BackFTIL to launch bourses in Singapore, Bahrain, Mauritius in 2010
FTIL to launch bourses in Singapore, Bahrain, Mauritius in 2010
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New Delhi: Billionaire Jignesh Shah-promoted Financial Technologies (FTIL) Monday said it will launch three new international bourses this year, primarily dealing with commodities, derivatives and multi-assets.
The three exchanges will be based in Singapore, Mauritius and Bahrain.
The Singapore Mercantile Exchange (SMX) will go live in August, the Global Board of Trade, Mauritius (GBOT), in September and the Bahrain Financial Exchange (BFX) in October this year, the company said in a statement.
While, SMX will be a commodity and derivatives bourse, the other two will be multi-asset exchanges.
Singapore-based SMX will offer a basket of commodities including bullion, base metals, energy, grains and soft agricultural produce, commodity indices, currencies and oil, as well as other financial instruments, on its trading platform.
Bahrain-based BFX will be the first multi-asset exchange offering conventional and Islamic financial products from the west Asia (middle east), providing an avenue for global market participants to access alternate investment options in Shariah-compliant financial instruments as well as conventional derivatives and cash products, the company said.
GBOT, based out of Mauritius, will be the gateway for the US and Europe to African and Asian markets. The bourse will offer trading on both currency and commodity derivatives.
“Financial Technologies Group is perhaps the first company in the history of modern civilization to successfully set up three greenfield regulated exchanges from the ground-up which would go live in the same year," Financial Technologies Group chairman and group chief executive officer Jignesh Shah said.
The bourses, as regulated market platforms, will endeavor to be the enablers of financial inclusion through efficient transmission of fiscal and monetary policies of their respective governments and regulators and will democratize ‘access’ to financial products and services, FTIL said.
They aim to propagate inclusive and equitable growth and an investment cult in regions they operate in to further propel economic growth and job creation in their respective local markets, it said.
The FT Group operates one of the world’s largest networks of ten exchanges, connecting Africa, the west Asia, India and south east Asia.
In India, Financial Technologies is a promoter of several bourses, including the country’s biggest commodity exchange, MCX.
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