BFX launch delayed again to Q1 2011

30/12/2010 00:00 AST

Bahrain Financial Exchange (BFX), the multi-asset exchange owned by India's Financial Technologies, launch has been delayed again to the first quarter of 2011, a spokeswoman told this website.

The spokeswoman refused to provide further details, saying that preparations are on to launch exchange in the first quarter. The exchange, however, was originally intended to be launched in the first quarter of 2010 but was delayed to fourth quarter (October to be exact) due to global financial crisis.

Now it has been delayed again for the second time to the first quarter of next year.

"We are in the final stages of internal testing and audit work and our business development teams have been engaging with the market to build up a solid base of membership across the Mena region for go live. Over the coming months we will be positioning our operations for a smooth introduction as well as working with members so that integration and testing is correctly project planned and seamless," Arshad Khan, Managing Director of BFX, told this website in April 2010 to announce the first delay.

BFX is intended to rival major regional bourses such as Nasdaq Dubai, offering trade in cash instruments, structured products, Shariah-compliant financial instruments as well as derivatives. Financial Technologies already has four exchanges in India, one each in Singapore, Dubai, Mauritius, Africa and now in Bahrain.


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