The Singapore Mercantile Exchange (SMX) will launch five contracts for Indian-origin commodity products next year, Chief Executive Officer Vaidyalingam Hariharan said today.
"We will launch 10 to 13 contracts, which will include some of the successful Indian-origin commodity contracts such as cotton, gold and silver," Hariharan -- who took charge of the Financial Technologies Group-owned SMX as CEO today after holding the role for more than six months on an interim basis -- told PTI.
The Indian-origin product contracts would be launched in the second half of next year, he said.
"SMX is picking up trading with participation from international traders, with turnover averaging between $500 million and $600 million per day," he said.
"We aim to achieve a $1 billion turnover by March next year," said Hariharan, adding that the exchange has 51 trading and clearing members.
"Our team is on the international road, building our membership in major trading centres, including Europe, the United States, Dubai and other Asian cities," he said.
Launched on August 1, 2010, SMX offers 12 contracts at present.
"It has been challenge in making SMX a pan-Asian trading exchange and we are striving to make it an international financial tool with Asian-centric products in the coming year," said Hariharan, who has played a pivotal roles within Financial Technologies Group in the last 12 years.
He was involved in setting up the Multi Commodity Exchange and Indian Electricity Exchange from inception to implementation.
