MCX to launch commodity exchange in Singapore

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MCX to launch commodity exchange in Singapore

Commodity Online
SINGAPORE: India's largest commodity bourse--the Multi Commodity Exchange (MCX)--is going global. MCX will announce the launch of a commodity exchange in Singapore on July 9.

MCX officials said that the new exchange to be named the Singapore Mercantile Exchange has already received approval from the Singapore government and will be formally announced by MCX founder and chairman Jignesh Shah.

MCX has already set up Middles East's largest commodity bourse--the Dubai Gold and Commodities Exchange (DGCX)--and is setting up MCX Africa to trade in a large number of commodities in the African nations.

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.

MCX Singapore commodity exchange is to be promoted by Financial Technologies, the holding company of MCX. The Singapore government is said to be picking up a stake in the venture through the Economic Development Board. The Singapore government has stakes in two other commodity exchanges – Joint Asian Derivatives Exchange and Singapore Commodity Exchange (Sicom) in Singapore.

Financial Technologies is organizing a one-day 'Global Financial Markets Summit 2008' at Hotel Oriental Mandarin inSingapore on July 9.

"We are planning a strategic announcement at the event which will bring us a step closer towards our vision of creating one of the largest global exchange network, with vibrant and deep liquidity pool, connecting fast growing economies of Africa, Middle East, India, China and other Asian countries," said a statement from Financial Technologies.