MCDR

What MCDR does

MCDR (Egypt for Clearing, Depository and Central Registration) is Egypt's sole licensed central securities depository and clearing house, established in 1992 under Article 103 of the executive regulations of Capital Market Law No. 95 of 1992 and subsequently governed by Law 93/2000. The company operates under regulatory mandate from the Financial Regulatory Authority (FRA) as the exclusive provider of clearing, settlement, and central registration of securities for the Egyptian Exchange. Its core platform comprises a Clearing and Settlement System operating on the Delivery Versus Payment (DVP) principle, a Central Depository for custody and ownership registration, and a central registry of all securities encumbrances in Egypt. MCDR serves a critical mass ecosystem of 25+ custodian banks (including National Bank of Egypt, Banque Misr, CIB, and QNB Egypt), 50+ brokerage firms, and 580+ listed companies, plus individual investors who access services through custodians and bank branches.

The technical architecture is a platform-plus-modules model: the core depository/clearing platform is extended with an Electronic Voting platform for shareholder general assemblies, an Electronic Signature and Seal service using dual-encryption (public key cryptography) for digital transformation, multi-channel Electronic Payment Systems integrated with Fawry, SWIFT, and ACH for coupon and profit distribution, a Settlement Guarantee Fund acting as a central counterparty risk mitigant, and a Deposit Bank that issues Egyptian depositary receipts for foreign securities. The company carries ISO/IEC 27001 certification (BSI, 2009), an A+ risk classification from Thomas Murray, and a JPMorgan Level 1 (1025) global CSD rating.

MCDR's revenue model combines transaction fees on clearing and settlement, subscription/membership fees for central depository access, transaction fees on electronic voting and payment services, certification fees on electronic signatures, deposit bank transaction fees, and — notably — returns on its own investment portfolio, which contributed 685 million EGP (+78% YoY) in 2024. Revenue is geographically concentrated in Egypt, and the company is privately held (an Egyptian joint stock company) with no public listing. Recent strategic activity includes a 650% expansion of the Settlement Guarantee Fund under FRA Resolution No. 68 of 2024, a refreshed board composition for 2024-2027 led by Chair Dr. Khalid Sari Siam and Managing Director Hesham Mabrook, and record 2024 net profit of 1.69 billion EGP. The company is also a member of ANNA and co-founder of EMIDEA, the regional CSD association for Africa and the Middle East.

Name

MCDR

Legal name

شركة مصر للمقاصة والإيداع والقيد المركزي

Website

https://mcsd.com.eg

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

501–1,000 employees

Short description

MCDR is Egypt's exclusive central securities depository and clearing house, operating under FRA mandate to clear, settle, and centrally register securities for 25+ custodian banks, 50+ brokerage firms, and 580+ listed companies on the Egyptian Exchange.

Ownership category

akta.pro rank

Product category

Central Securities Depository and Clearing House (Securities Clearing, Settlement, and Custody)

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (5232)

SIC

Finance Services (6199), American Depositary Receipts (8880)

akta.pro primary industry

International CSDs (ICSDs) (FSAFAGAB)

akta.pro secondary industry

Securities Clearing & Custody Services (DVP/RVP, Safekeeping) (FSABAJAD)

Keywords

• Central securities depository
• Clearing and settlement
• Securities custody services
• Central counterparty clearing
• Electronic signature certification

Headquarters

HQ city

Cairo

HQ country

Egypt

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Clearing and Settlement Fees: Fees charged for clearing and settlement of securities transactions on the Egyptian Exchange, based on transaction volume and value.
2. Central Depository Services: Custody and central registration fees for securities deposited in the central depository system.
3. Electronic Voting Services: Fees for electronic voting platform services for general assemblies.
4. Electronic Payment Services: Fees for electronic coupon and profit distribution through various payment channels.
5. Electronic Signature Certification: Fees for electronic signature and seal certificate issuance and management.
6. Deposit Bank Services: Issuance of Egyptian deposit certificates against foreign securities and cancellation services.
7. Investment Returns: Returns on company's own investment portfolio, contributing significantly to revenue growth.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels4 records

