Chicago’s CME mulls international exchange at GIFT

AHMEDABAD: The Chicago-headquartered CME group is in talks to set up an international stock and commodity exchange in GIFT in Gandhinagar. Senior executives from CME discussed options with GIFT officials on Monday.
CME group owns and operates large exchanges in Chicago and New York City, including CME (Chicago Mercantile Exchange), CBOT (Chicago Board of Trade), NYMEX (The New York Mercantile Exchange) and COMEX (Commodity Exchange, Inc.).
“CME is keen to set up international stock and commodity exchange in GIFT international financial services centre (IFSC). Initially, they are likely to tie-up with one of the Indian stock exchanges,” said sources close to the development.
With regulatory framework in place, many financial services players seem to have evinced keen interest in setting up operations in GIFT IFSC – GIFT has already approached international exchanges such as New York Stock Exchange, London Stock Exchange, Dubai Stock Exchange and Singapore Stock Exchange.
Last week, National Commodity & Derivatives Exchange Ltd. (NCDEX) signed a memorandum of understanding with GIFT SEZ to set up an international commodity and derivatives exchange. The National Stock Exchange (NSE) and The Bombay Stock Exchange (BSE) have already announced their plans to establish international exchanges in IFSC at Gandhinagar.