The license presentation ceremony took place in Labuan earlier this month as part of the Labuan Offshore Financial Services Authority's (LOFSA) 10th Anniversary celebration, and was led by Chairman of the LFX Licensing Committee, Dato’ Dr. Nik Norzrul Thani.

A Listing Sponsor of the LFX is primarily responsible for providing advice, structuring and arranging for the listing of both conventional and Islamic financial instruments on the LFX and for any subsequent post-listing obligations arising from the listings of the instruments.

“This announcement marks a debut appointment of foreign financial institutions as LFX listing sponsors," observed Yusli Mohamed Yusoff, Chairman of LFX Board and CEO of Bursa Malaysia Berhad.

"It is a testimony of LFX’s growing credibility and the increasing recognition by international financial institution on LFX as an offshore exchange as well as a global offshore financial business sector," he added.

Sanjeev Nanavati, Country Head for Corporate and Investment Banking, Citigroup Malaysia added that: "Citibank Labuan is delighted to be picked as the first foreign listing sponsor on LFX."

"Given our depository, clearing and settlement abilities this listing license will help us to further develop our business in Labuan and help contribute to the development of Labuan as a major financial centre," he noted.

The current number of listings on LFX is 36, comprising of six Sukuks (an Islamic fixed income instrument), six open-ended funds, twenty-two conventional debt securities, exchangeable bonds and two preference shares. This brings the total market capitalisation of LFX to US$13.45 billion.