ABC joins BFX as trading member
Manama, December 12, 2011
The Arab Banking Corporation (ABC), a Bahrain-based international bank, has become a trading member of the multi-asset Bahrain Financial Exchange (BFX).
Amr Gadallah, group treasurer of ABC, said: “As a regional leader in multi asset treasury and investment products, trade and structured finance, the Arab Banking Corporation undertakes significant trading transactions, and we are confident that this partnership with the BFX is a move forward in our efforts to maximise the opportunities made available to our portfolio of investments and brokerage. We will provide access to the BFX markets for all our group companies thus utilising the maximum benefits of partnering with BFX.”
“The membership will enable the bank to maximise on its trading opportunities and utilise the exchange to manage risk and facilitate investments in a secure environment with central counterparty clearing,” he said.
Arshad Khan, managing director and CEO of the BFX, BFX Clearing and Depository Corporation (BCDC), said: “With members like the ABC, we will be able to spread the reach of our market across the Mena region offering attractive internationally renowned products that fill the gaps that currently exist in the regional financial markets. The volumes on our conventional segment will grow further.”
The BFX membership is 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 include trading and clearing member, trading member, clearing member and authorised remote member.
The products that are currently listed on the BFX for trading are gold futures, Euro-US Dollar futures and natural gas futures. The exchange will add additional products from equity index, commodities and currencies basket in the near future. – TradeArabia News Service