Direct Trading in LME Begins Through India INX Global Access
India INX Global Access IFSC Limited (Global Access), a wholly- owned subsidiary of Bombay Stock Exchange (BSE)’s India INX (India International Exchange), has expanded its vision of being the preferred outbound gateway by providing connectivity to LME and other global exchanges viz. ICE Futures U.S., ICE Futures Europe, EUREX & Euronext N.V.
Clients have commenced trading in LME via Global Access in addition to CME Group of Exchanges, viz., CME, CBOT, COMEX, NYMEX. The first trade on LME in India INX Global Access commenced Tuesday (May 21) with the trading of copper on the exchange.
V. Bala, managing director and CEO, India INX and Chairman of India INX Global Access, said,
“Today markets are highly integrated and as an offshore exchange, offering convenience to access markets globally at low cost is important. At India INX, we have taken the next step in that direction with a vision to become the preferred outbound gateway for IFSC members. The trading volume on the exchange has been growing exponentially with an all-time high in daily turnover of US$ 2.96 bn (Rs 20,586cr approx.) as on April 25, 2019. With access to LME and other global exchanges, Global Access has expanded its mission, which is to provide global access to deep liquidity pools of large internationally reputed exchanges for the first time to IFSC members on a wide range of products.”
India INX Global Access aims to become the leading financial services provider in IFSC GIFT City in the years ahead by facilitating a centralised access to international financial markets for its customers.
For participants at GIFT IFSC, Global Access will provide a unified single-window interface for trading in leading exchanges across the globe.
India INX, Global Access offers a competitive and sustainable value proposition to access global markets in a cost efficient way. Recently, with RBI allowing NRIs and Foreign Retail Investors to trade at GIFT City, this move is expected to make investing more globalised.