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India INX applauded for opening Indian mkt to global traders

PTI | Singapore |

The nine-month old India International Exchange (India INX) has been awarded for being the fastest emerging bourse and recognised for opening up the Indian market to global traders.

The award was given here last night by Futures and Options World (FOW) of the London-based Euromoney Institutional Investor plc.

“We believe that India will open up and will internationalise” through India INX, managing director William Mitting of FOW, said.

“We see India INX as a route to the international market and opening access to Indian products for the global traders,” Mitting said.

Mitting sees international clearing houses supporting India INX in its global market expansion.

India INX is in the midst of adding more international products, including the Rupee-denominated Masala Bonds which are launched by Indian corporations and Public Sector Units as well as dollar-denominated bonds.

“The Phase II expansion will list debt securities by Indian and foreign issuers as well as Masala and dollar- denominated bonds,” Indian INX managing director and chief executive V Balasubramaniam said.

“India INX is also working on collaborations with global derivative exchanges to expand global market reach,” he said.

“Being in the international arena, we want to work with everyone and collaborate with globally established exchanges,” he added.

“A strong international partner will help us bring in international customers and we will also be able to get the Indian customers to the global markets,” said Balasubramaniam.

India INX aspires to achieve over USD 100 million volume threshold in the current fiscal year ending March 2018. It started trading in January 2017 and recorded a daily volume peak of USD 103 million on 2 May 2017.

FOW also gave an award to Bombay Stock Exchange for leading global bourses in “understanding how social media plays a role in market trends,” said Mitting.