PM Modi to launch international bullion exchange on July 29
The Hindu
The Prime Minister will launch the India International Bullion Exchange (IIBX)
Prime Minister Narendra Modi will launch the country's first international bullion exchange at Gujarat International Finance Tec-City (GIFT City) on Friday.
He will also lay the foundation stone of the unified regulator International Financial Services Centres Authority's headquarters building.
GIFT City is India's maiden International Financial Services Centre (IFSC).
The Prime Minister, during his visit, will launch the India International Bullion Exchange (IIBX), which will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India, according to a statement by IFSC Authority.
"This shall empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. This also re-enforces the commitment of the Government of India towards enabling India to be able to influence global bullion prices as a principal consumer," the statement said.
Also, the prime minister will launch NSE IFSC-SGX Connect. Under this system, all orders on Nifty derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform.
The connect platform will deepen liquidity in derivative markets at GIFT-IFSC.
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