The Board of Directors of the Arab Federation of Capital Markets (AFCM) approved the admission of Bahrain Clear, a fully-owned subsidiary of Bahrain Bourse, with a full membership status of the AFCM during the virtual meeting that was held recently held.
The AFCM has voted for Bahrain Clear to be admitted as a full member of AFCM after meeting all the membership criteria of the AFCM.
On this occasion, Chief Executive Officer of Bahrain Bourse and Vice Chairman & Managing Director of Bahrain Clear, Shaikh Khalifa bin Ebrahim Al Khalifa commented, “We are honored that Bahrain Clear has attained full membership in the Arab Federation of Capital Markets, as this achievement is the result of the efforts taken by Bahrain Clear to enhance the services it provides to investors and issuers since its establishment in 2017, as well as its keenness to implement international standards in clearing, settlement and central depository."
“The achievement reflects the confidence of regional federations in Bahrain Clear's operations and services provided, and will certainly encourage us to develop further in order to enhance our status on a regional and international level."
Rami El-Dokany, Executive Chairman of the Egyptian Exchange and Supervisor of AFCM General Secretariat commented, “On behalf of all the members of the Arab Federation of Capital Markets, we are delighted to have Bahrain Clear among us. Hereby, we would like to extend our warmest welcome and lots of good wishes on becoming part of our growing team, aiming at building and enhancing the capabilities of all our members in a way that contributes to increasing the competitiveness of the Federation and to reach new heights".
The AFCM was established in June 1978 acting as an industry guiding body for the Arab stock exchanges, under the recommendation of the Arab Central Banks Conference, held under the auspices of the General Secretariat of the League of Arab States in the Hashemite Kingdom of Jordan. The Federation aims to create a transparent environment for the Arab capital markets, develop market members and reduce the barriers of security trading across the countries through establishing harmony across the laws and regulations of the Arab countries, adopting new technologies and advanced trading and clearing settlements. The federation currently has 24 members representing around 17 stock exchanges and 7 clearing companies, in addition to a number of brokerage companies in the Arab region.
It is worth mentioning that Bahrain Clear has been holding key positions in multiple industry associations and federations including Chairmanship of the World Forum of CSDs, and Presidency of AMEDA, a non-profit organization comprising of Central Securities Depositories and Clearing Houses in Africa and the Middle East.