Mauritius launches GBOT – a currency exchange

Global Board of Trade (GBOT in short) just announced that the first ever currency exchange based in Africa will launch

Global Board of Trade (GBOT in short) just announced that the first ever currency exchange based in Africa will launch next week on 15th October. GBOT will offer commodity and currency derivative trading, much similar to CME Group.

Come to think of it, this announcement can be linked to the recent expulsion of all forex brokers registered in Mauritius. Some could speculate that FSC is trying to get rid of a local competition before launching an exchange which may be more profitable to the country.

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GBOT set to be launched on 15th October by the Hon. Prime minister of the Republic of Mauritius

The official launch ceremony scheduled to be held on 15th October, 2010 at the InterContinental Mauritius Resort, Balaclava Fort, will herald a new era in the history of trading between Africa, Asia and the global markets.

Mauritius, 28th September, 2010: The Global Board of Trade (GBOT), the first international multi-asset class exchange based out of Mauritius will be officially launched on 15th October, 2010 by the Guest of Honour Dr. The Honourable Navinchandra Ramgoolam, GCSK, FRCP Prime Minister of the Republic of Mauritius at the InterContinental Resort, Mauritius, Balaclava Fort. Over 200 global leaders from Africa, Europe, Middle East, Asia & the United States will be present to witness the launch. GBOT will commence trading on its state-of-the-art electronic trading platform from 18th October, 2010.

GBOT is the first international multi-asset class exchange from Mauritius that will offer a basket of commodity derivative products including metals, energy, agri-soft, and currency derivative products on its state-of-the-art electronic exchange platform with efficient clearing and settlement systems to ensure counterparty guarantee for all trades. To begin with, GBOT will offer trading in Gold, Silver, MUR/USD, USD/ZAR, EUR/USD, GBP/USD and JBY/USD.

Commenting on the announcement, The Honourable Pravind Kumar Jugnauth, Vice-Prime Minister, Minister of Finance and Economic Development of the Republic of Mauritius said, “I heartily welcome Global Board of Trade Limited in the economic and financial landscape of Mauritius. I am confident that the commodities and currency derivatives market being set up by GBOT will contribute in further enhancing the attractiveness of Mauritius as a business, trade and financial hub.”

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GBOT’s recently appointed Chairman Mr. Venkat Chary added, “GBOT will surely play a key role in creating a vibrant financial market ecosystem in Africa from Mauritius, which has been growing fast and attracting global investors and corporations. GBOT will provide an ideal platform to access the fast growing economies of the African region and also create new opportunities for Africa to trade with the global markets.”

“The cumulative GDP of Africa is estimated to be US$2.6 trillion by 2020, with consumer spending of over US$1.4 trillion, which is ample testimony to the fact that the continent is well-poised to see high levels of growth in the next decade. GBOT will create an ideal risk mitigation platform to cater to increasing levels of business activity and revolutionise the financial markets’ landscape of Africa. In the years to come, GBOT will present a plethora of opportunities to the African population and global investors alike to partake in the African growth story” said Mr.Jignesh Shah, Vice Chairman, GBOT and Chairman, Financial Technologies Group.

“I would like to thank the Government of Mauritius, the Market Regulator Financial Services Commission (FSC), Bank of Mauritius (BOM), Policy makers, Board of Investment and market participants for being extremely supportive. We will ensure the creation of a global multi-asset exchange and play a crucial part in shaping Africa’s commodities and currency derivatives trading industry. Through GBOT, we will enable Africa decide the true value of its commodities in its own time zone rather than chasing other markets and their time zones.” said Mr.Joseph Bosco, MD and CEO, GBOT.

ABOUT GLOBAL BOARD OF TRADE LTD

Global Board Of Trade Ltd. (GBOT) (www.gbot.mu) is the first international multi-asset class exchange from Mauritius that will offer 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 (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.

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