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The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa, announced the procurement of a financial cover from The New India Assurance Co for enhancing the settlement services of the BFX Clearing and Depository Corporation (BCDC), a wholly-owned clearing corporation of the BFX.
This unique insurance provision implemented by the BFX supplements its settlement guarantee fund which in turn builds and sustains confidence in its clearing and settlement mechanism.
The insurance affords the exchange security against all financial transactions, which includes a first-of-its-kind coverage of the SGF to the exchange and its members.
Arshad Khan, managing director and chief executive officer of BFX and BCDC, said: "We are proud to offer this insurance protection to all BFX members and expect it play a big role in pushing our membership drive."
