The country’s first international bullion exchange is about to start, know all the special things related to it

With the help of the country’s first bullion exchange, there is a plan to make gold trading more organized. PM Modi will launch it on July 29

The country’s first international bullion exchange will open from tomorrow

Prime Minister Narendra Modi will launch the country’s first International Bullion Exchange on July 29 at GIFT City. He will also lay the foundation stone of the headquarters building of the International Financial Service Center Authority (IFSCA) during this period. That is, SGX Nifty is ready to start trading in India’s first International Financial Services Center ie IFSC. gold Apart from promoting financialization of the company, it will also facilitate accountable sourcing and efficient price discovery with the assurance of quality. This bullion exchange is being considered as a major entry gate for the import of gold in India. It is believed that now whatever gold comes in the country, it will come through this exchange.

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What is special in Gift City of Gujarat?

GIFT City is a well-planned area in Gujarat, where there are many financial and technology related business centers. The government plans to make GIFT City at par with international financial hubs like Singapore, Dubai and Hong Kong. The IFSC Authority said that Connect GIFT-IFSC will further improve the liquidity position in the derivatives markets and more and more international participants will enter the market. Also, GIFT-IFSC will have a positive impact on the entire financial ecosystem.

TCS’s technical expertise will benefit

Earlier this year, IT giant TCS-led TCS BANCS was selected by SGX to improve the NSE IFSC-SGX Connect. To serve as end-to-end solutions for business, clearing, settlement and risk management operations. As per a TCS statement dated March 16, GIFT Connect will allow SGX members to place orders on NSE IFSC using FIX API or through TCS BANCs dealing terminal. For solutions and settlement module and limit management, NSE will interact with the clearing branches of IFSC and SGX, while also handling all regulatory compliance functions. At the same time, using the risk management module of TCS in addition to gold financialization in the country, SGX and SGX brokers can define risk rules and profiles, monitor and control trading.

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