By IANS
Mumbai : NYSE Euronext Inc, the world’s largest securities exchange group, will acquire five percent equity in Multi Commodity Exchange of India Ltd (MCX), India’s leading commodity exchange, it was announced Friday.
Financial Technologies India Ltd, a stakeholder of MCX, announced that NYSE Euronext has signed an agreement to this effect.
The five percent equity investment is the maximum equity interest permitted to foreign investors in derivative exchanges under current Indian law.
The closing of the transaction is expected to take place during the first half of 2008, subject to relevant regulatory approvals.
Jignesh Shah, managing director and CEO of MCX, said: “The milestone bears testament to the quality of the institution we have built, where the best of India and the world converge. It is a statement on India’s economic standing and we are proud to be part of it.”
MCX is country’s leading commodity exchange for the trading of precious metals, ferrous and non-ferrous metals, energy agriculture and industrial commodities.
NYSE Euronext, a holding company created by the combination of NYSE (New York Stock Exchange) Group Inc and Euronext NV, was launched in April 2007.
NYSE Euronext operates the world’s largest exchange group. It brings together six cash equities exchanges in five countries and six derivatives exchanges, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data.