“What is true for London, Paris or New York is not necessarily true for Egypt. You cannot have a market that has been closed and mothballed for decades turn back overnight into a problem-free market.”
This comment by an Egyptian banker on attempts to modernize the Cairo Stock Exchange (CSE) reveals the full extent of the challenge ahead. It is not the establishment of new systems and regulations, difficult as these are, that is the main problem facing the reformers: it is the hidebound ways of the borrowers, the investors and the stockbrokers which are the most resistant to change.
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