BHBNewsLetter March2019

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Issue 19 - MARCH 2019
BAHRAIN CLEAR SIGNS MOU WITH SECURITIES DEPOSITORY CENTER
COMPANY (EDAA)
KHCB INAUGURATES ‘KHALEEJI ETRADE’ PLATFORM
Bahrain Clear, a fully owned
subsidiary of Bahrain Bourse today
signed a Memorandum of
Understanding (MoU) with
the S ecurities Depositor y
Center Company (Edaa), which is
a wholly-owned by the Saudi Stock
Exchange (Tadawul) and the sole
entity responsible for providing
custody, registration, clearing
and settlement services for
Khaleeji Commercial Bank
(KHCB), one of the leading
Islamic banks in the Kingdom,
has inaugurated its “Khaleeji
eTrade” platform in the presence
of Mr. Khalid Hamad, Director
of Banking Supervision in the
Central Bank of Bahrain (CBB),
Shaikh Ahmed Bin Isa Al Khal-
ifa, Vice Chairman of Khaleeji
C omme r c i a l B a n k , Mr.
securities traded on the Saudi Stock
Exchange. The MoU was signed
in the Saudi capital Riyadh
with the aim of strengthening
bilateral cooperation in the
dual listing of s ecurities
between Saudi Arabia and Bahrain.
The agreement falls within the
framework of cooperation between
the two countries to achieve a
common vision and bolster
bilateral cooperation on common
key issues. The agreement is
also part of Edaa and Bahrain
Clear joint efforts to enhance
their regional standing and
i mp l eme n t t h e h i g h e s t
standards of governance and
transparency in the listing processes.
The agreement aims to identify
and standardise the operational,
administrative and technical
procedures between the two
countries, and establish effective
cooperation on dual listing of
securities in both markets. This will
be achieved through the exchange
of information and data related to
ownership registry, transactions
carried out by brokers, members,
or investors, transfer of securities,
and updating securities ownership
registry in both countries.
Ab d u l k a r e e m B u c h e e r i ,
Chairman of the Board of Directors
of Bahrain Bourse, Shaikh
Khalifa bin Ibrahim Al Khalifa,
CEO of Bahr ain Bours e,
Mr. Sattam Sulaiman Algosaibi,
CEO of Khaleeji Commercial Bank
and a number of representatives
of various financial institutions.
The inauguration came on the
sidelines of the annual E-Payment
and Online Banking Summit,
which is organized in the Kingdom
of Bahrain on the 11th - 12th of
March, 2019 under the patronage
of the Central Bank of Bahrain.
The platform is the first of its
kind in the Kingdom that offers
many privileges, making it an
essential engine for the bank’s cli-
ents as it enables them to easily
open accounts to trade stocks listed
on Bahrain Bourse, place Buy
and Sell Orders, review market
performance charts, receive
the latest news on the local and
international markets and other
services that could be conveniently
accessed through the application
allocated for smart devices.