The Multi Commodities Exchange, popularly known as the MCX, set the precedent for a corporate culture among trading exchanges in India. MCX was set up by promoter Jignesh Shah’s Financial Technologies Group in 2003 to initiate finance ecosystem commodities exchange. A first of its kind, MCX was given the license to trade in commodity futures.
With MCX, Jignesh Shah wanted India to become a first class trading hub, and compete with the likes in Tokyo and London. And his dream realised into a reality when various nations came to the Financial Technologies (India) Limited (FTIL)with requests to set up similar commodity exchanges in their shores.
Soon, FTIL was helping foreign governments set up exchanges in Singapore, Mauritius, Dubai, Botswana and Bahrain. Back home, FTIL worked on ways to enhance trading with its innovative technology. FTIL set up the Indian Energy Exchange (IEX) to create one-stop solution for price discovery and trading of electricity. Then came up the MCX-SX, the newest stock exchange in India that offered a bouquet of stock market products.
FTIL was involved in bringing up a wide range of solutions that offered help to India and the world’s financial sector. The approach was of course meant to improve the market conditions in India, but the technology that Jignesh Shah used, soon caught the fancy of the world. FTIL ensured all the asset classes were serviced, be it in India or the world.
It would not be an exaggeration to say that Jignesh Shah’s FTIL was instrumental in building a finance ecosystem that changed the way the world perceived the Indian market.