MEDIA RELEASE PR41745
Global Board of Trade Ltd (GBOT) Formally Launched by the Prime Minister of the Republic of Mauritius
Today
PORT LOUIS, Mauritius, Oct. 15 /PRNewswire-AsiaNet/ --
- 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
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 Nagëli, 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.
Please contact:
For business enquiries
Soumya Kanta Padhi
Business Development
TEL : +230-404-0013
Email: soumya.padhi@gbot.mu
For Media Enquiries
Michel Gilbert Deville
Corporate Communications
TEL: +230-404-0000
Email: mediagbot@gbot.mu
SOURCE: Global Board Of Trade Ltd. (GBOT)
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