SGSS to represent custodians at the MCDR
Societe Generale Securities Services’ Yasser Zaazaa has been elected to the board of directors of Misr for Central Clearing, Depository & Registry (MCDR), the authority dedicated to post-trading activities in Egypt.
This organisation is also an active member of AMEDA (Africa & Middle East Depositaries Association), where it holds the presidential office.
In his new role, Zaazaa, head of SGSS Egypt and SGSS’ regional director for North Africa, will be representing the Egyptian custodian community and working with market participants in order to develop the capital market mechanisms.
MCDR has been established in Egypt since August 1994 to apply the central depository system, effect central registry of securities traded in the Egyptian capital market and facilitate securities trading on dematerialized shares. MCDR also aims at undertaking clearing and settlement on securities traded in the capital market and applying the Delivery Versus Payment system.
The board of directors, comprising 11 members, is elected by MCDR shareholders, mainly local banks and brokerage firms.
SGSS in Egypt builds on Societe Generale Group’s experience in the country, where it has been providing custody services to domestic clients for more than 30 years through its subsidiary National Societe General Bank.
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