The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (Mena) region, proudly announces achieving a key milestone with the cumulative (single-side) trading turnover value crossing the $10 billion mark on Aug.1, 2012, with the total trading volume increasing to 196,431 contracts. The highest (single-side) daily trading turnover was $400.63 million, with a trading volume of 7,199 contracts achieved on July 27, 2012.
The cumulative trading turnover of the Bahrain Financial Exchange Futures reached the first $5 billion milestone in 146 trading days; whereas, the next $5 billion was achieved in the subsequent 33 trading days.
This indicates the growth in the momentum of the trading activity, largely due to the narrow bid-ask spread and higher liquidity for the Bahrain Financial Exchange Futures.
The BFX trading turnover in July 2012 was almost 8.50 times the total trading turnover in the entire Q1 2012 and is already at 64.33 per cent of the total trading turnover for the entire Q2 2012. Similarly, the BFX trading volume in July 2012 was almost 6 times the entire trading volume in Q1 2012 and is already at 59.47 per cent of the total volume in Q2 2012.
The average daily trading turnover increased by almost 46 times from $3.66 million (Jan 2012) to $167.98 million (July 2012). The average trading volume increased by 30 times from 100 contracts (Jan 2012) to 3,019 contracts (July 2012).
As on the 1st of August 2012, the largest traded contract was the BFX USDINR Index Futures, with a total trading turnover of $6.28 billion and volume of 112,709 contracts (since its launch on March 12, 2012). The BFX Gold Futures clocked a trading turnover of $3.57 billion with volume of 69,887 contracts.
Commenting on the occasion, Arshad Khan, Managing Director and CEO of the BFX and the BFX Clearing and Depository Corporation (BCDC), said: “Achieving the $10 billion milestone in only eight and a half months since the launch of the BFX conventional segment is a significant achievement. With several other major derivatives products in the pipeline as well as cash market instruments, we are confident of becoming the leading exchange in the Mena region.”
The Bahrain Financial Exchange is a pioneering international financial exchange based in the Kingdom of Bahrain and internationally accessible to trade cash, derivatives, structured products and Shariah-compliant financial instruments. The BFX has set up the BFX Clearing and Depository Corporation (BCDC) to clear and settle the financial instruments traded by the members of the BFX. The BFX and the BCDC are licensed and regulated by the Central Bank of Bahrain (CBB).