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Bahrain Stock Exchange and DIFX create landmark trading link

PUBLISHED ON 31-Aug-2006
Bahrain Stock Exchange and DIFX create landmark trading link

The Dubai International Financial Exchange (DIFX) and the Bahrain Stock Exchange (BSE) have built a unique link to facilitate trading in the shares of Albaraka Banking Group (ABG) on each other's markets.

ABG's shares are due to dual list on both exchanges on September 4, 2006.

Nasser Alshaali, Chief Operating Officer of the DIFX, said: "The link will enable investors who hold ABG shares on one market to easily trade them on the other, if they so wish. This benefits investors and will encourage liquidity on both the BSE and on the DIFX, the region's international exchange."

The link involves a technical connection between the central securities depositaries of both exchanges. It is the first such connection to be created between any Gulf Cooperation Council (GCC) stock exchange and an international exchange.

Fouad Rashid, BSE's Director, said: "This link demonstrates the complementary nature of a listing on our two exchanges. It offers choice and flexibility to meet the needs of regional and international investors in ABG and facilitates trading six days a week."

The trading hours of the exchanges differ from each other. The DIFX is open Monday through Friday from 11.45am to 5pm (7.45am to 1pm GMT) and the BSE is open Sunday through Thursday from 10am to 12pm (7am to 9am GMT).

From the first day of trading there will be a market making arrangement in place on the DIFX, by which prices will be offered to both buy and sell. This is designed to promote liquidity in the shares.

Information for investors who wish to trade ABG shares:

  • The shares of Albaraka Banking Group B.S.C. ("ABG") are due to be dual- listed on the Bahrain Stock Exchange ("BSE") and the Dubai International Financial Exchange ("DIFX") and trading will commence in these shares effective from the opening of trading hours of the respective stock exchanges on Monday, September 4, 2006.
  • The pre-requisites for trading are as follows: 1. for trading on the BSE: you must have an account with a broker on the BSE - a list of the Trading Members is available on the BSE website: www.bahrainstock.com 2. for trading on the DIFX: you must have an account with a Broker on the DIFX, i.e. a Trading Member of the DIFX or an Entity that has Direct Market Access to the DIFX Market - a list of the Trading Members is available on the DIFX web site: www.difx.ae
  • You can transfer your holdings from one Exchange to another, thereby permitting you to trade on both exchanges
  • If you wish to trade on the BSE, please contact any Broker on the BSE
  • If you wish to trade on the DIFX please contact a Broker on the DIFX (i.e. a Trading Member on the DIFX or an entity that has Direct Market Access to the DIFX market).
  • The Broker will take your buy / sell order and, if applicable, request you to fill in a Transfer Form (to transfer the securities between the two Exchanges) and will execute the order.
  • The Transfer Form (called "Application Form for Transfer of Securities")

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