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Pratim Ranjan Bose

Plans management institute

Kolkata , Sept. 12

After Dubai, Financial Technologies and MCX (FTIL-MCX) combine is planning to set up its second commodity exchange in the foreign shores, shortly. Also on the cards is setting up of a management institute dedicated to creating human resource for commodity market.

"We are planning to set up another commodity exchange in abroad," the MCX Managing Director, Mr Jignesh Shah, told Business Line. The new exchange would operate within MCX's focus area of metals, energy and the latest darling, large agricultural commodities.

Though he did not disclose the location of the proposed exchange, he confirmed that it would be in the Asia-Pacific region.

Attracting players

FTIL-MCX previously promoted Dubai Gold and Commodity Exchange (DGCX) in joint venture with Dubai Metals and Commodities Centre. DGCX, which began trading on bullion in November 22, 2005, had already spread its portfolio to currency (Euro, Pound and Yen) and is now planning to enter the energy segment with contracts on fuel oil (used in ships) and gasoline. It has also planned the launch of contracts on steel.

While fuel oil contracts may be launched in October, gasoline contracts are expected sometime in the first quarter of the next fiscal. According to a DGCX official, the exchange has been successful in attracting the interest of major players in the global bullion market like HSBC, Deutsche Bank, Mitsui and Standard Bank.

Management Institute

FTIL-MCX is now working out some big budget plan to set up its own institute.

"We will soon foray into the education sector with degree courses on commodity market management," Mr Shah said.

More Stories on : Overseas Investments | Commodity Exchanges

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