Mediterranean cross border securities trading in the pipeline

The cross border trading of securities between stock exchanges in Malta, Tunisia and Egypt is in the pipeline, with the pending signing of a protocol to establish a working group to set up a BorzaMed Project.

The Project is to investigate and consider the feasibility of an alliance of Mediterranean Exchanges and a protocol to that effect is to be signed in the near future between the Malta Stock Exchange, the Tunis Stock Exchange and the Cairo and Alexandria Stock Exchanges, the MSE announced yesterday.

The principal objectives of the BorzaMed Project are to consider the feasibility of developing an efficient regulatory framework for cross-border trading of securities in the Mediterranean and to provide a forum for the study and furtherance of cross-border trading of securities in the Mediterranean.

The BorzaMed Project also seeks to foster a continuing relationship between the parties.

It will also provide a forum and mechanism for co-operation for their respective benefit and to enhance the development of their markets as well as other securities markets in the Mediterranean region.

The Protocol will remain in force for an initial period of one year and the parties concerned have agreed to set up a working group for the furtherance of the project.

Once the one year time frame has elapsed, the Group will draw up a report on its findings regarding the feasibility of BorzaMed Project and submit a plan for the development of BorzaMed once the working group has established its feasibility.

The involved parties have also agreed that from time to time activities such as conferences, meetings and any other international events of mutual benefit with a view to further the objectives of the Project will be organised.