NEW DELHI: Financial Technologies India, promoter of country's leading commodity bourse MCX, today announced its plans to set up an electronic exchange in Singapore.
Singapore Mercantile Exchange (SMX), a wholly-owned subsidiary of Financial Technologies India (FTIL), is expected to tap the rising demand for commodity trading in the region, the company said in a statement.
The new exchange, which is in the process of obtaining the necessary regulatory approvals from the Monetary Authority of Singapore (MAS), would offer trading in metals, currencies, carbon credits and agricultural items.
"Markets are the barometer of growth for any economy and SMX will be the growth engine for Asia from Singapore with rest of the world - through transparent price discovery, risk hedging and will propagate structured private and public investment deep into the economy," FTIL Chairman and Group CEO Jignesh Shah said.
Shah, who is also the Vice Chairman of SMX, announced the new exchange at the Global Financial Market Summit 2008 in Singapore.
Already, Singapore is Asia's price discovery centre for energy and rubber. With a growing interest in commodity derivative and increased focus on risk management following price volatility, SMX would reinforce the commodity trading and risk management infrastructure in the region, experts said.
After Dubai Gold and Commodity Exchange (DGCX), SMX is the second exchange to be set outside the country. FTIL launched DGCX in 2005 along with Dubai Metals and Commodities Centre (DMCC) in gold, fuel and freight trade.
Singapore Mercantile Exchange (SMX), a wholly-owned subsidiary of Financial Technologies India (FTIL), is expected to tap the rising demand for commodity trading in the region, the company said in a statement.
The new exchange, which is in the process of obtaining the necessary regulatory approvals from the Monetary Authority of Singapore (MAS), would offer trading in metals, currencies, carbon credits and agricultural items.
"Markets are the barometer of growth for any economy and SMX will be the growth engine for Asia from Singapore with rest of the world - through transparent price discovery, risk hedging and will propagate structured private and public investment deep into the economy," FTIL Chairman and Group CEO Jignesh Shah said.
Shah, who is also the Vice Chairman of SMX, announced the new exchange at the Global Financial Market Summit 2008 in Singapore.
Already, Singapore is Asia's price discovery centre for energy and rubber. With a growing interest in commodity derivative and increased focus on risk management following price volatility, SMX would reinforce the commodity trading and risk management infrastructure in the region, experts said.
After Dubai Gold and Commodity Exchange (DGCX), SMX is the second exchange to be set outside the country. FTIL launched DGCX in 2005 along with Dubai Metals and Commodities Centre (DMCC) in gold, fuel and freight trade.
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