Mumbai / Port Louis, Mauritius: Financial Technologies (India) Ltd. (FTIL), a leading technology company, has been invited by the Financial Services Commission (FSC), Mauritius, to set up an international multi commodity exchange in the country. The project has already received an "in principle" approval from the FSC.
Making the announcement, Milan Meetarbhan, CEO of the Financial Services Commission, Mauritius said that under the agreement, 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.
FTIL is a vertical specialist and a domain expert with proven transaction automation solutions for equity, forex, commodity and derivatives market operations. FTIL has set up a nationwide online multi commodity futures exchange - MCX (Multi Commodity Exchange of India Ltd.), which today is the No. 1 commodity exchange in India accounting for more than 57% market share.
FTIL, along with Dubai Multi Commodities Centre (Government of Dubai), has set-up the Dubai Gold and Commodities Exchange (DGCX) an international exchange offering commodities and currency derivatives trading. FTIL has also commissioned an inter-bank forex exchange trading platform FXDirect under approval from Foreign Exchange Dealers Association of India (FEDAI). The company is also a Global STP Partner with OMGEO and SEBI approved STP service provider.
According to Mauritian officials the multi-commodity exchange is being set up in line with the recent progressive economic reforms initiated by the country's ministry of finance. They said that as Mauritius was a free economy, the exchange would transgress geographical boundaries and emerge as a Global Board of Trade, with the added advantage of being part of a pan-African region.
According to Jignesh Shah, founder CEO, Financial Technologies Group, the initiative was a unique one as it would be a most modern international commodity exchange offering innovative products and redefining commodity trading across the globe.
Financial Technologies Group will be holding majority stake in the exchange and will also be inviting key strategic global partners as stake holders in the venture.