INDIA INTERNATIONAL
BULLION EXCHANGE - ECONOMY
News: SBI becomes trading-clearing
member of IIBX at GIFT City
What's in the news?
●
SBI has declared its status as the inaugural
trading-cum-clearing member of the India International Bullion Exchange (IIBX).
India International
Bullion Exchange (IIBX):
●
Positioned as India's inaugural International
Bullion Exchange, the IIBX operates from GIFT
City (Gujarat International Finance Tech City) IFSC in Gandhinagar, Gujarat.
Vision:
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To serve as a conduit for importing bullion into India and fostering a world-class bullion
exchange ecosystem, promoting trading, investment in bullion financial
products, and offering vaulting facilities within IFSCs.
Aim:
●
To facilitate Transparent price discovery,
responsible sourcing, and supply chain integrity, alongside Quality Assurance
and Standardization.
Regulated by - the International Financial Services Centers Authority (IFSCA), which is responsible for
developing and regulating financial products, services, and institutions within
IFSCs.
Functions:
●
Offers diversified products and technology at
competitive costs compared to Indian exchanges and global counterparts in Hong
Kong, Singapore, Dubai, London, and New York.
Go back to basics:
Bullion:
●
Bullion denotes physical gold and silver of high purity, typically stored in the
form of bars, ingots, or coins.
● Often recognized as legal tender and held as reserves by central banks or institutional investors.