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The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, announced the appointment of BMI Bank (BMI) as a trading and clearing member of the BFX. This is a significant milestone as the BFX increases its market outreach across the Middle East region.
BMI Bank is a Bahraini retail bank offering a full range of retail and commercial banking services and will be able to trade in multi-asset class products via the BFX electronic trading platform. As part of its membership, BMI Bank will also have access to the BFX clearinghouse, the BFX Clearing and Depository Corporation (BCDC), which will allow them to offer clearing and settlement services to their customers and to the other trading members of the BFX. BMI Bank's shareholders include Bank Muscat, the leading financial services provider in the Sultanate of Oman.
Arshad Khan, managing director and CEO of BFX and BFX Clearing and Depository Corporation (BCDC), said: "We are pleased to welcome BMI Bank on board. It is built on very solid financial foundations with one of the strongest and most respected financial institutions in the GCC area as its shareholders. Our commitment is to support BMI Bank with a wide range of trading and exchange services while providing robust risk management and trading facilities."
Jamal Ali Al Hazeem, CEO of BMI Bank, said: "This partnership with the BFX is in line with our commitment to providing our customers with unique opportunities that complement the bouquet of products and services that we offer. Both BMI Bank and the BFX are relatively young and dynamic institutions, and we will continue to build our synergies creating further opportunities for our customers as well as the regional financial markets."
