Mauritian exchange "Africa's first for international multi-asset derivatives'

Jan 07, 2010

A currency and commodities exchange scheduled to launch in Mauritius this March will be the first on the continent for international multi-asset derivatives.

A currency and commodities exchange scheduled to launch in Mauritius this March will be the first on the continent for international multi-asset derivatives.

This is according to the Global Board of Trade, which will run the system and recently spoke to Reuters about its decision to expand from six currency pairs to eight by including the Kenyan shilling and Ugandan shilling.

Joseph Bosco is the board's Chief Operating Officer and said the exchange in Mauritius, where the rate of interest is currently 4.54 per cent, will also offer the first future and derivatives market for these two currencies, while enabling traders to protect themselves against unforeseen circumstances in a region "where political risk weighs heavily on the markets".

Despite a lack of sufficient members so far, Mr Bosco hopes that the exchange will encourage two-way transactions between Africa and other nations.

"We are looking ultimately at the whole of Africa, a multi-asset exchange that will be a gateway for Africa to the rest of the world," he added.