Mumbai, July 29: The Footsie is coming to India.
FTSE — a joint venture between the London Stock Exchange and Financial Times of the UK — has joined hands with MCX Stock Exchange (MCX-SX) to bring a range of new indices to the Indian market. MCX Stock Exchange is promoted by Financial Technologies (India) and Multi Commodity Exchange.
The new domestic index series will be listed and traded on the MCX Stock Exchange in India along with a range of international FTSE indices.
The FTSE will be the second overseas index provider to come to India. Back in 1996, Standard & Poors tied up with the National Stock Exchange to provide a range of indices specially designed for the Indian markets.
The MCX Stock Exchange in India is in the process of securing the necessary approvals from the Securities and Exchange Board of India.
Jignesh Shah, chairman of Financial Technologies, said the new index products would facilitate the creation of international investment products to be listed on the MCX-SX.
Shah refused to say whether FTSE would pick up an equity stake in MCX-SX.
The agreement was signed by MCX-SX managing director Joseph Massey and FTSE Groups Asia-Pacifics managing director, Paul Hoff.