GIFT City will be price-setter in 10 years: Narendra Modi

Posted by Daily Shipping Times on 11-01-2017        Tweet

GANDHINAGAR: Sounding the inaugural bell of BSE's first international exchange 'India International Exchange (INX)' at the Country's first International Financial Services Centre (IFSC) at the Gujarat International Finance-Tec (GIFT) City in Gandhinagar, Prime Minister Narendra Modi said that in next 10 years the IFSC will be a price setter for various instruments.

"My vision for GIFT City is larger. In next 10 years from now, I see GIFT City become a price setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rates derivatives or any other financial instruments. Over the next 10 years I expect this city to generate several lakhs of jobs," said PM.

PM declared India INX open by sounding a digital bell at GIFT City. Terming the event as a momentous occasion for India's financial sector, PM said that the IFSC will be able to provide facilities "comparable to any other leading financial services centres in the world".

Operating from the first floor of the 16-storey 'Hiranandani Signature' commercial, India INX will be the fastest international exchange in the world in terms of order response time, with a median trade speed of four microseconds. This, according to BSE Managing Director and Chief Executive Officer Ashish Kumar Chauhan, is better than its own domestic exchange at Mumbai, which has a order response time of six microseconds. In 2015, BSE had become the fastest exchange in the world with the six microseconds median trade speed.

In comparison, the second fastest international exchange at Singapore has an order response time of 60 microseconds.

What's more, India INX at IFSC will be open for trading for 22 hours every day. The exchange will open for trading activity daily at 4 am when exchanges in Japan open, and close at 2 am when exchanges in the US close.