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NYSE Euronext Completes Transaction
NYSE Euronext to Purchase 5 % Equity Interest in India’s Multi Commodity Exchange (MCX) Continues NYSE Euronext’s Strong Commitment to India and Global Diversification
Completed share & fund transfer @ Rs. 559 per share (enterprise valuation of 1.1billion USD), on RBI and FIPB approval
New York , Paris and Mumbai, – NYSE Euronext (NYX), the world’s leading and most diverse financial market group, announced that it has completed through its affiliate Euronext NV, the acquisition of a 5% equity position in the Multi Commodity Exchange (MCX ), India ’s largest commodity derivatives exchange. The 5% equity investment is the maximum equity interest permitted by a single foreign investor in exchanges under current Indian law.
“Through our investment in MCX , NYSE Euronext continues to expand its global leadership by aligning our diverse business model with other global entities that add value to our customers and shareholders,” said Lawrence Leibowitz, NYSE Euronext Group Executive Vice President and Head of U.S. Execution and Global Technology. “Asia-Pacific is a strong, growing region for global capital markets and we are very pleased to formalize our intent to be a part of that growth by investing in and working with MCX , India 's No. 1 commodity derivatives exchange."
Speaking on the occasion Mr. Joseph Massey, MD & CEO, MCX said, “The strategic investment by NYSE in MCX takes our relationship to the next level and we see it as strategically important in the global context.”
Mr. Jignesh Shah, Chairman and CEO Financial Technologies Group and Vice-Chairman MCX added “This strategic partnership is an excellent case study and example of how we (Financial Technologies Group) plan to work together with global partners, like NYSE Euronext, to execute our vision of creating one of the largest global exchange networks across the fast growing economies of Africa, Central Asia, Middle East, India, China and other Asian countries.”
Financial Technologies Group (www.ftindia.com), has set-up seven exchanges for trading in derivatives and spot in Commodities, metals, energy, soft and power among other asset classes and continues to explore opportunities to create new greenfield exchanges that can help unlock value from – new region, new asset class or new investor base.
Currently, there are 14 corporate listings from India on NYSE Euronext markets, 12 on the New York Stock Exchange and two on Euronext (including one interlisted company), whose combined total global market capitalization is approximately $96.5 billion. On July 31, 2006 , MCX and Liffe, NYSE Euronext’s derivatives business, entered a licensing agreement for MCX to use Liffe futures prices, enabling MCX to list domestic ‘mini’ futures contracts for both Robusta Coffee based upon Liffe futures prices.
About NYSE Euronext
NYSE Euronext (NYX) operates the world’s leading and most liquid exchange group, and seeks to provide the highest levels of quality, customer choice and innovation. Its family of exchanges, located in six countries, includes the New York Stock Exchange, the world's largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe, Europe's leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms. NYSE Euronext offers a diverse array of financial products and services for issuers, investors and financial institutions in cash equities, options and derivatives, ETFs, bonds, market data, and commercial technology solutions. NYSE Euronext's nearly 4,000 listed companies represent a combined $28.5 / 18.4€ trillion (as of May 31, 2008 ), in total global market capitalization more than four times that of any other exchange group. NYSE Euronext's equity exchanges transact an average daily trading value of approximately 157.5 /103.4 billion (as of May 31, 2008 ), which represents more than one-third of the world's cash equities trading. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index. For more information, please visit www.nyx.com.
About MCX
Headquartered in the financial capital of India , Mumbai, MCX (www.mcxindia.com) is a demutualised nationwide electronic multi commodity futures exchange set up by Financial Technologies with permanent recognition from Government of India for facilitating online trading, clearing & settlement operations for futures market across the country. The exchange started operations in November 2003
MCX offers futures trading in 56 commodities as on December 31, 2007 , defined in terms of the type of contracts offered, from various market segments including bullion, energy, ferrous and non-ferrous metals, oils and oil seeds, cereals, pulses, plantations, spices, plastics and fibres. The exchange has forged eleven strategic alliances across the world, including with Tokyo Commodity Exchange, Chicago Climate Exchange, London Metal Exchange, New York Mercantile Exchange, New York Board of Trade and Bursa Malaysia Derivatives, Berhad.
MCX is India ’s No. 1 commodity exchange. Source: FMC website (www.fmc.gov.in) based on turnover in terms of value for FY 07.
Post IPO Disclaimer :
MCX is India ’s No. 1 commodity exchange. Source: FMC website (www.fmc.gov.in) based on turnover in terms of value for FY 07
Multi Commodity Exchange of India Limited proposes, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on SEBI website at www.sebi.gov.in as well as on the websites of the book running lead managers at www.dspml.com,www.citibank.co.in ,www.jmfinancial.in,www.kotak.com andwww.enam.com. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the aforementioned offer document.
MCX Safe harbor statement:
Certain statements in this release that are not historical facts may be forward-looking in nature. Although MCX believes that expectations reflected in such forward-looking statements are based on reasonable assumptions, it has no assurance that its expectations will be attained. These statements involve risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated in such forward-looking statements. MCX does not undertake responsibility to update any forward-looking statement that may be made from time to time by or on behalf of MCX.
About Financial Technologies Group:
Financial Technologies (India) Limited is a US$1.8 billion global leader in creating and operating technology centric, next generation financial markets that are transparent, efficient, and liquid, across multi asset classes including equities, commodities, currencies and bonds, among others.
Its highly robust and scalable exchange and trading technology, coupled with deep domain expertise, gives Financial Technologies a decisive edge in driving mass disruptive innovation at a speed and cost of execution that are unmatched in the financial markets. This expertise uniquely positions Financial Technologies as a creator of electronic, organized, and regulated financial markets for new asset classes and new investor classes that are either underserved or economically unviable to be served by traditional markets. More information is available at www.ftindia.com
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext's plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext's results to differ materially from current expectations include, but are not limited to: NYSE Euronext's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext’s reference document for 2006 ("document de référence") filed with the French Autorité des Marchés Financiers (Registered on June 6, 2007 under No. R.07-0089), 2006 Annual Report on Form 10-K, as amended, and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.
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