MCX deepens its footprint in the GIFT City

MUMBAI:
In a move to expand the Exchange’s operations in terms of Technology (Business Continuity and Disaster Recovery – BC & DR) and Education, Multi Commodity Exchange of India Ltd (MCX), India’s No. 1 commodity exchange acquired office space in GIFT City earlier this month.
This office space will be utilised by MCX to set-up a full-fledged Business Continuity Facility with state-of-the-art Disaster Recovery Infrastructure to carry out all critical operations and processes seamlessly and effectively in any eventuality. The DR infrastructure planned at GIFT City will be more robust and less prone to failures
which will be a replica of the primary site. The IT infrastructure at DR site will be hosted at Data Center which will be built and managed as per the international Tier-IV specifications. Additionally, MCX will also establish a training facility to conduct training programmes, and dissemination of knowledge for the enhancement of skill and capabilities of students and working professionals, desirous of making a career in commodity market.
Commenting on the development, Mrugank Paranjape, MD & CEO, MCX said, “With the world class infrastructure and allied facilities matching global standards at GIFT City, setting up a BC & DR facility at this location would ensure seamless continuation of exchange operations, aid in diversifying our risk, and further strengthening our competence in terms of processes, people and IT infrastructure. Separately, it is also an opportunity for us to expand the footprint of our endeavour in adding financial market skill sets which holds the key for a healthy ecosystem at GIFT.”
“Initiatives like GIFT City will go a long way in fructifying the Government’s vision of creating a vibrant International Financial Service Centre in India, which can compete with the best globally”,  Paranjape added.
Ajay Pandey, MD & CEO, GIFT City said, “With the presence of MCX, GIFT City has now achieved another important milestone. This is not only a valuable addition to the growth story of GIFT, but also validates its credentials of being India’s first and only Global Financial Hub. With state
-of-the-art infrastructure and world-class amenities, GIFT continues to attract lot of interest from the major financial players of the country and aboard. It is gratifying to see some of this interests taking shape at the ground level: In all, GIFT has embarked on an expansion track and in the coming days, we will see more such developments taking place.”