PORT LOUIS, Mauritius, October 15, 2010 /PRNewswire/ -- GBOT will offer a basket of commodities and currency derivative products, including a global first for African currencies, on its platform regulated by Financial Services Commission (FSC), Mauritius.
The Global Board of Trade (GBOT), the first international multi-asset class exchange based out of Mauritius was officially launched this evening (Mauritius time: GMT+4) by the Guest of Honour, Dr The Honourable Navinchandra Ramgoolam, GCSK, FRCP, Prime Minister of the Republic of Mauritius at the InterContinental Resort, Mauritius. Over 300 global leaders from Africa, Europe, Middle East, Asia, the United States and Mauritius were present to witness the launch. The symbolic launch of GBOT was marked by the traditional sounding of the gong by the guest of honour. Trading on GBOT's state-of-the-art electronic platform will go Live on Monday, 18th October, 2010.
In his speech at the launch, Dr The Honourable Navinchandra Ramgoolam, GCSK, FRCP, Prime Minister of the Republic of Mauritius, said, "GBOT has the advantage of having Financial Technologies India Ltd as parent company. Mr. Shah is a bold entrepreneur with exceptional business acumen. FT has chosen Maurfitius after careful and rigorous analysis for setting up a multi asset exchange. I thank Mr. Shah for his confidence in our country. There are many reasons to welcome GBOT in Mauritius. GBOT adds depth to our domestic financial markets. GBOT brings entirely new dimensions to financial services systems by providing knowledge, technologyand business knowhow. We welcome currency derivatives segment as part of GBOT, today with the Mauritian Rupee against the UD Dollar, as well as other currency pairs. This will offer possibility to hedge in fluctuations on exchange rates, particularly for both importers and exporters and other companies. This is a small step for GBOT but a big stride for the Mauritian economy."
GBOT will offer commodity as well as currency derivatives products on its state-of-the-art electronic exchange platform with efficient clearing and settlement systems to ensure counterparty guarantee for all trades. As it commences trading on 18th October, 2010, GBOT will offer trading in Gold and Silver futures as well as USD/MUR, ZAR/USD, EUR/USD, GBP/USD and JPY/USD futures. For the first time worldwide, two African currency futures will be traded.
Other key dignitaries present alongside the Prime Minister of Mauritius for the ringing of the bell were The Honourable Pravind Kumar Jugnauth, Vice-Prime Minister, Minister of Finance and Economic Development of the Republic of Mauritius, His Excellency Shri M. Ganapathi, High Commissioner of India in Mauritius and Mr. Milan J. N. Meetarbhan, Chief Executive, Financial Services Commission (FSC), Mauritius. They were accompanied by Mr. Jignesh Shah, Vice Chairman of GBOT and Chairman of Financial Technologies Group, Mr. Venkat Chary, Chairman of GBOT and Mr. Joseph Bosco, MD & CEO of GBOT.
Mr. Venkat Chary, Chairman, GBOT, said, "The launch of GBOT is a significant development in the commodity and currency derivatives arena of Mauritius and Africa. As an international multi-asset class exchange, its value proposition is unique and I am quite confident that it will create a robust financial market ecosystem in Mauritius and Africa and address the growing need of market participants from Africa as well as across the globe."
Mr. Jignesh Shah, Vice Chairman, GBOT and Chairman, Financial Technologies Group, said, "The launch of GBOT today will be a landmark development in redefining Africa's commodity and currency derivatives landscape. GBOT is well poised to cater to the demand for a transparent and efficient exchange that will ensure price discovery, risk management and hedging in tune with world benchmarks. Our new exchange will be instrumental in unifying the fragmented African financial markets and in bringing the world to Africa and the African potential to the world and to its own people."
GBOT has a growing list of members and partners such as State Bank of India (Mauritius) Ltd., Bank One, Arab Global, One Financial, Afrasia Bank, Mauritius Commercial Bank, Banque des Mascareignes, Barclays Bank and Bramer Banking Corporation and global media corporations namely Bloomberg and ThomsonReuters.
"GBOT, as the first multi-asset class exchange from Mauritius, is bringing new impetus to investment from traditional and new players, whilst showcasing the African region's ability to harbour, to nurture and to benefit from, an exchange of such magnitude. We are most thankful to the Government of Mauritius, the Financial Services Commission (FSC), Policy makers, Board of Investment and market participants for their unflinching support. GBOT will bring global best practices into Mauritius and Africa's financial ecosystem and exhibit the vast potential of Africa to the global markets and investors," said Mr. Joseph Bosco, MD and CEO, GBOT.
GBOT is also a member of leading industry associations such as Association of Futures Markets (AFM), Futures and Options Association (FOA), Swiss Futures and Options Association (SFOA), and Defra EU Emissions Trading Scheme (EU ETS).
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.
GBOT has a very strong board comprising reputed names such as Mr. Mohamad Vayid, Chairman, National & Economic Social Council, Mauritius, Mr. Ranapartab Tacouri, Former MD, Bank of Mauritius and Mr. Sulliman Adam Moollan, Former Chairman, Stock Exchange of Mauritius, Mr. Jignesh Shah, Chairman-Financial Technologies Group, Mr. Joseph Bosco, MD and CEO, GBOT, Mr. V Hariharan, Director, Financial Technologies Group. GBOT's Executive Committee members are world-class financial and legal experts: Mr. Couldip Basanta Lala, Founder and Technical Director, International Financial Services Ltd, Mr Beat Nageli, Member of the Board of Directors, ABN Amro Switzerland and affiliated companies, Mr John Paul Thwaytes, Founder-Chairman , Options Direct (Europe) Ltd., Mr Laurence O'Connell, Former Managing Director of MF Global Ltd., Asia-Pacific and interim leader of European operations, Mr Sunil Kaushik, Head of Commodities - Sales and Structuring for Barclays (South Asia), Rajkamal Taposeea, Former General Manager, Al Rajhi Financial Services Company.
More information is available at http://www.gbot.mu Please contact: For business enquiries Soumya Kanta Padhi Business Development TEL : +230-404-0013 Email: firstname.lastname@example.org For Media Enquiries Michel Gilbert Deville Corporate Communications TEL: +230-404-0000 Email: email@example.com
SOURCE Global Board Of Trade Ltd. (GBOT)