PORT LOUIS, Mauritius, October 19, 2010 /PRNewswire-FirstCall/ --
- First International Multi-Asset Class Exchange from the Region Builds Upon its Proven and Scalable Systems and Risk Management
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 futures contracts."
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 (http://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 http://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: firstname.lastname@example.org Email: email@example.com
SOURCE Global Board of Trade Ltd. (GBOT)