India International Bullion Exchange : SBI First Trading-Cum-Clearing Member
State Bank of India (SBI) recently announced it has become the first trading-cum-clearing member at the India International Bullion Exchange (IIBX)
- India International Bullion Exchange (IIBX) is India’s first International Bullion Exchange.
- It is based at GIFT City (Gujarat International Finance Tech City) IFSC (International Finance Services Center), Gandhinagar, Gujarat.
- IIBX has been conceptualized to provide a gateway to import bullion into India and provide a world class bullion exchange ecosystem to promote bullion trading, investment in bullion financial products, and vaulting facilities in IFSCs.
- It will facilitate Transparent Price Discovery, Responsible sourcing and supply chain integrity, Quality Assurance and Standardization.
- The IIBX is regulated by the International Financial Services Centers Authority (IFSCA), a unified authority for the development and regulation of financial products, financial services, and financial institutions at IFSCs.
- Products and technology offered at IIBX are diversified, and available at a cost that is far more competitive than those at Indian exchanges, as well as global exchanges in Hong Kong, Singapore, Dubai, London, and New York.
- Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins.
