London-based GMEX Group and the Metropolitan Stock Exchange of India will collaborate to develop technology-driven products to enhance India’s capital markets. As part of the proposal, GMEX will acquire a 5% stake in the Exchange, and its subsidiary, the Metropolitan Clearing Corporation of India.
The collaboration includes product development in the existing segments; launching new product categories; an increased focus on technological innovations; and development of market infrastructure for new products, reports waterstechnology. Udai Kumar, CEO at the Exchange said, “The new products will enable key objectives to deepen and widen our capital markets and address the growing needs of the economy.”
The Metropolitan Stock Exchange is the youngest of India’s three stock exchanges recognized by the Securities and Exchange Board of India, the other two being the Bombay Stock Exchange and the National Stock Exchange.