|  FT launches Singapore Mercantile Exchange -
July 9th, 2008
FT launches Singapore Mercantile Exchange
Commodity Online
SINGAPORE : India based Financial Technologies (FT) today launched a pan Asian commodity exchange named Singapore Mercantile Exchange (SMX) where according to FT head Jignesh Shah, world will come to trade.
SMX will be headed by Leo Melamed, CME Group Chairman Emeretus and according to Shah will have the world’s best trading platform in commodities. It will be a combination of all the leading global exchanges like CME, LME, Nymex, CBOT
“SMX will be a global exchange with multi-product portfolios in commodities and we are combining knowledge with technology for correct price discover mechanism in commodities,” Shah remarked.
He further added that while US and Europe had its own benchmark exchanges, Asia lacked a pan-Asian exchange and SMX will fulfill this need.
FT also runs India's largest commodity bourse--the Multi Commodity Exchange (MCX), 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.
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