Egyptian Stock Exchange Chairman Mohammad Umran on Sunday signed a memorandum of understanding (MOU) with Brazilian stock-exchange and futures-market operator BM&F Bovespa SA on exchange of information and expertise.

In a statement released Sunday by EGX said the MOU was signed on the fringe of a meeting of the General Assembly of the World Federation Of Exchanges. It will enable the two stock markets to exchange technical expertise and strengthen their positions at the international levels.

The two bourses will also cooperate on improving stock market standards as regards governance, monitoring of trading and membership.

The agreement also stipulates enhancing cooperation as regards training programs, exchange of data on stock markets, advanced financial tools as well as awareness programs targeting investors. 

Umran, for his part, said the agreement comes as part of the Egyptian bourse strategy to expand its presence at the international level and open up new channels for cooperation in new geographical areas.

Umran also called on the World Federation of Exchanges to intensify its involvement in spreading the culture of sustainable development and the importance of meeting its targets.

Meanwhile, Umran held a series of talks with officials at Taiwan bourse, one of the top 20 stock exchanges worldwide. He agreed with them on the importance of enhancing cooperation as per exchange of financial tools in both markets with the aim of luring more investments to the Egyptian market and diversify available tools for investors.