Mauritius invites FTIL to set up exchange

Realising the world class technology and domain knowledge in commodities with the success of the Multi Commodity Exchange of India (MCX), the government of Mauritius has invited the Financial Technology (FTIL) to set up a world class commodity exchange there.

The exchange is proposed to be set up under the banner of Global Board of Trade (GBoT). The invitation passed on to FTIL and its keenness to set up exchange in Mauritius has obtained in-principle approval from the local government.

The success of MCX and Dubai Gold and Commodity Exchange (DGCX), where FTIL has provided technology, persuaded Mauritius government to invite the firm, an official of FTIL said.

The announcement was made at an august gathering chaired by the Honourable Rama Sithanen, deputy prime minister and minister of Finance & Economic Development, along with Milan Meetarbhan, CEO of the Financial Services Commission, Mauritius.

The occasion was also graced by the top leadership team of Financial Technologies group led by young and energetic founder CEO, Jignesh Shah.

The event was witnessed by the crème de la crème of the Mauritius corporate and government strata, consisting of senior government officials, regulators, bankers, fund managers and legal professionals.

Sanjiv Ranjan, Deputy High Commissioner, High Commission of India in Mauritius, also attended the function.

The minister stated that the decision by the Financial Technologies group was key to the latest economic reforms initiated by the Government of Mauritius. He reiterated in particular that such a decision coming from a technology group was even more important as trading in any asset class was virtual in the present world.

"The proposed commodity exchange is set to emerge as one of the pioneering examples of the new generation electronic marketplace for multiple commodity contracts and is being set up in line with the recent progressive economic reforms initiated by the Ministry of Finance," the minister said.

He added that Mauritius being a free economy, the exchange would transgress geographical boundaries and emerge as a Global Board of Trade, blended with the advantage of pan-African region.

The Financial Technologies Group will provide a comprehensive framework encompassing electronic exchange trading and clearing solution, risk management and online risk-based supervision, membership development, contract specification and structuring, banking system interface leading to real-time settlement, business rules and by-laws, effective corporate governance framework, investor awareness and knowledge development.

"The invitation reiterates the global faith in the real potential of Indian technology expertise and domain knowledge of its human intellectual capital in general and proven expertise of Financial Technologies group in particular. This initiative is unique as it will be a most modern international commodity exchange offering innovative products redefining the commodity trading across the globe. This will truly unlock the potential of an innovative exchange in an open convertible economy," Jignesh Shah said on the occasion.