NEW DELHI: The country’s top stock exchange BSE and its counterpart in commodity trading MCX have initiated a dialogue to explore a tie-up entailing sharing of technology to (rpt) cross-holding to gain global markets.

The cross-holding of the Bombay Stock Exchange and Multi- Commodity Exchange in each other could be 5-10 per cent, said a person familiar with the development.

BSE Chairman Jagdish Capoor and MCX promoter Financial Technologies’ Chairman and Group CEO Jignesh Shah met last week and a potential partnership between the two exchanges was discussed, said the person, who did not want to be named.

The meeting comes amid reports that National Stock Exchange is also evincing interest to provide technology support to rival BSE.

When contacted, Shah told PTI, “They (BSE) have a strong brand and we have the best technology and domain knowledge and the combination could become a leading global player and fulfill the government’s vision (for strengthening the market).”

Shah, however, did not elaborate further on the dialogue or the contours of a tie up, while Capoor could not be reached for his comments.

Explaining its global reach, another MCX official said that FTIL group was the second largest after the US commodity bourse CME (Chicago Mercantile Exchange) in terms of network of exchanges.

source: Economictimes

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