Israel Stock Exchange among applicants for new exchange
Five parties have applied for the Multi-Asset Class Derivatives Exchange, while only the Colombo Stock Exchange (CSE) has applied to operate this exchange with the National Commodities Exchange of India.
The Israel Stock Exchange is among the foreign parties that have applied. The Securities and Exchange Commission is in the process of reviewing these proposals and will come out with a decision by December, industry sources said.
A multi-asset class is an investment approach that combines asset classes, such as cash, equities, or fixed income. The most common underlying assets for derivatives are stocks, bonds, commodities, currencies, interest rates, and market indexes.
Sri Lanka is rich in many commodities such as gems and jewellery, sugar, coffee, spices, tea, rubber etc with officials saying that the Sri Lankan traders dealing in such commodities in the Pettah bazaar are glued to such exchanges in London. They predicted that this exchange would be taken on by these traders when it is established.
With such an exchange, the local farmers will get a guaranteed price, unlike now and get their futures and options exercised, and their post-harvest Agri loss will be reduced. Sri Lanka is strategically located as a trading hub for both physical and futures trade. The strategic position of the country provides ideal opportunities for offshore, nearshore, and onshore trade-offs in multi-asset classes within the regulatory framework. The derivatives trading in the country, from a risk management and price discovery perspective, is important now, a source told The Sunday Times Business.
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