India International Exchange

From MarketsWiki
Jump to: navigation, search


Marquette Partners.jpg
India International Exchange (INX)
India INX newlogo.png
Founded 2017
Headquarters Gift City, Gujarat, India
Key People V. Balasubramaniam, Managing Director and CEO
Website http://www.http://www.bseindia.com/Homepage.htm

The India International Exchange (INX) officially opened for trading on January 17, 2017. A wholly owned subsidiary of BSE (Bombay Stock Exchange), the exchange offers a wide range of global benchmark products across all major asset classes, including equity derivatives, commodity derivatives, and currency and interest rate derivatives. [1] [2]

The exchange is located at the International Financial Service Centre (IFSC), Gujarat International Finance Tech (GIFT) City, Gujarat, a so-called special economic zone which provides various tax benefits to participants. It aims to compete with other offshore banking hubs such as Singapore, Hong Kong, London and Dubai. [3] [4][5]

Key products

The INX provides an electronic platform for trading, clearing and settlement of a variety of contracts in non-rupee denominations. Among the contract offerings are: currency and interest rate derivatives, single stock, index and commodity futures, equity shares of companies incorporated outside India, depository receipts and debt securities. The exchange opened with derivatives contracts and plans to introduce other asset classes.[6]

To start, the exchange opened with trading on Sensex-50 Index futures with plans to add gold, silver, copper, oil and rupee.

The trading system was touted as the world's fastest stock exchange, with turnaround times of four microseconds. It is open 22 hours per day.

In October 2019, it was reported that India would allow foreign exchange trading on rupee derivatives. The move came as trading in rupees had grown in offshore markets such as London, which surpassed Mumbai in trading of the currency. India International Exchange said it would launch dollar-rupee futures and options contracts.[7]

Key people

V. Balasubramaniam, managing director and CEO

References

  1. India INX Data from India’s first international exchange. Deutsche Boerse.
  2. BSE's India International Exchange at GIFT City is now open for trading. DNA.
  3. BSE. BSE.
  4. BSE. BSE.
  5. India International Exchange (India INX). IPO and More.
  6. What is India International Exchange (India INX)?. Qura.
  7. Bringing Rupee Trading Home, India Takes Steps to Deepen Markets. Bloomberg.