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THE Bahrain Financial Exchange (BFX) - the Middle East and North Africa's first ever multi-asset exchange - will start live operations in February, the first part of a two-phased launch strategy.
The exchange will adopt a phased approach to its trading whereby its Islamic division - Bait Al Bursa will start its e-Tayseer platform for general use on February 7, and its conventional segment will start on March 7.
This approach is designed to give participants sufficient time to market and develop business in the BFX's Islamic sector in advance of launching the conventional market.
The official launch of the BFX will be marked by a ceremony held under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa on February 1.
After two years of highly-focussed and involved hard work, the BFX is set to revolutionise trading in the MENA region.
The BFX will be a unique global exchange where multi-asset class instruments will commence trading on a single exchange environment offering its users Islamic products, currencies, commodities and equity indices in its first phase of live operations.
The launch of the BFX will include the start of operations of Bait Al Bursa, the BFX's Islamic division, as well as the BFX Clearing and Depository Corporation (BCDC).
It will provide the region with a fully integrated electronic trading platform, with a plug and trade trading floor, which will be internationally accessible to trade securities, structured products, Sharia-compliant financial instruments and derivatives.
The BFX provides a unique opportunity for the MENA financial services sector to link-in with established markets and take a step forward on the global financial services stage. This accomplishment of the development and implementation of the BFX in only two years is viewed as a landmark achievement.
Jignesh Shah, CEO and chairman of the Financial Technologies Group and chairman of the BFX and the BCDC, said: "The first day of trading for the Bahrain Financial Exchange will be a momentous event for the financial services industry in the Middle East and North Africa.
"When we started the project, we recognised that there was a gap in the market and that the MENA financial sector needs to have a fully functioning multi-asset exchange to be able to fulfil its true international potential."
When it launches, the exchange will already have 10 tradable products on its conventional platform, including commodities, currencies and equity indices as well as e-Tayseer on its Islamic platform. It will offer traders and investors real portfolio diversification from day one.
