Date of Establishment: 1996

Objectives :

• Increase public awareness of the capital market and its role in the advancement of the economy and in providing investment opportunities to the public.
• Create a forum for the exchange of information and the improvement of communication between market participants.
• Set ethical standards for market participants and create an awareness of the importance of these standards.
• Establish training programs for members and mobilize resources to finance these programs.
• Provide a venue for amicable resolution of disputes between members.

Board of Directors


Mr. Mohamed Maher Mohamed Ali

Deputy Chairman

Mr. Ayman Sabry Abd El Gayed


Mr. Amr Raouf Hassan


Mr. Khaled Abouheif


Mr. Rafik Mattar
Mr. Alaa Amer
Mr. Mohamed Reda

History & Background

- Founded in 1996, the Egyptian Capital Market Association (ECMA) is Egypt’s first non-government, not-for-profit professional organization in the securities industry. It is dedicated primarily to providing a forum for all capital market participants in their efforts to set high professional standards for the industry, adhere to the ethical conduct of business and the rules of fair practice, and uphold the integrity of the marketplace.

- ECMA brings together the shared interests of more than 500 members determined to accomplish these common goals. Its membership body comprises: stockbrokers, mutual fund managers, portfolio managers, underwriting experts, venture capital specialists, investment banking consultants, financial advisers, bankers, accountants, legal counselors, financial media providers, and investors. Through them, ECMA ensures at all times compliance with, and adherence to Law No. 95 of 1992 governing capital market activities in Egypt. The success of its mission is further enhanced by the fact that ECMA does not promote any specific investments or companies, but only recognizes professional excellence, procedures, and guidelines.

- ECMA’s members have formally adopted the virtues of both personal and corporate ethical obligations. Of special mention, is ECMA’s “Code of Ethics”. Unanimously approved by its members, it was instrumental in setting the highest standards of professional conduct and practice. ECMA member firms have already incorporated these ethics into their policies. For this, members take pride and highly value their membership in ECMA.

- Building on its Code of Ethics, ECMA’s Board of Directors further endorsed a series of compliance initiatives in early 1997 to enhance more professionalism in the Egyptian securities industry. This took the form of a comprehensive set of “Rules and Procedures” designed to serve as basic guidelines for the regulator: the Capital Market Authority (CMA), currently the Egyptian Financial Supervisory Authority (EFSA) ; so as to ensure uniform compliance with existing laws and regulations in the conduct of business.

- The rapid pace of change at present in Egypt’s securities markets requires in-depth knowledge and training for industry practitioners. To achieve this, ECMA launched a series of high–quality, “professional training programs” to assist its member firms and their representatives in addressing the increasing complexities and challenges of this fast–growing market from the technical, legal, and ethical perspectives. These programs have an immediate and unique impact on the quality, integrity and efficiency of the Egyptian Securities Industry.

- An outgrowth of ECMA’s commitment to excellence, as exemplified in its planned professional training programs, was the formal assignment given to it by EFSA  to set standards for certification examinations that are conducted on a regular basis to meet EFSA’s required levels of qualifications that are needed to enable it to license individuals to operate in Egypt’s Capital Market.

- In its advocacy and membership services role, ECMA continuously promotes the enactment of official policies for a fair and efficient capital market; advocates regulatory reforms to allow the securities market to develop and adapt to new opportunities; and campaigns for major legislative changes to ensure regular updates of the legal framework that supports the activities of industry participants. Equally important, ECMA constantly takes strong and effective initiatives in the settling of all disputes and litigations concerning its member firms.

- Finally, ECMA takes the lead in providing its members, at all times, with first-hand insights into the latest developments in the securities markets – both domestic and worldwide – by arranging conferences, roundtables and workshops that aim at expanding opportunities for its members to work with their peers, exchange ideas and problems, discuss difficult topics, or address key industry issues.



- Development and implementation of a plan for institutional development that prepares ECMA to become a broker/dealer self-regulatory organization (SRO) for the Egyptian securities industry.

- Improving knowledge among ECMA members about global practices and trends in the securities industry, including the roles and responsibilities of compliance officers, regulation of e-trading, and reduction of settlement periods.

- Increasing abilities among the broker/dealer community to effectively conduct back-office operations.

- Improving understanding of financial and securities markets among current and potential investors, as well as among students and the general public, and increasing knowledge of issues affecting the financial and capital markets among members of the securities industry, including disclosure and transparency, new financial instruments, and investor relations.

Program/Strategy (short- & long-term)

1. Institutional Development and Training

- Evaluation of ECMA’s legal status and the legal requirements for the creation of an SRO in the Egyptian market. ECMA’s evaluation determined that it is currently illegible for an SRO status in the Egyptian market.
- Formulation and implementation of a new, international-standard Code of Conduct for ECMA members.
- Implementation of internationally accredited and recognized professional training programs and certification.

2. Public Awareness and Education

This activity is designed to increase the understanding of capital market issues among intermediaries, issuers, and prospective & current investors. ECMA plays a pivotal role in public education and outreach. On one hand, its members are an important target audience because many securities intermediaries are learning the details of the business through on-the-job activities. To assist these intermediaries, the first task under this activity will provide ECMA members with practical knowledge regarding important securities concepts and issues. On the other hand, ECMA also represents an ideal point for distributing information to prospective and current investors, as well as corporate management.


  Refer to Arabic version for full details