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.