Thursday May 7 2015
News Source: Global Exchanges
Focus: Trading Systems and Technology
Type: General
The Egyptian Exchange (EGX) has denied claims about penetration of its trading systems. EGX have claimed that the trading systems have the highest degree of protection, confidentiality and capacity with their enjoyment of the latest techniques in charge of network security, data, and that it applies a strict separation between brokerage firms and the various business units within the same firm known as (Virtual Private Data).
In relation to the rumours about a breakthrough the stock exchange systems, EGX confirms that this is not true and that as part of its review of the security mechanisms of the information systems related to the stock market, it revealed the entry of one of the brokerage firms on the daily operations’ output of some other brokerage firms after the end of daily trading operations by using the user names and passwords of those companies, known that EGX delivers a user name and password for each brokerage firm through a sealed envelope with alerting all companies with the necessity to change the password.
Immediately after the detection of the illegal use, EGX notified the Egyptian Financial Supervisory Authority (EFSA) which formed a technical and legal committee and has inspected the company and stopped the violating accounts immediately. The necessary investigation with this regard is currently taking place.
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