The BSE-owned India International Exchange (India INX) on Wednesday said it has achieved a cumulative turnover of $500 billion since it was set up in 2017.
"India International Exchange (India INX), the international exchange based in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) has crossed the USD 500 billion mark in its cumulative total trading turnover driven by a substantial jump in its volume to over 37.15 million contracts.
"India INX has maintained its leadership as the No. 1 exchange in IFSC GIFT City with an average daily turnover of USD 2,290 million (INR 16,254 cr) having overall market share of 87 per cent in IFSC for the period from quarter-ended September 2019," the exchange said in a statement.
The India International Exchange is India's first international stock exchange, opened in 2017. Located at the International Financial Services Centre, GIFT City in Gujarat, it is a wholly-owned subsidiary of the Bombay Stock Exchange.
The India INX Futures are currently available on the Sensex, INDIA50, gold, silver, Brent crude oil, euro, dollar, British pound, Japanese yen, 149 Indian single stock futures as well as international commodities such as aluminium, copper, lead, nickel, and zinc. Option contracts have also been launched on several of these products.
Commenting on the milestone, India INX MD & CEO Balasubramaniam V said: "The substantial increase in trading volume and open interest on the India INX derivatives segment further reinforces our leadership in the IFSC GIFT City. This is a clear indication of the effectiveness of our strategy and showcases our capability to become a leading international derivatives exchange in the years ahead. Further, the RBI's monetary policy allowing rupee derivatives to be traded in IFSC Gift City will attract more participants to the IFSC and increase liquidity."
In the Global Securities Market, India INX has established MTN programme of $44.57 billion (market share of 100 per cent) and listed bonds valuing $17.62 bil lion (market share 98 per cent). This firmly establishes India INX and GIFT IFSC as a credible and competitive international jurisdiction for raising capital from global investors, the statement said.
The Depository Receipts (Amendment) Scheme 2019 has been amended to include GIFT IFSC as a permissible jurisdiction and India INX looks forward to introducing Depository Receipt and Equity Listings as and when operating guidelines are issued by the Regulator. With products spanning across multi-asset c lasses such as equities, commodities, currencies and debt securities, India INX has become the de facto alternative destination for global investors as c ompared to international financial centres such as Singapore, Hong Kong, Dubai, New York and Chicago, it said.
The exchange had witnessed an all-time high turnover of over $4.5 bn (Rs 31,253 crore approx.) on its derivative segment in daily trading turnover on July 25, 2019, while on May 30, the daily turnover crossed over $3.3 bn.
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