 "MCX to set up international exchange in GIFT city")
Multi-Commodity Exchange of India (MCX), India's leading commodity exchange, has signed a memorandum of understanding (MoU) with GIFT SEZ Ltd., a wholly owned subsidiary of Gujarat International Finance Tec-City Company Ltd. (GIFTCL) for developing an international exchange in GIFT city.
As per the agreement, MCX 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 (International Financial Services Centre).
"The international exchange proposed to be set up 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 fulfill 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. The tie-up will enable Indian entities to work along with international players to create win-win situations and unlock values for both," said Parveen Kumar Singhal, Joint Managing Director, MCX.
Speaking on the occasion, Ajay Pandey, Managing Director and Group Chief Executive Officer, 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 Chicago Mercantile Exchange (CME) would help establish a very vibrant international exchange at GIFT City."