Financial Tech to set up commodity bourse in Singapore

MUMBAI, July 9 (Reuters) - Financial Technologies (India) Ltd (FITE.BO: Quote, Profile, Research), which runs the Multi Commodity Exchange of India will set up a similar exchange in Singapore, the company said in a statement on Wednesday.

The Singapore Mercantile Exchange (SMX) will offer a derivatives trading platform for metals, energy, agriculture, currency, carbon credit and commodity indices, it said.

The Singapore Mercantile Exchange Clearing Corporation, a 100 percent subsidiary of SMX, will provide settlement guarantees for trades excuted on the new exchange, Financial Technologies said.

The Monetary Authority of Singapore last month permitted Financial Technologies to set up a commodity exchange in the island country. See [nBOM150468]

(Reporting by Sourav Mishra; Editing by Ramya Venugopal)