On 16th January 2017, Globe IFSC and Edelweiss IFSC completed the first trade on India International Exchange (INX).
INX – a subsidiary of Bombay Stock Exchange (BSE) – is part of Gujarat International Finance Tec-City (GIFT City), India’s bold answer to other global financial hubs.
SO, WHAT IS GIFT CITY?
The concept for the site was first conceptualised in 2007. Since then, India has spent a decade constructing the business district complete with office space, cutting-edge connectivity, new data centres and sustainable ecology.
At its core, GIFT City is an attempt to court the international financial community. A strong statement. One that says India is open for business by putting domestic and offshore traders on an equal footing.
With 3.38% of the world’s GDP coming entirely from India, lucrative trading opportunities lie within the country and the hub is being positioned as the trading ecosystem to take advantage of India’s spoils.
We’ve followed GIFT City’s construction for some time and planned for its eventual arrival.
For example, Mumbai Connect, our dependable ultra low-latency connectivity service in/out of India to global markets, has been specifically optimised to address the growing demand from high frequency traders (HFTs) in India and to help financial organisations take advantage of the new trading opportunities that await.
India’s proximity to other APAC exchanges and those providing gateway access to the country are expected reap the rewards.
DGCX, BKC, BSE, NSE, SGX, CME and MOEX will also become more lucrative trading venues by default, especially as GIFT City grows in popularity and more companies move into available space – 94 brokers at the last count.
Ultimately, GIFT City represents a commitment by the Indian government to the global economy.
It may be early days but whether you’re assessing India as a new location or already active in the country, contact us today to learn how we can help.