Bahrain plans international financial exchange
India's Financial Technologies Group will launch an international financial exchange, Bahrain Financial Exchange (BFX), in Bahrain to be regulated by the Central Bank of Bahrain.
BFX has been given approval to list cash and derivatives instruments on multiple asset classes such as currencies, commodities, equity and debt related products for trading and clearing by its brokers. The Exchange will also list and trade Islamic finance instruments.
The exchange, which is already registered with the Ministry of Industry and Commerce, will begin trading in the first quarter of 2010 and will serve financial market participants, investors and issuers, to provide services for hedging, arbitrage, investment and fund raising.
Financial Technologies Group, a $1.01 billion (Dh3.7bn) and a global leader in creating and operating new generation tech-centric financial markets, has already set up 10 exchange ventures, including Bourse Africa, Dubai Gold and Commodities Exchange, MCX, India's top multi-commodity futures exchange, and IBS Forex, India's No.3 inter-bank forex exchange platform.
"Bahrain is regarded as the best-regulated financial centre in the Middle East. The multi asset profile of BFX will give it a unique standing to become a leading market place in the region," said Jignesh Shah, CEO, Financial Technologies.
Follow Emirates 24|7 on Google News.