Financial Tech launches exchange in Mauritius

Global Board of Trade (GBOT), promoted by the Financial Technologies Group, will offer commodity and currency derivatives products on its state-of-the-art electronic exchange platform, regulated by the Financial Services Commission (FSC) of Mauritius, from Monday.

It will offer trading in gold and silver futures as well as Mauritian rupee/dollar, rand/dollar, euro/dollar, British pound/dollar and Japanese yen/dollar. For the first time worldwide, two African currency futures will be traded.

GBOT, the first international multi-asset class exchange based out of Mauritius, was officially launched yesterday by Navinchandra Ramgoolam, the prime minister of Mauritius. According to exchange sources, all contracts are cash settled.

“GBOT adds depth to our domestic financial markets and brings a new dimension to the financial services systems by providing knowledge, technology and business knowhow. We welcome currency derivatives segment as part of GBOT, with the Mauritian rupee against the US Dollar, as well as other currency pairs. This will offer possibility to hedge in fluctuations on exchange rates, particularly for importers and exporters and other companies. This is a small step for GBOT, but a big stride for the Mauritian economy,” said Ramgoolam.

“The launch of GBOT today will be a landmark development in redefining Africa’s commodity and currency derivatives landscape. GBOT is well poised to cater to the demand for a transparent and efficient exchange that will ensure price discovery, risk management and hedging in tune with the world benchmarks. Our new exchange will be instrumental in unifying the fragmented African financial markets and in bringing the world to Africa and the African potential to the world and to its own people,” said Jignesh Shah, vice-chairman of GBOT and chairman of Financial Technologies Group.

GBOT is also a member of leading industry associations such as Association of Futures Markets (AFM), Futures and Options Association (FOA), Swiss Futures and Options Association (SFOA), and Defra EU Emissions Trading Scheme (EU ETS).