India INX Global Access IFSC Limited, a wholly-owned subsidiary of the Bombay Stock Exchange’s (BSE) India INX, announced the commencement of trading on the London Metal Exchange (LME) from India INX Global Access in GIFT IFSC on Tuesday. It began with the first trade of copper on the exchange.
The India INX Global Access is looking to emerge as the preferred outbound gateway by providing connectivity to LME and other global exchanges namely ICE Futures US, ICE Futures Europe, EUREX and Euronext NV. The development on Tuesday opened gates for clients to trade in LME via India INX Global Access in addition to existing CME Group of exchanges namely CME, CBOT, COMEX, NYMEX.
Underlining the importance of low cost access to global markets through an offshore exchange, V Bala, Managing Director (MD) and CEO of India INX as well as Chairman of India INX Global Access, said, "The trading volume on the exchange has been growing exponentially with an all-time high in daily turnover of $2.96 billion (approx Rs 20,586 crore) as on April 25, 2019. With access to LME and other global exchanges, Global Access has expanded its mission, which is to provide global access to deep liquidity pools of large internationally reputed exchanges for the first time to IFSC members on a wide range of products."
India INX, a wholly-owned subsidiary of BSE Ltd, commenced its trading activities on January 16, 2017 and is India’s first International Exchange. It is set up at IFSC GIFT City.
For participants at GIFT IFSC, Global Access will provide a unified single-window interface for trading in leading exchanges across the globe.
India INX Global Access offers a competitive and sustainable value proposition to access global markets in a cost-efficient way. Recently, with the Reserve Bank of India (RBI) allowing non-residential Indians (NRIs) and Foreign Retail Investors to trade at GIFT City, this move is expected to make investing more globalised, an official statement said here.