes for agents, custodians, and Misr Clearing Company for Central Depository and Registry (MCDR).

The implementation of the digital system promises several benefits, including improved monitoring of requests by brokerage firms, reduced manual processes, and enhanced liquidity in certificate of deposit transactions.

GDRs serve as a pivotal mechanism in attracting international investment and diversifying options for both local and foreign investors.

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