MCX-SX partners with FTSE to launch global indices in India
July 29, 2009
MCX Stock Exchange (MCX-SX), India’s new stock exchange, Wednesday said it has signed a cooperation agreement with global index provider Financial Times Stock Exchange (FTSE) to bring a range of international and new domestic indices in the country.
UK-based global index provider FTSE is jointly owned by The Financial Times and the London Stock Exchange.
Under the agreement, both the partners will jointly design and dvelop FTSE MCX-SX index series, which would be licensed for financial products globally, said U Venkataraman, executive director, MCX-SX.
Jignesh Shah, vice-chairman, MCX-SX said, the new domestic index series, to be created along with a range of international FTSE indices, would be listed and traded on the MCX Stock Exchange in India which is in the process of getting regulatory approvals.
FTSE will also extend development co-operation to Financial Technologies Group's other exchange network in India, Singapore and Bahrain, Shah added.
Both FTSE and MCX-SX also agreed to create a set of FTSE global indices which will be licensed to become the basis for futures contracts on MCX-SX in India, subject to regulatory clearances, MCX-SX said in a statement. - Yogesh Sapkale [email protected]