Gandhinagar– Prime Minister Narendra Modi on Monday inaugurated the India International Exchange (INX) located at the International Financial Services Centre (IFSC), GIFT City here, terming it as momentous occasion for the country’s financial sector.

The India INX is a wholly owned subsidiary of BSE Ltd is expected to start trading middle of this month.

“Inauguration of India International Exchange is a momentous occasion for India’s financial sector,” said Modi, adding that the new exchange will surely set new standards for quality of service and speed of transactions across time zones.

He said that with a combination of talent and technology, Indian companies can compete with offshore financial centres.

The exchange plans to offer diversified portfolio of products and technology services at a more competitive rates to Indian exchanges as well as other global exchanges like those in Dubai, London and Singapore, India INX had said.

The exchange can trade securities and products other than Indian rupees. The securities and products that could be traded on the India INX are: equity shares of companies incorporated outside India, depository receipts, debt securities, currency and interest rate derivatives, index based derivatives, commodity derivatives and such other securities that may be allowed.

Technology offerings at India INX will facilitate co-location of members in its own Data Centre at GIFT IFSC as well as algorithm trading including that of High Frequency Traders (HFTs).

The exchange will offer the same state of the art T7 trading platform used by BSE with a speed of 6 microseconds – the fastest in the world.

India INX and the India Clearing Corporation (ICC) has already set up a fully functional office with a data centre and IT system at GIFT city.

India INX and ICC has also commenced mock trading from India INX data centre at GIFT City from December 17, 2016.

The colocation service shall be the fastest of its kind with round trip network latency expected to be less than 10 microseconds with low latency switch.

The facilities in the India INX would enable a comprehensive single segment access for currency, commodities, equities and fixed income derivatives.

Further, the exchange will ensure equitable distribution of market data to all members. (IANS)