In the first major international exchange business initiative by an Indian entity, a new commodity and currency bourse, Singapore Mercantile Exchange (SMX) on Tuesday commenced trading here with derivatives contracts like gold, crude oil and Euro-US dollar.
Billionaire Jignesh Shah-promoted Financial Technologies today said it will launch three new international exchanges, including Bahrain Financial Exchange and Singapore Mercantile Exchange, this year.
SMX is a wholly-owned subsidiary of Financial Technologies, which is a leading player in creating and operating exchange platforms.
The turmoil in financial markets seems to be affecting the global expansion plans of Financial Technologies, promoter of top domestic commodity bourse MCX, and trading at its overseas exchange ventures in Singapore, Mauritius and Bahrain may get delayed by about a year.
According to assurance, tax and advisory firm Grant Thornton, corporates in the country announced 458 deals in the January-November period amounting to $26.76 billion.
Laxity in enforcing KYC and allied norms suspected; money laundering gaps also on probe panel's mind
Few top honchos of India Inc did very well in 2014.
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