Mercati asiatici : India e Cina
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Investors vying for Indian bourse
A rush to 'market in its early days'
By Thomas Kutty Abraham Bloomberg News
MUMBAI: Multi Commodity Exchange of India said that it was receiving at least one approach a month from overseas investors seeking a stake in a national market with a trading volume that may double to more than $900 billion this year.
The company, the biggest Indian commodity exchange, wants a global broker or rival exchange to join Fidelity International as a shareholder once the government relaxes investment restrictions imposed last year, Jignesh Shah, managing director of the exchange in Mumbai, said during an interview Tuesday.
Overseas capital would help the exchange improve services as commodities trading increase in the world's biggest buying market for gold and one of the largest producers of sugar and rice. Fidelity and Goldman Sachs are the only overseas investors so far allowed to buy stakes in the Indian commodity exchange.
"There's tremendous potential in commodities trading, as the penetration level is low compared with the equity market," said U.P. Bhat, a fund manager at Canbank Investment Management in Mumbai. "It's a market in its early days."
Commodity derivatives trading on global exchanges surged 44 percent in 2005 as energy and metals prices rose to records, according to International Financial Services London. About 878 million contracts were traded in 2005, more than double four years ago, the company said in a report in July.
The number of contracts traded on the Multi Commodity Exchange, or MCX, surged to 26.4 million in the six months from April to October compared with 5.8 million contracts in the 12 months to March 2005, its first full year of operation. MCX is one of the world's largest gold exchanges.
"Foreign capital is a must for Indian exchanges to become globally competitive," Shah said. "We cannot do things in isolation. I want to see India on the global commodities map."
Shah said he expected that within two months India would relax restrictions imposed in July that barred overseas firms from investing in its commodity exchanges.
Goldman Sachs, the world's biggest securities firm, already owns a 7 percent stake in the National Commodities & Derivatives Exchange, the second-biggest bourse in India after the Bombay Stock Exchange. Goldman Sachs bought the stake in June.
Shah did not comment on a report in The Economic Times newspaper last month that the New York Mercantile Exchange was considering buying a 9 percent stake in MCX.
At the same time as MCX is seeking foreign investment, Shah said that the founder of the exchange, Financial Technologies, planned to set up an exchange in Mauritius to trade in bullion and natural gas.
In India, local traders and companies involved in the production or consumption of commodities are the main participants in commodity exchanges, compared with the 13 million individuals who invest in stocks.
MCX expects the value of the trades it handles to more than double this financial year as it adds 20 contracts, including coffee, to the existing 80 items, Shah said. Gold futures account for half of the MCX trading volume.
Allowing overseas funds to take a greater stake in the Indian commodities markets may take time, said Anupam Mishra, a director at the Forward Markets Commission, the Indian regulator.
"The central bank has to decide on how to regulate them before allowing them in," he said. "Our recommendations are pending with the government."
MCX plans to sell some of the 5 million shares, or 12.4 percent of its intended sale of 40.3 million shares, to domestic investors if the government does not set rules for overseas investments in exchanges, Shah said. In February last year, Fidelity paid $49 million for 9 percent of MCX, valuing the exchange at $539 million, or 600 rupees a share, Shah said. The new shares will be sold for at least that much, he added.
A rush to 'market in its early days'
By Thomas Kutty Abraham Bloomberg News
MUMBAI: Multi Commodity Exchange of India said that it was receiving at least one approach a month from overseas investors seeking a stake in a national market with a trading volume that may double to more than $900 billion this year.
The company, the biggest Indian commodity exchange, wants a global broker or rival exchange to join Fidelity International as a shareholder once the government relaxes investment restrictions imposed last year, Jignesh Shah, managing director of the exchange in Mumbai, said during an interview Tuesday.
Overseas capital would help the exchange improve services as commodities trading increase in the world's biggest buying market for gold and one of the largest producers of sugar and rice. Fidelity and Goldman Sachs are the only overseas investors so far allowed to buy stakes in the Indian commodity exchange.
"There's tremendous potential in commodities trading, as the penetration level is low compared with the equity market," said U.P. Bhat, a fund manager at Canbank Investment Management in Mumbai. "It's a market in its early days."
Commodity derivatives trading on global exchanges surged 44 percent in 2005 as energy and metals prices rose to records, according to International Financial Services London. About 878 million contracts were traded in 2005, more than double four years ago, the company said in a report in July.
The number of contracts traded on the Multi Commodity Exchange, or MCX, surged to 26.4 million in the six months from April to October compared with 5.8 million contracts in the 12 months to March 2005, its first full year of operation. MCX is one of the world's largest gold exchanges.
"Foreign capital is a must for Indian exchanges to become globally competitive," Shah said. "We cannot do things in isolation. I want to see India on the global commodities map."
Shah said he expected that within two months India would relax restrictions imposed in July that barred overseas firms from investing in its commodity exchanges.
Goldman Sachs, the world's biggest securities firm, already owns a 7 percent stake in the National Commodities & Derivatives Exchange, the second-biggest bourse in India after the Bombay Stock Exchange. Goldman Sachs bought the stake in June.
Shah did not comment on a report in The Economic Times newspaper last month that the New York Mercantile Exchange was considering buying a 9 percent stake in MCX.
At the same time as MCX is seeking foreign investment, Shah said that the founder of the exchange, Financial Technologies, planned to set up an exchange in Mauritius to trade in bullion and natural gas.
In India, local traders and companies involved in the production or consumption of commodities are the main participants in commodity exchanges, compared with the 13 million individuals who invest in stocks.
MCX expects the value of the trades it handles to more than double this financial year as it adds 20 contracts, including coffee, to the existing 80 items, Shah said. Gold futures account for half of the MCX trading volume.
Allowing overseas funds to take a greater stake in the Indian commodities markets may take time, said Anupam Mishra, a director at the Forward Markets Commission, the Indian regulator.
"The central bank has to decide on how to regulate them before allowing them in," he said. "Our recommendations are pending with the government."
MCX plans to sell some of the 5 million shares, or 12.4 percent of its intended sale of 40.3 million shares, to domestic investors if the government does not set rules for overseas investments in exchanges, Shah said. In February last year, Fidelity paid $49 million for 9 percent of MCX, valuing the exchange at $539 million, or 600 rupees a share, Shah said. The new shares will be sold for at least that much, he added.
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