Beltone Financial, an Egyptian investment bank, may receive an exchange-traded fund license before the end of the year, Khaled Seyam, chairman of the Egyptian Exchange, said.
“We are at the final stage, the stage of signing contracts,” he told reporters at an investment conference today in Cairo. “Beltone is the only applicant but other firms have started talking about getting in.”
Egypt’s benchmark EGX30 index has gained 7.7 percent this year, according to data compiled by Bloomberg. The exchange- traded funds, known as ETFs, trade like stocks and allow investors to track indexes and make bets on whether they will rise or fall. The bourse will begin listing funds based on the benchmark index, Seyam said.
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