MUMBAI, Apr 23: The recent launch of commodity futures at the BSE international exchange (India INX) in the Gift City has given trading volumes a leg-up, with the total business registering an 11-fold growth to USD 37.5 million.
The India INX was launched with index and equity futures in January this year, but has not been able to gain much traction. The entry of commodity derivatives in gold, silver and copper on April 13 seems to have changed that.
On the debut, the volume stood at a lowly USD 3.31 million, but surged to USD 37.49 million as on April 22, according to the exchange data. Of the total volume, USD 26.74 million are from index and USD 10.7 million commodity futures.
India INX offers trading in index and equity derivatives as well as gold, silver and copper futures.
The wholly-owned subsidiary of BSE, India INX is the first international exchange to become operational at the International Financial Service Centre at the Gift City in Ahmedabad. Though the rival bourse NSE too has got the licence, it is yet to kickstart operations.
The exchange went live on January 16 and recorded trading volume worth USD 4,30,520 on the first day of trade. India INX will allow trading in futures contracts of 10 companies — TCS, RIL, HDFC Bank, State Bank of India, Infosys, Tata Motors, ICICI Bank, L&T, Axis Bank and Maruti Suzuki — by the end of April, a BSE spokesperson said.
As many as 74 trading members have taken approval from the SEZ authority to start trading on India INX. Four IFSC banking units (IBUs) are clearing banks of the India International Clearing Corporation.
India INX has been one of the most advanced technology platforms with a turnaround time of 4 micro seconds. It operates 22 hrs, six says a week, to allow global investors and NRIs to trade from anywhere. (PTI)
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