MCX signs MoU to establish an international exchange with IFSC
By Abha Manakatala - Wed Aug 26, 11:24 am
Multi Commodity Exchange of India Ltd. (MCX), India’s leading commodity exchange, and GIFT SEZ Ltd., a wholly owned subsidiary of Gujarat International Finance Tec-City Company Ltd. (GIFTCL) at GIFT City, Gandhinagar today signed an MoU in Mumbai for developing of an international exchange that will provide an electronic platform for facilitating trading, clearing and settlement of securities, commodities, interest rates, currencies, other classes of assets and derivatives to international investors in GIFT SEZ-IFSC.
Speaking on the development,Parveen Kumar Singhal, Joint Managing Director, MCX said, “We are happy to sign the MoU with GIFT City for developing an international exchange which can successfully explore and exploit the huge untapped potential of a free financial market envisaged in the IFSC, GIFT City. Given the consistent leadership position, robust processes and strong technological backbone of MCX, we believe that the international exchange platform can not only fulfil the government’s vision of successfully developing an IFSC in India but also be able to create tangible benefits to India’s real economy too through the economic linkages. I am sure that the tie-up will enable Indian entities to work along with international players to create win-win situations and unlock values for both.”
Ajay Pandey, MD & Group CEO, GIFT City said, “MCX’s International Exchange at GIFT City is a major step forward for establishing world class Exchange at GIFT IFSC. It would go a long way in making India a key hub for commodity trading and would help in establishing the necessary eco system. MCX’s partnership with leading commodity player like CME would help establish a very vibrant International Exchange at GIFT City.”