The BCDC has appointed Standard Chartered Bank as its clearing and settlement bank. The role of the clearing and settlement bank will be to provide electronic funds transfer and settlement processing services as well as maintaining Member clearing accounts to facilitate settlement of transactions executed on the Exchange.
The Clearing Members are required to open and maintain an account with the approved clearing & settlement bank in US Dollars and designate that account as settlement account, which will be used for purposes of all funds settlements with BCDC. The clearing bank contact details are:
Mr. Ali Najeeb
Standard Chartered Bank
Post Box No. 29, Manama,
Kingdom of Bahrain
T: +973 1715 0668
E: ali.najeeb@sc.com
W: www.sc.com
The BCDC has implemented sophisticated straight-through-processing technology developed by Financial Technologies India Limited (FTIL) for settlement of trade obligations. This solution enables efficient transfer of funds between the accounts of the BCDC and its Clearing Members maintained with Standard Chartered Bank. As the BFX facilitates trading across multiple time zones spanning from Asia to the United States, special processes have been implemented by the BFX, the BCDC & Standard Chartered Bank to support clearing in the extended trading window.