GBOT Completes First Trading, Clearing and Settlement Cycle SuccessfullyBy Global Board Of Trade Ltd. gbot, PRNE
Monday, October 18, 2010
First International Multi-Asset Class Exchange from the Region Builds Upon its Proven and Scalable Systems and Risk Management
PORT LOUIS, Mauritius, October 19, 2010 - The Global Board of Trade (GBOT), the first international multi-asset
class exchange based out of Mauritius, successfully completed its first
clearing, trading and settlement cycle.
All the listed contracts in seven product offering including two precious
metals and five currency pairs were traded. A total of 418 contract- lots
were traded on the Exchange for a total value of US$ 10.72 million. This is
among the highest volume turnover clocked by any Greenfield exchange in the
region on its first trading day.
GBOT's maiden Daily Pay-Ins and Pay-Outs were completed at 8.30am and
1pm respectively Mauritius time on 19th October 2010, after 9 hour trading
session spanning markets across Australia , Asia , Africa & Europe.
Jignesh Shah, Vice-Chairman of GBOT and Chairman of Financial
Technologies Group, said: "GBOT's inaugural trading clearing and settlement
cycle was successfully completed and we thank our members, technology and
data service partners for a great start. Our immediate focus is on ensuring
that proper systems, processes and procedures are in place to ensure seamless
trading and risk mitigation which will enable creation of sustained liquidity
over a period of time. Through GBOT, we will ensure the creation of a culture
of trading on transparent and authentic mediums such as exchanges which offer
anonymity, counterparty guarantee of trades and fair price discovery. Our
vision is two-fold: Firstly, to unifying Africa's highly fragmented financial
markets and empower it with a transparent avenue for true-price discovery and
secondly, to enable global investors with apposite access to Africa and its
natural resource richness."
Commenting on that performance for the first day of trading, Joseph
Bosco, MD & CEO of GBOT, said: "I would like to congratulate our trading &
clearing members, clearing banks, and technology providers for the seamless
execution of the clearing, trading and settlement cycle and thank them all
for the support provided in enabling GBOT become the gateway to connect
Africa to the global financial markets. The figures of first day trading on
GBOT have justified the need for an new generation tech-centric exchange for
African financial markets and we are focused on listing contracts to meet
specific market needs of industry participants by providing customized
GBOT went live with leading trading and clearing members on
board, along with world-class technology partners and Independent Software
Vendors (ISVs) to develop both front and back office applications for optimal
connectivity worldwide. Price feeds on GBOT Contracts are available through
Bloomberg and Thomson Reuters.
ABOUT GLOBAL BOARD OF TRADE LTD
Global Board Of Trade Ltd. (GBOT) is the first international
multi-asset class exchange from Mauritius offering a basket of commodity
derivative products including metals, energy, agri-soft, as well as currency
derivative products. GBOT will commence trading on its state-of-the-art
electronic exchange platform with efficient clearing and settlement systems
to ensure counterparty guarantee for all trades.
Regulated by Financial Services Commission (FSC), GBOT is
strategically located at the crossroads of Africa and Asia and offers an
ideal platform for global investors to access many of the world's fastest
growing economies from Mauritius.
GBOT is promoted by the Financial Technologies Group
(www.ftindia.com), a global leader in setting up and operating
tech-centric next generation exchanges in the emerging but fast growing
economies from Africa to Asia and Middle East to South East Asia. The Group
operates one of the largest exchange networks comprising 10 exchanges and
6 ecosystem ventures which address upstream and downstream opportunities
around exchanges, including clearing, depository, information vending, and
payment gateway among others.
More information is available at www.gbot.mu
Please contact: For business enquiries For Media Enquiries Soumya Kanta Padhi Michele Gilbert Business Development Corporate Communications TEL : +230-404-0013 TEL: +230-404-0000 Email: email@example.com Email: firstname.lastname@example.org
For business enquiries: Soumya Kanta Padhi, Business Development, TEL : +230-404-0013, Email: soumya.padhi at gbot.mu; For Media Enquiries: Michele Gilbert, Corporate Communications, TEL: +230-404-0000, Email: communications at gbot.mu
Tags: Global Board Of Trade Ltd. (gbot), Mauritius, October 19, Port Louis