Bonds, Currencies & Commodities
MCX launches gold petal Delhi futures

MCX launched gold petal futures in Mumbai in April, which witnessed the highest daily turnover of Rs 125.82 crore on November 9, 2011.

Multi-Commodity Exchange of India (MCX) today said it has launched gold petal Delhi futures meant for investors in the northern India. "After Mumbai, the MCX brings gold petal futures to small traders and investors in North India today," it said in a statement here. The price of 1 gm contract will include import and customs duties, but not sales tax and VAT. Delivery will be in demat or physical form. Physical delivery, from centres in New Delhi, Mumbai, Ahmedabad, Hyderabad, Bangalore, Chennai and Kolkata, will be in multiples of 8 gm coins with 999 purity certified by the London Bullion Manufacturers Association, the release said. MCX launched gold petal futures in Mumbai in April, which witnessed the highest daily turnover of Rs 125.82 crore on November 9. The contract is expected to cater to retail investors and traders in Delhi, Uttar Pradesh, Punjab, Haryana and Uttarakhand. MCX offers gold contracts with denominations like gold petal (1 gram), gold (1 kg), gold mini (100 grams) and gold guinea (8 grams). "Availability of gold petal, a product that can act as a systematic investment product, will attract retail participants," MCX Managing Director and Chief Executive Officer Lamon Rutten said.

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FT starts Bahrain Financial Exchange

BFX will provide opportunity to trade in various asset classes such as derivatives, equities, fixed income, exchange traded funds and structured products in both the conventional and Islamic finance vertical

Financial Technologies-promoted the Bahrain Financial Exchange (BFX) – the first multi-asset exchange in the Middle East and North Africa region, has commenced live trading on Wednesday. The Islamic division (Bait Al Bursa) of the exchange was started in February.

BFX will provide opportunity to trade in various asset classes such as derivatives, equities, fixed income, exchange traded funds and structured products in both the conventional and Islamic finance vertical.

In its initial phase, the BFX listed three derivatives products Natural Gas Futures, Gold Futures and Euro US Dollar Futures. BFX will soon add additional offerings from currencies, commodities and indices baskets, the exchange said in a press release on Wednesday.

Mr H.E. Rasheed Al Maraj, the Governor of the Central Bank of Bahrain, said the start of the conventional division of the exchange will greatly benefit the financial markets of the Kingdom of Bahrain. It will be utilised by the financial institutions based locally as well as regionally for the investment and trading requirements of their investors, he said.

Mr. Jignesh Shah, chairman & group CEO, Financial Technologies and chairman of the Bahrain Financial Exchange, said the Kingdom of Bahrain being the oldest financial centre of the Gulf and a globally leading centre for Islamic finance is the ideal location for an international multi-asset exchange like the BFX which offers products in both Islamic and conventional finance accessible to the trading community across the globe.

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Muthoot Fincorp ties up with MoneyGram for global money transfer services

The tie-up is expected to offer instant money transfer services to the Indian expatriate community across the globe.

Muthoot Fincorp, engaged in the financial services segment, has entered into an alliance with the global instant money transfer brand, MoneyGram, through UAE Exchange.

The tie-up is expected to offer instant money transfer services to the Indian expatriate community across the globe.

Mr Thomas John Muthoot, CMD, Muthoot Fincorp, said the strategic alliance would combine the companies' strengths, MoneyGram's global presence and Muthoot Fincorp's pan-India branch network.

Muthoot Fincorp Ltd, part of the Muthoot Pappachan Group, is a provider of finance in the form of gold loans and a host of other financial products.

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