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Egypt launches new company for development of online money market information


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02/08/2006 20:53:59


Egypt has launched a new company for the development of the online money market information to serve all financial companies and banks operating in Egypt.


Chairman of the Egyptian General Authority for Money Market Hani Sarriuddine who attended the signing of the contract to establish the company with the help of the French Atos Euronext Market Solutions (AEMS) said that Egypt was embarking upon a new and most important phase in developing its IT systems. He said that the new company would contribute to the development of the Egyptian money market in a more professional and safer way. The capital of the new company, the Nile Company for Information Technology, stands at LE 15 million in which Egypt's Misr Settlement and Clearance Company shares by 51 %, the AEMS by 29%, the National Bank of Egypt by 10% and al-Fardan companies in Qatar and the Emirates by 10%.


Mohamed Abdul-Salam the Board Chairman of the Egyptian Misr Settlement and Clearance Company said that the nascent company would design computer programs to operate and secure online dealings by brokers and banks operating in Egypt. Atos Euronext Market Solutions manages the IT operations of Euronext in Paris, Amsterdam and Brussels and offers capital market services on a global basis. Its activities also include the provision of services by Atos Origin to Euronext life in London, thereby creating a leading provider of technology services to capital markets globally. (SIS)

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