Financial Technologies (India), the $1.01 billion global leader in creating and operating new generation tech-centric financial markets, has obtained approval from the Central Bank of Bahrain (CBB) to set up Bahrain Financial Exchange (BFX), a global financial exchange to trade in multi asset products.
BFX, proposed to be regulated by the Central Bank of Bahrain, is all set to begin trading by the first quarter of 2010 in an array of instruments, including currencies, commodities, equity and debt-related products for trading and clearing by its brokers. The exchange will also list and trade Islamic finance instruments or Sharia compliant products.
“BFX will enhance the diversification, productivity and competitiveness of the economy of Bahrain. The exchange’s arrival heralds a levelling of the playing field through increased transparency, sophistication and easier access to multiple asset markets. The products offered on the exchange will enhance value addition and improve risk management in the sector, stimulating a virtuous cycle of investment and growth,” said Jignesh Shah, chairman and CEO of Financial Technologies Group.
It also aims to be a leading market place for regional and international businesses to raise capital by issuing and listing various types of financial instruments on its markets. The exchange will offer full end-to-end automated trading, with clearing and depository settlement services.
