Multi Commodity Exchange of India Limited Operationalizes its New Office at GIFT City
January 31, 2017 at 06:17 am
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Shri Vijay Rupani, Honourable Chief Minister of Gujarat inaugurated the new office of Multi Commodity Exchange of India Ltd. This office admeasuring over 22,600 sq ft. will house the Exchange's Business Continuity and Disaster Recovery center and a training and education facility. With an intent to expand the Exchange's operations in terms of BC and DR, Training & Education and Technology, MCX had entered into an MoU with the Gujarat International Finance Tec-City (GIFT City) Company Ltd. during the recently concluded Vibrant Gujarat Global Summit. MCX intends to invest over INR 300 million, apart from creating an employee strength above 100, in the next few years at this office. The purpose of this BC Plan is to prepare MCX in the event of extended service outages caused by factors beyond control (e.g., natural disasters, man-made events), and to restore services to the widest extent possible in a minimum time frame. MCX has plans to set up its in-house software development division for data analytics, internal automation, ancillary applications and value add services to members. Additionally, MCX also plans to establish a training facility at this space to conduct training programmes and disseminate knowledge for the enhancement of skills and capabilities of students and working professionals, desirous of making a career in commodity market. Since the GIFT City is expected to emerge as a large and vibrant hub of finance, encompassing different market segments: commodities, equity, foreign exchange and fixed income, the training facility can help disseminate knowledge and create capacity in the trading community from India and abroad. MCX is looking at a possible future expansion of the facility, including the possibility of setting up of a training campus.
Multi Commodity Exchange of India Limited is a commodity derivatives exchange. The Company facilitates online trading of commodity futures and options, data feed subscription and membership. It offers a platform for trading in varied commodity derivative contracts across product segments: bullion, industrial metals, energy, agricultural commodities and indices. Its flagship index series, MCX iCOMDEX, is a series of real-time commodity futures price indices, which give information on market movements in key segments traded on the exchange. The MCX iCOMDEX series consists of a composite index, apart from three sectoral indices, such as the Base Metal index, the Bullion index and the Energy index, and nine single-commodity indices, such as Gold, Silver, Aluminum, Copper and Lead, among others. Its subsidiary, Multi Commodity Exchange Clearing Corporation Ltd, provides collateral management and risk management services, along with clearing and settlement of trades executed on the exchange.