WHAT FINK MIGHT DO WITH BGI - FTSE

co-operation announcement
marks an important step towards
establishing FTSE in India, the
world’s fastest-growing market,
after China.”
MCX-SX is a subsidiary of Multi
Commodity Exchange of India Ltd
(MCX), part of the Financial
Technologies Group owned by
Jignesh Shah, and operates under
the regulatory framework of the
Securities and Exchange Board of
India (SEBI) and Reserve Bank of
India (RBI). MCX-SX was
inaugurated on 6th October 2008
and went live the next day.
According to Keith, MCX ranked
among the world top 10
commodity futures exchange in
2007 and ranks number one in
silver, number two in natural gas,
and three in gold, crude oil and
copper futures trading globally.
MCX has helped redefine the
Indian commodity market and is
among the fastest growing
exchanges in the world, boasting
strategic alliances with NYMEX, the
London Metals Exchange,
TOCOM, NYSE Euronext, CCX,
SHFE, and others.
As a 51% stakeholder in MCX-
SX, MCX will add value to the
business of MCX-SX by bringing in
the actual users of commodities to
hedge their currency exposure on
MCX-SX’s nationwide electronic
trading platform. For its part,
Financial Technologies Group is the
promoter of nine other commodity
and financial exchanges—six in
India including Multi Commodity
Exchange of India and three outside
India, including the Dubai Gold
and Commodities Exchange, The
Singapore Mercantile Exchange
and the Global Board of Trade,
Mauritius and Bourse Africa.
The venture builds on FTSE’s
experience in partnering with
F T S E G L O B A L M A R K E T S • S E P T E M B E R 2 0 0 9
stock exchanges globally to
design and calculate a range of
domestic, as well as global,
indices.These exchanges include
Singapore, Malaysia, Thailand,
Johannesburg, Italy and
London. Equally, the index
provider is keen to get a foothold
into the relatively prosperous
Indian market. According to last
year’s International Monetary
Fund (IMF) economic outlook,
the Indian economy, though
stymied by the global financial
crisis, is still expected to put in
growth by some 6.9% this year,
though it is still down on the
peak of 9.3% registered in 2007.
“There are limits, however, on
how much Indian investors can
invest overseas. That is why part
of the plan is to bring a range of
products to the Indian market,
listed in India and based on
FTSE Indices created globally,
thereby precluding Indian
investors of the need to go
overseas,”explains Keith.
FTSE is also expanding its
products and partnerships in the
wider Australasian region to
include the FTSE Australia Index
Series—designed to address
Australia’s unique tax application.
Other recent initiatives include a
new FTSE Currency Forward Rate
Bias Index Series as well as the
FTSE Environmental Markets
Classification System and the
extension to the FTSE
Environmental Opportunities
Index Series. However, the Asian
continent remains key for FTSE
Group, acknowledges Keith, who
points to a number of new index
based initiatives, with the Bursa
Malaysia and the Singapore Stock
Exchange which have involved
upgrades to each market’s
respective benchmark indices.
www.munier-bbn.com
... and climbing.
A global player
in asset servicing...
Oering leading value in
investor services demands
constant evolution.
At CACEIS, our strategy of
sustained growth is helping
customers meet competitive
challenges on a global scale.
Find out how our highly
adapted investor services can
keep you a leap ahead.
CACEIS, your comprehensive
securities servicing partner.
Custody-Depositary / Trustee
Fund Administration
Corporate Trust
CACEIS benefits from an S&P AA- rating
www.caceis.com
15