Bahrain Clear opens

Manama : Bahrain Bourse (BHB) held the official opening of Bahrain Clear yesterday at the bourse’s premises. 

The event was held in the presence of the Minister of Industry, Commerce, and Tourism and the Minister-In-Charge of Bahrain Bourse Zayed bin Rashid Alzayani, Governor of the Central Bank of Bahrain Rasheed Al Maraj, Chairman and Board Members of Bahrain Bourse and Bahrain Clear, officials from listed companies, and licensed brokers. 

Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of 5 million Dinars, and a paid up capital of 1 million Dinars. 

The move, according to Abdulkareem Ahmed Bucheery, Chairman of Bahrain Bourse and Chairman of Bahrain Clear is expected to attract more local and regional investments as well as aid in enhancing Bahrain’s capital market rating by international indices providers. 

“The establishment of Bahrain Clear will allow the company to enhance the quality and quantity of its services, and will provide greater flexibility for the company to meet the expectations and needs of the company’s clients including issuers of securities, investors, institutions, custodians and others,” Bucheery added.

Bahrain Clear will be independently responsible for clearing, settlement and central depository services. 

“One of the main objectives of Bahrain Clear is to enhance and diversify the post trade services and provide services that are in line with those applied in the advanced markets,” Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of Bahrain
Bourse said.

Abdulla Jaffar Abdin, Director of Central Securities Depository said,” This is not an optional project but an international requirement that every capital market should have a clearing house and thus through this inauguration, we are striving to be a leading capital market regionally. If you see most of the advanced markets do have clearing houses, so it is vital for us to have a clearing house. If you see a growing capital market is a major factor in driving the economy of the country forward.”

“Also we are focusing on business continuity wherein any catastrophes happen we still have a stable market running without affecting the investors and depositors at a large scale,” Abdulla Jaffar Abdin added.