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Wed 21 Jan 2009 02:32 PM

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Second stock exchange launches in Bahrain

India's Financial Technologies is behind BFX that is regulated by the Central Bank.

Mumbai-based Financial Technologies on Wednesday announced the launch of the Bahrain Financial Exchange (BFX).

The new exchange will be regulated by the Central Bank of Bahrain (CBB) and has been given approval to list cash and derivatives instruments on multiple asset classes, including currencies, commodities and equities.

The exchange is set to begin trading in the first quarter of next year and will also list and trade Sharia compliant products.

“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,” CBB executive director A.Rahman Al-Baker said.

Financial Technologies said the exchange will improve market transparency and cross-border economic integration in the Arab world.

“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,” the company said in a statement.

Jignesh Shah, chief executive and chairman of Financial Technologies, said that 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,” he said.

Financial Technologies is the biggest stakeholder in the Multi-Commodity Exchange of India (MCX) and has a market capitalization of $443.7 million.

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