NYSE Euronext picks up 5 percent in MCXJuly 2nd, 2008 - 4:31 pm ICT by IANS
Mumbai, July 2 (IANS) The New York Stock Exchange Euronext (NYX) has acquired a five percent equity in India’s largest commodity derivatives exchange, the Multi-Commodity Exchange (MCX), through its affiliate Euronext NV, it announced late Tuesday night. NYX said a five percent equity investment is the maximum equity interest permitted by a single foreign investor in exchanges under Indian laws.
In the statement, Lawrence Leibowitz, NYSE Euronext Group executive vice president and head of US Execution and Global Technology, said through the investment in MCX, NYSE Euronext will be able to expand its global leadership “by aligning diverse business model with other global entities”.
Elaborating on this, he said Asia-Pacific region was a strong, growing region for global capital markets and MCX “is India’s number one commodity derivatives exchange”.
The statement quoted MCX chief executive officer and managing director Joseph Massey as saying the strategic investment by NYSE has to be viewed “as strategically important in the global context”.
MCX vice chairman Jignesh Shah said in the statement that the partnership would create “one of the largest global exchange networks across the fast growing economies of Africa, Central Asia, Middle East, India, China and other Asian countries”.
Shah is also the Chairman and chief executive officer of Financial Technologies Group (FTG), a co-promoter of MCX.
FTG has set-up seven exchanges for trading in derivatives and spot in commodities, metals, energy, soft and power among other asset classes even as it simultaneously explores opportunities to create new greenfield exchanges.
Currently, there are 14 corporate listings from India on NYSE Euronext markets, 12 on the New York Stock Exchange and two on Euronext (including one interlisted company), whose combined total global market capitalization is approximately $96.5 billion.
MCX and Liffe, NYSE Euronext’s derivatives business, entered a licensing agreement July 31 2006 for MCX to use Liffe futures prices, enabling the Indian entity to list domestic ‘mini’ futures contracts for Robusta coffee based on Liffe futures prices, the release said.
- Gontermann-Peipers expects FMC nod for commodity exchange - Sep 15, 2010
- MCX-SX aims to start trading with 1,200 stocks - Sep 13, 2012
- MCX-SX to have 40-stock barometer index - Sep 12, 2012
- Markets to hold special Diwali trading session Wednesday - Oct 25, 2011
- Intel Capital invests Rs.115 crore in 3 Indian tech firms - Mar 25, 2010
- Markets to open for special 'Muhurat' trading on Diwali - Nov 04, 2010
- NYSE Euronext to get stake in Indian commodities exchange - Feb 15, 2008
- More ticker boards on farm goods' trade planned in Kerala - Nov 08, 2011
- Court urges SEBI, MCX-SX to amicably resolve issues - Sep 16, 2011
- Exchange of futures for physicals facility launched - Dec 01, 2009
- Sharekhan launches Fortune Finder for stock market investors - Sep 16, 2010
- MCX gets SEBI nod for currency futures trading - Aug 25, 2008
- Toronto, London stock exchanges to merge to form new global giant - Feb 09, 2011
- MCX gets nod to begin stock exchange operations (Lead, superseding earlier story) - Oct 31, 2008
- G-20 Summit Declaration - Jun 20, 2012
Tags: asia pacific region, chief executive officer, commodity derivatives, commodity exchange mcx, east india, exchange networks, global capital markets, global entities, global leadership, group executive, india china, jignesh shah, joseph massey, market capitalization, multi commodity exchange, multi commodity exchange mcx, new york stock, new york stock exchange, nyse euronext, york stock exchange