DIFX reached landmark arrangement with Bahrain-based Securities & Investment Company
Securities and Investment Company BSC (SICO), the Bahrain-based investment bank, has made a groundbreaking arrangement to facilitate trading on the Dubai International Financial Exchange (DIFX) by making a market.
SICO will provide both buy and sell prices in the shares of Al Baraka Banking Group (ABG) on the DIFX under the arrangement. ABG, the Bahrain-based Islamic banking group, is due to list its shares on the DIFX on September 4th.
Nasser Alshaali, Chief Operating Officer of the DIFX, said: "SICO will be the first member of any Gulf Cooperation Council (GCC) exchange to make a market in shares on an international exchange. This will benefit investors who wish to trade ABG shares by promoting liquidity.
"It is also a ground-breaking example of capital markets cooperation in the region."
Anthony C. Mallis, Chief Executive Officer of SICO said: "We are delighted by this opportunity to make a market on the DIFX, the region's international exchange. As an experienced broker in Bahrain, we will offer investors on the DIFX a first-class trading facility for ABG shares."
Though not itself a member of the DIFX, SICO will make a market on the exchange through relationships with other organisations.