Financial Technologies to start Singapore Mercantile Exchange

[K.Karthik Raja]

Financial Technologies to start Singapore Mercantile Exchange
Wednesday, Jul 9
.
MUMBAI - Financial Technologies (India) Ltd will set up the
Singapore
Mercantile Exchange, which will trade futures and options in precious
metals,
base metals, energy, agricultural commodities, currency pairs, carbon
credits,
and commodity indices, a release from SMX said.
The Singapore bourse will be a 100% subsidiary of Financial
Technologies,
which is the promoter of India's largest commodity exchange MCX.
Ang Swee Tian, the former president of Singapore Exchange, has
been
appointed as the chairman of the SMX board, while Jignesh Shah,
chairman and
chief executive officer of Financial Technologies, will be the vice-
chairman.
SMX will facilitate commodities trading in the Asian time zone,
the release
said. However, no further detail of when the exchange would start
trade was
available.
"We expect Asia to lead the growth in the commodities markets in
the next
few years. Market participants around the world will benefit from
price
discovery of these commodities in Asia. SMX will be a barometer for
the dynamic
demand-supply fundamentals in the region," said Leo Melamed, chairman
of SMX's
Advisory Board.
.