FT launches Singapore Mercantile Exchange
Commodity Online
SINGAPORE : India based Financial Technologies (FT) today launched
a pan Asian commodity exchange named Singapore Mercantile Exchange
(SMX) where according to FT head Jignesh Shah, world will come to
trade.
SMX will be headed by Leo Melamed, CME Group Chairman Emeretus and
according to Shah will have the world’s best trading platform in
commodities. It will be a combination of all the leading global
exchanges like CME, LME, Nymex, CBOT
“SMX will be a global exchange with multi-product portfolios in
commodities and we are combining knowledge with technology for
correct price discover mechanism in commodities,” Shah
remarked.
He further added that while US and Europe had its own benchmark
exchanges, Asia lacked a pan-Asian exchange and SMX will fulfill
this need.
FT also runs India's largest commodity bourse--the Multi Commodity
Exchange (MCX), Middles East's largest commodity bourse--the Dubai
Gold and Commodities Exchange (DGCX)--and is setting up MCX Africa
to trade in a large number of commodities in the African
nations.
MCX is also in the process of establishing a Global Board of Trade
as a multi commodity exchange in Mauritius. The exchange is
expected to raise around $115-120 million through a public
offering.
MCX Singapore commodity exchange is to be promoted by Financial
Technologies, the holding company of MCX. The Singapore government
is said to be picking up a stake in the venture through the
Economic Development Board. The Singapore government has stakes in
two other commodity exchanges – Joint Asian Derivatives Exchange
and Singapore Commodity Exchange (Sicom) in Singapore.