Core offering

MCDR operates as Egypt's sole licensed central securities depository and clearing house, providing clearing and settlement of securities trades on the Egyptian Exchange under the Delivery Versus Payment (DVP) principle, centralized custody and ownership registration of securities, electronic voting for shareholder general assemblies, electronic profit and coupon distribution, electronic signature and seal certification using dual encryption, and a Settlement Guarantee Fund for counterparty risk mitigation. It also runs a Deposit Bank that issues Egyptian depositary receipts for foreign securities.

Product overview

MCDR operates as Egypt's central securities clearing, depository, and registration infrastructure, offering a platform-plus-modules architecture. The core platform comprises Clearing and Settlement, Central Depository, and Central Registration services that handle securities trading operations, custody, and ownership records on the Egyptian Stock Exchange. Additional modules include Electronic Signature services (powered by dual encryption technology), Electronic Payment Systems (integrating Fawry, SWIFT, and ACH), Electronic Voting for shareholder meetings, Automated Inquiry Services, Settlement Guarantee Fund management, and Prescribed Operations for corporate actions. The Deposit Bank issues Egyptian depositary receipts for foreign securities.

Differentiator

Problem solved

Functional benefit

Products and services

• Clearing and Settlement (المقاصة والتسوية) Determines rights and obligations arising from securities trading operations on the Egyptian Exchange and covers financial positions from these operations using the Delivery Versus Payment (DVP) principle. Delivered to Egyptian Exchange member brokerage firms.
• Central Depository and Central Registration (الإيداع والقيد المركزي) Centralized custody and safekeeping of securities, clearing and settlement of financial positions from trading operations, recording of liens on securities, and central registration of ownership rights and obligations for 580+ listed companies on the Egyptian Exchange.
• Deposit Bank (بنك الإيداع) Issues Egyptian deposit certificates against the conversion of foreign securities, cancels Egyptian deposit certificates against the transfer of foreign securities, and issues Egyptian depositary receipts for foreign securities. Used by local custodians and brokers handling foreign securities exposure for Egyptian investors.
• Settlement Guarantee Fund (صندوق ضمان التسويات) Central counterparty risk management fund that mitigates counterparty default risks in settlement operations on the Egyptian Exchange. Members of MCDR's clearing system contribute to and benefit from the guarantee mechanism.
• Electronic Signature and Seal (التوقيع الإلكتروني) Digital signature and electronic seal service using dual encryption (public key cryptography) technologies. Issued to and used by Egyptian government entities, corporates, and individuals to support digital transformation. Marketed as the fastest, easiest, and most economical e-signature service in Egypt.
• Electronic Voting (التصويت الإلكتروني) Online platform that enables shareholders to participate remotely in general assembly meetings of companies listed on the Egyptian Exchange. Used by listed companies and their shareholders for corporate governance voting.
• Electronic Payment Systems (نظم الدفع الإلكتروني) Multi-channel electronic payment infrastructure integrating Fawry, SWIFT, and ACH networks that processes electronic distribution of dividends, bond coupons, and other cash returns to securities holders across Egypt. Used by custodians, listed issuers, and individual investors.
• Automated Inquiry Services (خدمات الاستعلام الآلي) Self-service inquiry portal that allows investors to query securities balances, trading activity statements, and shareholder information held in the central depository.
• Prescribed Operations (العمليات المقررة) Mandatory post-trade corporate actions processing, including cash profit distribution, bond coupon payments, and other operations prescribed under Egyptian capital market regulations on behalf of issuers.
• Mortgage/Pledge Services (الرهن) Recording and management of securities pledges and mortgages as collateral in the central registry, used by lenders, borrowers, and custodial intermediaries for collateralized lending on securities.
• MCDR Electronic Services Portal (تطبيق مصر للمقاصة) Web-based portal providing unified login access to securities accounts, electronic voting, electronic payments, and other MCDR services for investors and members.

