Kingdom of Bahrain, Manama, 13th April, 2010: The Bahrain Financial Exchange (BFX), the Multi-Asset exchange in the Middle East and North Africa, which will be internationally accessible to trade cash instruments, derivatives, structured products and shariah-compliant financial instruments, has confirmed it will launch in October of this year.
BFX Managing Director & Chief Executive Officer Mr. Arshad Khan said: "I am delighted to announce that the BFX will begin its operations in October of this year. Significant planning has gone into developing this date and reflects consultation with the market, regional market dynamics and internal testing and readiness".
He Added: "We are in the final stages of internal testing and audit work and our business development teams have been engaging with the market to build up a solid base of membership across the MENA region for go live. Over the coming months we will be positioning our operations for a smooth introduction as well as working with members so that integration and testing is correctly project planned and seamless".
The BFX has been working over the past one year to complete its entire exchange infrastructure, including the development of its products and services within both the Islamic and Conventional sectors, along with the implementation and testing of its state of the art technology. The BFX has its own clearing corporation, the BFX Clearing and Depository Corporation (BCDC) and an in-house International Training Institute, offering Learning and Development solutions for both individuals and corporates alike.
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About BFX:
The Bahrain Financial Exchange (BFX) is a pioneering cross border and multi product exchange in the Middle East and North Africa, which will be internationally accessible to trade cash instruments, derivatives, structured products and shariah-compliant financial instruments in a phased manner. The BFX is regulated by the Central Bank of Bahrain (CBB) having an in-principal approval.
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.
The BFX has set up its Clearing and Depository Corporation (BCDC) to clear and settle the contracts it trades.
The BFX Training Institute is an international standard in - house training facility, providing world class conventional and Islamic financial training and education 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).
Press enquiries to:
Narjes Yousif
Press & PR Executive
Tel: 00973 16511 553
Fax: 00973 16511 599
E-mail: narjes.yousif@bfx.bh
© Press Release 2010
