Financial Technologies-promoted Bahrain Financial Exchange (BFX), the first bourse in the Middle-East and North Africa Region (Mena) , on Wednesday commenced live conventional trading operation.
Financial Technologies, also a promoter of the Multi-Commodity Exchange of India (MCX), had launched BFX\’s Islamic division \’Bait Al Bursa\’ in February 2011.
?The launch of the conventional segment is in line with the strategy to establish BFX as the only multi-asset exchange in the region offering its members and their customers the opportunity to trade in various asset classes like derivatives, equities, fixed income, exchange traded funds, and structured products in both the conventional and Islamic finance vertical,? a company statement said.
In its initial phase, the BFX has launched three derivatives products ?natural gas futures, gold futures and Euro, US Dollar futures.
BFX will be adding additional offerings from currencies, commodities, and indices baskets shortly.
Shaikh Mohammed bin Essa Al-Khalifa, chief executive of the Economic Development Board, Bahrain, said: ?Sophisticated financial markets, such as the BFX, enable free flow of capital, which is vital in promoting economic growth and helping businesses to create jobs and opportunities for all Bahrainis.?
Jignesh Shah, chairman & Group CEO of Financial Technologies Group and chairman of the Bahrain Financial Exchange, said: ?Bahrain, being the oldest financial centre of the Gulf and a globally leading centre for Islamic finance, is the ideal location for an international multi-asset exchange like the BFX, which offers products in both Islamic and conventional finance accessible to the trading community across the globe.?