The membership work will involve business development teams from the BFX meeting with key personnel from leading financial institutions in the MENA region to discuss opportunities on how they can participate in the BFX markets
India-based Financial Technologies India (FTIL) group's unit, Bahrain Financial Exchange (BFX) has started its membership campaign to concentrate liquidity across the Middle East and North Africa (MENA) region via its multi asset product portfolio. BFX is a multi-asset exchange in the MENA, which will be internationally accessible to trade cash instruments, derivatives, structured products and Shariah-compliant financial instruments.
Jignesh Shah, chairman and group chief executive, FTIL group said, “Asia, Middle East and Africa are among the fastest growing regions in the world and are expected to continue to grow annually at 6% to 10% over the next 25 years. The Financial Technologies Group is perhaps the first company in the history of modern civilization to successfully set up three greenfield regulated exchanges from ground up, which would go live in the same year. The scale of the vision is based on the ‘spice and silk routes’ that used to connect trading and financial communities from Africa, Middle East, India and Asia centuries ago with the rest of the world. Singapore, Bahrain and Mauritius are ranked among the top international financial centres and are equivalent of ‘New York and London and Tokyo’ of Asia, Middle East and Africa—the fastest growing economies in the world. The Financial Technologies Group is singularly positioned to proxy the growth of these economies.”
The membership work will involve business development teams from the BFX meeting with key personnel from the leading financial institutions in the MENA region to discuss opportunities on how they can participate in the BFX markets. This work will also involve activity outside the region in places such as the US, London and India.
"We have set ourselves very aggressive targets, which have been built from meeting over 200 market players and I am pleased that we can approach these directly to bring them on the BFX as members. We are also seeing great interest from outside the MENA markets due to the attractiveness and economic development taking place across the MENA markets,” said Arshad Khan, managing director and chief executive, BFX and BCDC.
The BFX is offering membership via four categories, each offering varying trading and clearing rights: Trading and Clearing Members, Trading Members, Clearing Members and Authorised Remote Members. Each category of membership infers different levels of access to the market and has been defined depending on the level of participation required by the financial institution and its clients.
As part of the membership facilities, the BFX will offer to its members fully serviced trading facilities on the BFX Trading Floor. This will include an in-house client services team on hand to respond to trader requirements, service managed trading and back office solutions for individual or corporate users, data and information vending, the BFX said in a release.
The BFX will go live in October. The FTIL group is planning to make its three greenfield international exchanges go live in this year. FTIL's Singapore Mercantile Exchange (SMX) is scheduled to go live in August, followed by Mauritius-based Global Board of Trade (GBOT) going live in September and BFX in October.