This will enable ABC to maximize on its trading opportunities and utilize the Exchange to manage risk and facilitate investments in a secure environment with central counterparty clearing, BFX announced.
ABC is a leader in trade finance, treasury, project & structured finance, syndications, corporate & institutional banking as well as Islamic banking.
Amr Gadallah, group treasurer of ABC, said: "We are confident that this partnership with the BFX is a move forward in our efforts to maximize the opportunities made available to our portfolio of investments and brokerage.”
Gadallah said the Arab Banking Corporation undertakes significant trading transactions as a regional leader in multi-asset treasury and investment products, trade and structured finance.
“We will be providing access to the BFX markets for all our group companies thus utilizing the maximum benefits of partnering with such an innovative and diversified exchange like the BFX," said the group treasurer.
Arshad Khan, managing director and chief executive officer of the BFX and the BFX Clearing and Depository Corporation (BCDC), said: "This partnership consolidates our position in the market as the sole pioneering and innovative multi-asset Exchange.”
Khan added: “With members like the ABC, we will be able to spread the reach of our market across the MENA region offering attractive internationally renowned products that fill the gaps that currently exist in the regional financial markets.”
He said: “The volumes on our conventional segment are growing steadily since our launch and with the participation from financial institutions like the ABC, the volumes will grow further."
The BFX membership is 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 member, trading member, clearing member and authorized remote member.
The products that are currently listed on the BFX for trading are gold futures, euro-US dollar futures and natural gas futures.
The BFX will be adding additional products from equity index, commodities and currencies basket in the near future.
