BFX names BMI Bank as trading member
Manama, January 26, 2011
The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Mena region, has appointed BMI Bank as a trading and clearing member of BFX.
BMI Bank is a Bahraini retail bank offering a full range of retail and commercial banking services and will be able to trade in multi-asset class products via the BFX electronic trading platform.
As part of its membership, BMI Bank will also have access to the BFX clearinghouse, the BFX Clearing and Depository Corporation (BCDC), which will allow them to offer clearing and settlement services to their customers and to the other trading Members of the BFX.
“Our commitment is to support BMI Bank with a wide range of trading and exchange services while providing robust risk management and trading facilities,” said Arshad Khan, MD and chief executive of the BFX.
“This partnership with the BFX is in line with our commitment to providing our customers with unique opportunities that complement the bouquet of products and services that we offer,” added Jamal Ali Al-Hazeem, chief executive officer of BMI Bank.
BFX memberships are offered in four categories, allowing different levels of access to the market depending on the level of participation required by the financial institution and its clients. The membership categories are: trading and clearing member, trading member, clearing member and authorised remote member.
All new BFX Members undertake exclusive training courses at the BFX Training Institute (BFX-TI), which introduce members to the exchange’s facilities, products, and procedures.-TradeArabia News Service