• Home
• News Article

CBB approves XO Bahrain as a Licensed Broker Dealer of BFX

XO Bahrain will be the second foreign financial institution to establish its operations in Bahrain to provide brokerage services of BFX products to regional investors
Manama, Bahrain -26 July, 2011: The Bahrain Financial Exchange ( BFX ) announced today that XO Bahrain has been approved by the Central Bank of Bahrain ( CBB ) as a licensed broker dealer of the Exchange. XO has over 10 years experience in commodity and currency trading in the regional and global markets. It comprises of a team of experts that specialise in setting up sophisticated market access and providing trading solutions to satisfy the needs of a wide range of investors.

XO offers unparalleled access and technology services across capital markets as well as consultancy and connectivity services to clients through its distinct business model. XO Bahrain is establishing their operations in the Kingdom of Bahrain and also has a range of partnerships throughout the Middle East, Europe and North America. As part of the membership facilities, XO Bahrain will operate from a fully automated and serviced trading facility offered by the BFX to its licensed members on its trading floor at the Bahrain Financial Harbour.

Mr Abdul Rahman Al Baker, Executive Director - Financial Institutions Supervision at CBB , commented on the agreement saying "This partnership between the BFX and XO Bahrain clearly shows the opportunities which exist for international financial institutions in the Kingdom of Bahrain. This also proves the fact that the Kingdom of Bahrain continues to attract new financial institutions. We are glad that the BFX is facilitating foreign investment in the Kingdom of Bahrain."

Commenting on this occasion, Mr. Arshad Khan, Managing Director and Chief Executive Officer of the BFX and the BCDC, said "We welcome XO Bahrain as our latest member which highlights our continuing commitment to creating a strong network of BFX members resulting in the establishment of a distribution channel across the MENA region. This further strengthens Bahrain's leadership position as the financial hub of the region."

Mr. Mohamed Abdelhamid, Managing Director of XO Bahrain commented on the agreement "We are delighted with our expansion and membership at the Bahrain Financial Exchange . This membership provides our clients access to the BFX 's platform, making it easier to trade all asset classes and instruments under one roof. We anticipate that this collaboration will prove to be very successful. We are very thankful to the Central Bank of Bahrain for approving our application."

XO Bahrain provides consultancy services to its clients for FX and commodity trading as well as consultancy services to its clients for connectivity and low latency setups.

-Ends-

About Bahrain Financial Exchange ( BFX ):
The Bahrain Financial Exchange ( BFX ) is a pioneering cross border and multi-asset exchange in the Middle East and North Africa, which is internationally accessible to trade securities, derivatives, structured products and Shariah-compliant financial instruments. The BFX has set up the BFX Clearing and Depository Corporation (BCDC) to clear and settle the contracts it trades. The BFX and the BCDC are licensed and regulated by the Central Bank of Bahrain ( CBB ).

The BFX is a wholly owned initiative of Financial Technologies Group (FT Group), which currently owns one of the world's largest networks of 10 exchanges connecting fast‐growing economies of Africa, Middle East, India and South East Asia.

Bait Al Bursa (BaB) is an Islamic finance division of the BFX , exclusively offering electronic exchange traded Islamic financial instruments. Bait Al Bursa signifies the 'Home of Exchanges', and represents the BFX 's vision of providing a single venue for all the exchange traded business in the Islamic finance sector.

The BFX Training Institute ( BFX -TI) is an internationally accredited training institute, providing world class conventional and Islamic financial training and development courses.

The BFX is a member of the Futures and Options Association (FOA), the International Islamic Financial Market (IIFM), the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI), and a member of the Associations of Futures Markets (AFM).

www.bfx.bh

About XO Bahrain:
XO has over 10 years experience in commodity and currency trading in the region and in global markets. XO Bahrain provides consultancy on all financial derivatives it also provides corporate hedging on all asset classes and consultancy to all financial market participants ranging from individuals to market makers.

XO Bahrain uses world-class technology founded by industry veterans and domain experts. XO Bahrain through its distinct business model provides unparalleled access and technology services across capital markets as well as consultancy services and connectivity services to all its clients. XO Bahrain works closely with a team of experts that specialise in setting up the most sophisticated and fully customised market access and trading platforms to satisfy a wide range of market participants and their needs

For BFX media enquiries, please contact:
Ghizlane Rahali
Senior Marketing and PR Manager
Bahrain Financial Exchange
Phone: +973 1651 1511
Mobile: +973 39991878
Email: ghizlane.rahali@bfx.bh

For XO Bahrain media enquiries, please contact:
Mohamed Abdelhamid
Managing Director
XO Bahrain
Mob Egypt: +20104245500
Mob Bahrain: +97338316801
Email:mohamed.a@xobahrain.com

© Press Release 2011