Prime Minister Launches Global Board of Trade in Mauritius

The setting up of the Global Board of Trade (GBOT) in the Mauritian financial landscape is a major leap forward and the exchange firmly establishes the island as a strategic business and financial gateway between Asia and South Africa, said the Prime Minister Dr Navinchandra Ramgoolam, at the official launching of GBOT on Friday last at the InterContinental Hotel in Balaclava.

Dr Ramgoolam further stated that the establishment of GBOT will add depth to the domestic financial markets and bring entirely new dimensions to financial services systems by providing knowledge, technology and business knowhow to the country. He also underlined that GBOT offers an ideal platform for global investors to access many of the world's fastest growing economies from Mauritius while expanding the financial sector which is the most productive sector in Mauritius.

The Prime Minister welcomed the currency derivatives segment as part of GBOT as according to him this will offer possibility to hedge in fluctuations on exchange rates, particularly for both importers and exporters and other companies. Commenting on the Foreign Direct Investment (FDI) from India, Dr Ramgoolam added that from 2006 to date investment flows have reached Rs 5.7 billion and for 2010, some Rs 2.8 billion of investments have so far been registered, a situation he qualified very encouraging.

GBOT which is already operational at Ebène invested some 50 million US dollars in the project in the first instance and the company is planning to invest a further 50 million US dollars. GBOT is the first international multi-asset class exchange from Mauritius to offer a basket of commodity derivative products including metals, energy, agri- soft, as well as currency derivatives. The exchange will boost an efficient clearing and settlement systems to ensure counterparty guarantee for all trades.

GBOT will offer commodity as well as currency derivatives products on its state-of-the-art electronic exchange platform with efficient clearing and settlement systems.