The Cairo and Alexandria Stock Exchanges (CASE), in conjunction with both the Capital Markets Authority (CMA) and the Financial Times, developed a new index entitled 'FT-CASE', Business Today of Egypt reported. The new index will track 40 of the most active stocks, with the intent of providing a more accurate assessment of trading behavior and patterns. FT-CASE will afford investors a fourth index option for following CASE's behavior. Existing tracking methods include: International Financial Corporation (IFC) Index, the Hermes Financial Index and the EFG Index.
The new index falls under the umbrella of CASE'S strategic plan aimed at attracting investors. Other planned measures included: a $1.7 million investment in a new trading network (summer release predicted); the creation of an advisory board with members such as Goldman Sachs, Merrill Lynch, Morgan Stanley and Salomon Smith Barney to re-develop CASE's rules of governance; lobbying for modernization of laws affecting such things as shareholder rights, insider trading, acquisitions and mergers.
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