MCX inks pact to set up int'l bourse at GIFT city

Commodity exchange MCX today said it has signed an agreement with GIFT SEZ Ltd to establish an international exchange at GIFT city in Gandhinagar, Gujarat.
Gujarat International Finance Tec-city (GIFT city) is India's first global financial hub. Part of the Gift city is notified as multi-service SEZ with international finance service centre status.
In a regulatory filing, MCX joint Managing Director P K Singhal 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."

He said the tie up will enable Indian entities to work along the international players to create win-win situations and unlock values for both.
The proposed international exchange will provide an e- platform for trading, clearing and settlement of securities, commodities, interest rates, currencies and other assets class and derivatives to international investors.
GIFT city Managing Director and Group CEO Ajay Pandey said: "MCX's International Exchange at GIFT city is a major step forward... 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' partnership with leading commodity player like CME would help establish a very vibrant international exchange at GIFT city, he added.

MCX is the leading commodity bourse in the country, having a strong presence in metals and bullion market.