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Bahrain BFX to launch conventional trade after delay
Originally planned to launch on March 7, BFX seems finally set to launch in two weeks with the bourse to remaining in Bahrain despite recent unrest.
April 6, 2011 2:46 by Reuters
The Bahrain Financial Exchange (BFX) expects to begin trading on its conventional platform in the next two weeks after delaying a scheduled launch because of political unrest, its top executive said.
BFX, owned by India’s Financial Technologies Ltd, was launched in February this year as a multi-asset exchange aiming to offer trading in both conventional and Islamic products in equities, derivatives, commodities and currencies.
It launched its Islamic platform on Feb. 7 and was planning to begin trading of conventional assets a month later, but had to scale back on the plans as violence erupted in the tiny non-OPEC oil-producing country.
“We have a date in mind and we should launch the platform in a couple of weeks,” Arshad Khan, managing director and chief executive of BFX, told Reuters.
BFX will remain in Bahrain despite the political situation which was a short-term event, the executive said.
“When our shareholders set up this exchange, they did it with a long-term plan. We are licensed in Bahrain and we have a lot of support from the government here,” Khan said.
BFX had planned to begin operations in the first quarter of 2010 but delayed its launch last year citing sluggish market sentiment.
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