Newsletter September 2018, Issue 3 | Page 9

MCDR also aims at undertaking clearing and settlement on securities traded in the capital market and applying the Delivery Versus Payment system.

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September 2018


* Abiding to rules and regulations

* Adaptation according to international standards and market needs

* Being flexible seeking developments all the time.

MCDR does all the functions of a depository, registry keeping, and clearing. What are your future steps on the combination of FinTech and classic depository and registry keeping services?

- Currently, financial technology is being used on a large scale of the process of straight through processing of activity of MCDR, however the currant extra high level facility provided in the banking sector and the extra use of fin Tech is hilly respected by the company, leading to detailed study to be used where ever it could be to facilitate the services provided by the company.

It's a well-known fact that MCDR pays attention to Social Responsibility. How you apply it?

- Luckily, MCDR noticed that maintaining the level of success and keep the role of leadership in the region are all conditioned by maintaining the level of company's services and role awareness among the different levels of the Egyptian population. So, MCDR is very keen to;

* Provide summer training to university students

* Hold seminars, workshops on any new system, law, service, etc

* Provide training to technical people working in custodian banks, brokerage firms, mutual funds on various systems they are operating such as the bookkeeper system, register owner, primary dealer, ETFs, etc.

* Hold regular meetings with different market players to listen to their problems, obstacles, suggestions or even thoughts about any new financial tool or system prior to introducing it to the market. MCDR's principle is to allow everyone to participate and share knowing that everyone has a role to play. It is not a one man show, harmonization among different roles is a must.

What are the major goals of MCDR for the next year?

- The major goals are:

* Introducing new financial tools, sukuk is one of them.

* Introducing new systems to enhance and develop the role of the depository

* Maintain the high level of the capital market awareness among the Egyptian population

* Attracting foreign investments despite the fact that in severe economic disturbances, the domestic investors are the one who save the economy unlike the foreign investors who seek other stable markets.

About M.C.D.R

Misr for Central Clearing, Depository and Registry (MCDR) was established within the framework of the programs adopted by the Capital Market Authority (CMA) for developing the capital market mechanisms and applying the central depository system.

The main objective of the MCDR is to apply the central depository system, effect central registry of securities traded in the Egyptian capital market and facilitate securities trading on dematerialized shares.