Financial Technologies launches Baharian Financial Exchange

Financial Technologies (India) Ltd. has announced the launch of the Bahrain Financial Exchange (BFX).

The BFX regulated by the Central Bank of Bahrain (CBB) and 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 or Sharia compliant products.

Jignesh Shah, CEO and chairman, Financial Technologies, said, "Bahrain is widely regarded as the best-regulated financial centre in the Middle East. Important developments are taking place in the country to widen the scope of the financial services. Through the BFX, Financial Technologies will endeavour to participate in these developments and significantly contribute to the emerging globalised economy of Bahrain. The multi asset profile of BFX will give it a unique standing to become a leading market place in the region."

The BFX will be an international financial exchange providing the widest possible access to its brokers from any part of the world to trade in multi asset products through a single venue. 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-toend automated trading, with clearing and depository settlement services, providing low latency and low transaction costs.

The exchange which is already registered with the ministry of industry and commerce will begin trading in the first quarter 2010 and will serve financial market participants, investors and issuers, to provide services for hedging, arbitrage, investment and fund raising.

A.Rahman Al-Baker, executive director, Central Bank of Bahrain, said, "BFX is part of the broadening of the capital market services within the economy of the Kingdom of Bahrain. BFX will in addition to the current services offered by the Bahrain Stock Exchange as the market for the listing of equity and debt securities, provide additional investment opportunities to global, regional and local investors. Bahrain is home to over 400 financial institutions and with the establishment of BFX, an international multi asset financial exchange in Bahrain, will strengthen its position as the leading financial hub of the region.