IDBI Bank has picked up stake in the upcoming commodity bourse, Universal Commodity Exchange (UCX). The deal reflects the growing interest of prominent financial institutions in the commodity derivatives market in the country. IDBI Bank in the past has played pioneering role in laying the foundation of some of the prominent institutions in India like National Stock Exchange (NSE), National Securities Depository (NSDL) and Stock Holding Corporation of India (SHCIL) among others.
This strategic partnership will enable the bank to strengthen its overall portfolio by including commodities, as this market is growing at a rapid pace across global markets. UCX on the other hand will be able to derive strategic and operational efficiencies from IDBI`s decades rich experience in financial markets.
UCX is a joint public private initiative promoted by IT people (India). Headquarters in the financial capital of India: Mumbai, UCX would be a full fledged, online multi commodity exchange for futures and derivatives markets in Bullion, Agro, Metals, Energy and Others. UCX aims to be one of the largest physical commodity futures exchange price transparency inline trading, clearing and settlement operations for futures market across the country.
IDBI Bank is one of India’s leading sector banks with its operations driven by a cutting edge core Banking IT platform. The Bank offers personalized banking and financial solutions to its clients in the retail and corporate banking arena through its large network of branched and ATMs, spread across lengths and breadth of India.