Quantifiable outcome

• 1.69 billion EGP net profit in 2024 - highest annual profit since company founding
• +2 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Nine partnerships are on record, tiered core, major and minor.

• ANNA (Association of National Numbering Agencies)coreStrategic or Co-development PartnerMCDR is a member of ANNA, the global association of national numbering agencies that assigns unique identification codes to securities worldwide.
• SWIFTcoreTechnology or IntegrationMCDR uses SWIFT network for international payment settlements and transfers related to securities transactions.
• EMIDEA (الايدا - Association of Central Securities Depositories for Africa and Middle East)coreStrategic or Co-development PartnerMCDR co-founded EMIDEA in 2005 with Arab and African countries to serve as the regional organization for central securities depositories in Africa and Middle East.
• Financial Regulatory Authority (FRA) (الهيئة العامة للرقابة المالية)coreOthersFRA is the regulatory authority overseeing MCDR's operations, issuing regulations and decisions governing the company's activities in Egyptian capital markets.
• Egyptian Exchange (البورصة المصرية)coreStrategic or Co-development PartnerMCDR works closely with the Egyptian Exchange for clearing and settlement of securities traded on the exchange, with a representative on MCDR's board.
• Fawry (فوري)majorTechnology or IntegrationFawry electronic payment network is integrated with MCDR's electronic payment system for distributing profits and coupons to investors.
• JPMorgan ChaseminorStrategic or Co-development PartnerJPMorgan Chase awarded MCDR Level 1 (1025) rating in 2001 for global central depository companies in cooperation with global custodian institutions.
• Thomas MurrayminorStrategic or Co-development PartnerThomas Murray provides independent risk assessment and ratings for MCDR's operations, having upgraded the company to A+ rating.
• BSI (British Standards Institution)minorOthersBSI certified MCDR's information security management system with ISO/IEC 27001 certification.

Scale indicators8 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Clearstream: Deutsche Börse-owned international CSD and central counterparty providing settlement and custody; comparable as a large, established CSD/ICSD with an analogous DVP-based settlement franchise.
• Euroclear: One of the world's largest International CSDs providing cross-border settlement, safekeeping, and asset servicing; comparable as a senior CSD incumbent that defines the global benchmark MCDR aspires to regionally.
• Depository Trust & Clearing Corporation (DTCC): The dominant US post-trade infrastructure operator covering clearing, settlement, and depository services across multiple asset classes; a much larger incumbent whose business model MCDR mirrors at a national scale.

Direct peers

• Strate (South Africa): Operates the central securities depository for the Johannesburg Stock Exchange in South Africa — directly comparable as a domestic CSD serving a major African exchange with analogous clearing, settlement, and custody functions.
• JSE Clear (South Africa): The JSE's clearing and settlement house operating as a CCP for the South African market; comparable as an African CSD/CCP peer with a similar regulatory mandate and fee-based business model.
• Saudi Tadawul: Saudi Arabia's exchange and post-trade infrastructure operator; comparable as a regional MENA CSD/clearing monopoly running DVP settlement for a major capital market with strong franchise economics.

Regional players

• Boursa Kuwait: Operates Kuwait's securities exchange with integrated clearing, settlement, and depository functions; comparable as a fellow MENA CSD/market infrastructure provider with similar regulatory-driven business model.
• Tunisie Clearing (Tunisia): Tunisia's central depository and clearing house serving the Tunis Stock Exchange; a fellow North African CSD peer with comparable DVP settlement and custody functions for a smaller domestic market.
• Abu Dhabi Securities Exchange (ADX): Operates trading, clearing, settlement, and depository services for Abu Dhabi's equity market; comparable as a regional CSD/clearing peer within the MENA post-trade ecosystem.
• Dubai Financial Market (DFM): UAE exchange offering clearing, settlement, and depository services; comparable regional peer with a similar post-trade stack serving a GCC capital market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MCDR