August 26, 2015

MCX inks MoU with GIFT for setting up Global Exchange

India’s leading commodity bourse MCX and GIFT SEZ Ltd., a subsidiary of GIFT Co. Ltd. has signed a MoUto start an International Exchange in GIFT City. As per the agreement, MCX will make available an e-platform which will facilitate trading, clearing and settlement of commodities, securities, currency, interest rates, other asset classes and derivatives to the international investors in the SEZ area of GIFT IFSC.

On the occasion of signing the MoU, Mr. Ajay Pandey, MD and Group CEO, GIFT City stated that this International Exchange by MCX at GIFT City will help in the objective of establishing a world-class Exchange at the IFSC in GIFT. This exchange will earmark India’s presence in the international commodity markets.

Praveen Kumar Singhal, Joint MD MCX spoke on this development and said that this international exchange would try to explore the untapped potential of free financial market as per the vision of the IFSC at GIFT City. The leadership position and the technology availability with MCX will enable in setting up the exchange and create economic benefit to the GIFT City. The exchange will fulfil the vision of Government of having a successful IFSC in India and also create benefits to the Indian economy. This exchange will unlock value propositions for the Indian entities and the international players and will be a win all situations. MCX had earlier collaborated with US-based CME group (Chicago Mercantile Exchange) to study the available opportunities at GIFT SEZ.

Gujarat International Finance Tech-city or GIFT City is the first instance from India to create a global financial hub in India. The City has multi-service SEZ area with IFSC status as also non-SEZ area for companies to set up their operations. GIFT City is expected to create 500,00 direct jobs as well as an equal number of indirect jobs and would require an estimate investment of approx. 78,000 crores over the next 10 years. The City will have 62 million sq. ft. BUA for construction of commercial, residential and social facilities.

MCX is currently offering trading in futures of non-agricultural commodities and is the major exchange in the commodity futures market in India. It has a strong presence in the metals and bullion segment.

Earlier National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and National Commodity Exchange (NCDEX) had also announced their plans to set up the International Exchanges in the IFSC at GIFT City.




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