Singapore Exchange Limited (SGX) and Bahrain Stock Exchange (BSE) have signed a consultancy agreement in Manama.
Under this consultancy agreement SGX, through its wholly owned subsidiary SGX-International (SGX-I), will provide overall guidance on the management and operations of BSE through training and knowledge transfer. This is to enhance BSEs competitiveness in the region by increasing its operational efficiency.
“SGX looks forward to sharing our best practices and knowledge with BSE to further enhance their product and service offerings to market participants,” says Seck Wai Kwong, senior executive vice president/chief financial officer of SGX and chairman of SGX-I.
As SGX is one of the most developed exchanges in Asia Pacific, we hope that SGXs extensive experience will enable us to increase our operational efficiency in a way that will support the Exchanges capabilities to play a greater role in the development of the country, especially those related to implementing Bahrains economic vision that was recently released, says Fouad Rashid, director of BSE. We aim to attract more listings and encourage financial institutions to provide investors with more exchange-traded products on our platform.
The agreement was signed by Seck and Rashid in the presence of H.E. Rasheed Al Maraj, Governor of the Central Bank of Bahrain and Chairman of the BSE; and Heng Swee Keat, Managing Director of the Monetary Authority of Singapore.
This consultancy agreement builds on the earlier Memorandum of Understanding signed between SGX and BSE on 14 October 2008 to explore areas of collaboration to benefit the financial services industries in Singapore and Bahrain.
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