BFX completes six months of record trading
Manama, May 29, 2012
The Bahrain Financial Exchange (BFX), the first multi-asset international financial exchange in the Mena region, has successfully completed six months of trading on the BFX Futures markets.
Announcing this on Tuesday, the exchange said its cumulative (single-side) trading turnover on the BFX Futures surged to $3.68 billion during the period from November 23, 2011 to May 25, 2012). The cumulative trading volume reaching 77,076 contracts.
The highest (single-side) daily trading turnover was $224.74 million, with a trading volume of 4,535 contracts achieved on the May 16.
The BFX Gold Futures contract was the most actively traded contract in this period with its trading volume increasing to 59,065 contracts (total trading turnover of $3.03 billion; total quantity of 189 million ounces equivalent to 58.79 metric tonnes).
The first $1 billion mark in cumulative trading turnover was achieved in 107 trading days; whereas, the next $1 billion mark in cumulative trading turnover was achieved in only 12 trading days, and the third $1 billion mark in just 7 trading days.
Arshad Khan, the managing director and chief executive officer of the BFX and the BFX Clearing and Depository Corporation (BCDC), said, "Quadrupling the total trading volume from $1 billion to close to $4 billion in a period of one month reflects the immense opportunities the BFX has created for market participants."
"We take pride that in less than six months time, the BFX has achieved tight spreads in all the products, liquidity is increasing rapidly and prices are getting in line with the international markets," remarked Khan on the exchange's success.
"With these attributes firmly in place, the BFX Futures market can be more efficiently utilised for trading, investment and hedging purposes by the physical and financial industry of the region," he stated.
"Establishing such a market place in such a short time-frame underscores our commitment to position the BFX as the market of choice," he added.-TradeArabia News Service