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Suresh P. Iyengar

Mumbai, June 25 The Multi Commodity Exchange of India (MCX) is set to offer an electronic trading platform in Singapore next month through its joint venture company Singapore Mercantile Exchange.

“The investment will be through Financial Technologies - the promoter of MCX. The proposal has received the necessary approval and is ready to start trading some time early next month,” sources said.

When contacted, Financial Technologies officials refused to comment on the development.

The Singapore Government is to pick up a stake in the venture through the Economic Development Board. Earlier, it had two commodity exchanges – Joint Asian Derivatives Exchange and Singapore Commodity Exchange (Sicom) in Singapore.

Joint Asian Derivatives Exchange was a joint venture between Stock Exchange Singapore Exchange (SGX) and Chicago Board of Trade. The JV was dissolved in November 2007 when SGX bought out the stake held by CME Group (following CME’s acquisition of the CBOT).

Recently, SGX agreed to buy out 95 per cent stake in Sicom for $7.5 million. The acquisition is to be completed by June-end.

Established in 2003, MCX is the tenth largest commodity exchange in the world.

Financial Technologies also has a presence in Dubai. It has promoted the Dubai Gold and Commodity Exchange through a 50:50 joint venture with the Dubai Metals and Commodities Centre (DMCC), an initiative of the Dubai Government.

In 2007, the company sold one per cent of its holding to DMCC for about $12.5 million.

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.

Titan Petrochemicals, a Hong Kong-listed subsidiary of a Singapore company, has announced plans to inaugurate a commodity exchange Hong Kong Mercantile Exchange in the first quarter of next year.

More Stories on : Commodity Exchanges

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MCX to start comex operations in Singapore

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