Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA), confirmed that it has received strong interest from 50 leading financial institutions and brokerage companies to date from its membership drive campaign, with many of the institutions having started the membership application process. .
The multi-country tour which commenced in the beginning of June includes a series of meetings in India, Egypt, UAE, Saudi Arabia, Qatar, Kuwait, Jordan, Syria and the UK, and comes as part of the BFX's preparations for its launch in October this year.
Commenting on this milestone, Arshad Khan, Managing Director and Chief Executive Officer of the BFX and BFX Clearing and Depository Corporation (BCDC), said, "The fantastic response clearly demonstrates the existing need for the BFX's products and services in the region. We offer our members a truly unique value proposition through our internationally accessible multi-asset trading environment and extensive complimentary support services."
BFX members will have access to multi-asset class products via both its electronic trading platform and the BFX trading floor located on the 12th floor at the Bahrain Financial Harbour. The exchange will also allow its members to manage risk and enable investment in a well-regulated and secure environment with central counterparty clearing and settlement.
In addition, the BFX complements its offering with an in-house client services team to respond to trader and user requirements. This is in addition to the service managed trading and back office solutions for individual or corporate users which include ancillary services such as providing real time data and news.
"With our imminent launch, our dedicated business development teams have been making a strong push to promote the BFX's unique offerings as we aim to continue momentum in our target markets in the MENA region. Our prospective members have appreciated the multi-asset offering which is supplemented with comprehensive services from the BFX including training, serviced offices on the trading floor, outsourced trading and back office applications. This packaged offering is allowing prospective members to start operations with minimal set-up and operating costs. The promising start to our campaign bodes well for us, and we anticipate a similar level of interest in the remaining visits of our tour." Khan added.
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 Members, Trading Members, Clearing Members and Authorised Remote Members. Full membership details are available at the BFX website www.bfx.bh
Following the finalization of the membership application process, new members will go through an exclusive training course at the world-class BFX Training Institute (BFX TI). These courses will introduce members to the exchange's facilities, products, and procedures. The BFX TI Institute recently earned accreditation from the UK's Institute of Leadership & Management (ILM), the world's largest accreditation body with a network of over 2,000 centres worldwide, to deliver a range of accredited leadership and business courses.
