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Bahrain Bank Becomes DIFX Market Maker

by Lorys Charalambous, Tax-News.com, Cyprus

06 September 2006


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.

Under the arrangement, SICO will provide both buy and sell prices in the shares of Al Baraka Banking Group (ABG) on the DIFX.

ABG, the Bahrain-based Islamic banking group, was due to list its shares on the DIFX on September 4th.

Nasser Alshaali, Chief Operating Officer of the DIFX hailed the move as a "ground-breaking example of capital markets cooperation in the region".

“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," he observed.

Anthony C. Mallis, Chief Executive Officer of SICO added: “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.”

Although not itself a member of the DIFX, SICO will make a market on the exchange through relationships with other organisations.


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