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India INX starts trading

India International Exchange (INX), the first international exchange from India located at the International Financial Service Centre (IFSC) in GIFT City in Gandhinagar, Gujarat, has officially commenced trading. Arjun Ram Meghwal, union minister of state for finance & corporate affairs and chairman of IFSC taskforce, initiated the maiden transaction on the country’s first international exchange, which is a wholly owned subsidiary of BSE. The first trade took place between Globe IFSC and Edelweiss IFSC. Prime minister Narendra Modi had inaugurated INX on 9 January. Technology offerings at the exchange will facilitate co-location of members in its own data center as well as algo trading including that of High Frequency Traders (HFTs). The exchange will offer the same state of the art T7 trading platform used by BSE with a speed of 4 microseconds – fastest in the world, functioning 22 hours a day, five days a week. V. Balasubramaniam, MD & CEO, India INX, said the state of the art new facility will act as a gateway to raise capital for the country’s infrastructure and development needs. India INX and the India Clearing Corporation (ICC) have already set up a fully functional office with a data center and IT system at GIFT city.

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