Misr Company for Central Clearing, Depository & Registry (MCDR) (Previously Misr for Clearing Settlement & Central Depository-MCSD)

Region Middle East
Currency Egyptian Pound (EGP)
GMT Time in Local Market GMT + 2

Misr Company for Central Clearing, Depository & Registry (MCDR) (Previously Misr for Clearing Settlement & Central Depository-MCSD)

MCDR supports the settlement of equities, corporate and government debt that are traded on the stock exchanges and unlisted securities which trade OTC. MCDR also settles Treasury Bond transactions. Treasury Bills are cleared and settled by the Central Bank of Egypt (CBE).

Egypt Capital Market Infrastructure Summary

The Egyptian securities market infrastructure consists of the following: the Egyptian Exchange (EGX), which is an electronically-linked single stock market (though physically in two locations); an OTC market for non-EGX listed stocks or bonds (which also includes the ability to deal in the stocks of companies delisted from the EGX due to non-conformity with financial disclosure rulings); Misr Company for Central Clearing, Depository & Registry (MCDR) which is the sole CSD in Egypt. No central real-time payment system currently exists with cash settlement conducted through seven settlement banks. EGX intends to implement a derivatives and options market, which was expected to be launched by 2009. However, plans were still being developed as at July 2010.

Equities (ordinary shares), corporate and government bonds and T-Bills are traded in Egypt. Ordinary shares are either listed A shares and are traded on the exchange or listed B shares that are traded OTC and held either in physical form or immobilised at MCDR. Government and corporate bonds are also immobilised at MCDR. The majority of securities in the market are held by MCDR in immobilised form. From 6 May 2007, the settlement cycle was harmonised for all listed stocks in the market to T+2. Dematerialised Treasury bonds settle on a T+0/T+1 cycle. An optional same day trading and settlement cycle (T+0) is possible if the investor buys the stock and sells on the same day. In case the investor does not sell on TD then the settlement takes place on T+2 automatically. Physical securities (unlisted shares) generally settle on T+4 for purchase and T+3 for sale, outside of the MCDR system with cash settlement via bank cheque.

On 4 April 2011, EGX announced the extension of the settlement cycle for Global Depository Receipts (GDRs) to five working days (T+5). This is expected to enhance the supervision and should allow the regulatory bodies to further investigate the ownership of such instruments, by making sure none of the owners is within the prohibition list of people as announced by the attorney general.

Data Maintained By Thomas Murray on Egypt

  • Stock market details
  • Other markets where securities are traded
  • Stock Exchange/Local Market Administration Organisations
  • Market Entry Requirements
  • Settlement
  • Safekeeping/Post Settlement
  • Registration
  • Stock Lending/Repos
  • Dividends/Income Corporate Actions
  • Cash Management
  • Proxy Voting
  • Taxation
  • Market Charges
  • Payment Systems
  • Banking and Exchange Holidays
  • G30 Compliance