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.
RIL is understood to be the first major Indian enterprise to participate directly in a global oil futures market, emphasising the trend of continued growth in Asian oil production.
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.
The BSE benchmark Sensex on Wednesday plunged about 275 points to close at 25,246 on across-the-board selling as costlier oil due to rising conflict in Iraq threatens to hurt the India economy.
SMX is a wholly-owned subsidiary of Financial Technologies, which is a leading player in creating and operating exchange platforms.
Recent rise may be nearing peak, analysts say long-term trend remains bullish.
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.
Gold gained Rs 50 and touched a new peak of Rs 16,850 per 10 gram.
Crude oil volumes on the MCX platform touched a record level of 10.19 million barrels on Wednesday because of increased participation from investors amid high volatility in global crude prices. Although, there was a sharp fall in crude oil prices on Wednesday, but volumes remained upbeat, experts said, adding that prices were below $130 per barrel.
Since the introduction of exchange traded forex futures contract in 1972 at the Chicago Mercantile Exchange, the ever increasing transaction volume and participation has established the popularity of Forex in the world.
Unlike the general futures contracts, a buyer/seller of the Binary Event Futures takes a 'yes' or a 'no' position
They prefer foreign markets owing to comparatively lower margins than Indian exchanges.
The online gold futures trade on the National Multi Commodity Exchange of India will be launched by Union Minister for Consumer Affairs, Food and Public Distribution Sharad Yadav in New Delhi on Friday.
India's Petroleum Minister Mani Shankar Aiyar has predicted that the 'oil bubble' will burst soon.\n\n
Oil prices rose to a two-year high on Tuesday as supplies remained choked off from strikebound Venezuela and the looming threat of war in Iraq continued to stoke fears of disruptions to Middle East crude flows.
The rot is is not limited to Chitra Ramkrishna and the yogi, observed Debashis Basu.
Oil sank to the lowest level in a month after shedding all of its gains from the US-Iran clash as traders waited to see whether any further hostilities will disrupt exports from the East Asia.
Forex dealers attributed the fall to increased demand for the dollar.
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.
Costlier oil due to rising conflict in Iraq threatens to hurt the India economy that is already battling price rise and slowing growth.
Gold prices staged a smart rebound to surpass the psychologically important Rs 28,000 milestone.
The rupee on Monday ended lower by 23 paise to close at an over two-week low of 67.31 against the US currency.
Derivatives exchange DGCX started trading futures for the S&P BSE Sensex
Shah wants to focus this time on a mentoring role and help youngsters with innovative ideas live their entrepreneurship dreams by providing them a platform for "institutionalisation, globalisation and scaling up" of their ventures.
Global Food Price Index showed a sharp jump in June.
The majority of global equity trading and a significant proportion of trading in bonds, currencies, commodities and derivatives, is done on electronic platforms
The S&P BSE Sensex closed 318 points at 24,455 and the Nifty50 shed 99 points to end at 7,438.
Bullion may settle with limited upside potential
Laxity in enforcing KYC and allied norms suspected; money laundering gaps also on probe panel's mind
Dealers expect prices to fall further, owing to an impending rate hike in the US
Sarao was described as a fun guy, outgoing and talkative by other members of the tight knit South Asian community.
A common factor that binds all these men is greed.
Few top honchos of India Inc did very well in 2014.
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