Press Release: The UK Government Department for International Trade supports GMEX in the creation of a new exchange trading ecosystem in Mauritius

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Press Release: The UK Government Department for International Trade supports GMEX in the creation of a new exchange trading ecosystem in Mauritius

Providing local and international support for project to deliver a Mauritius based International Derivatives and Commodities Exchange Ecosystem

London, Mauritius 25 June 2018. GMEX Group, a global provider of multi-asset exchange trading, post trade business solutions and technology is pleased to confirm that, through the GMEX Market Advancement Programme (GMEX MAP), the company has taken a leading role in the initial consortium to launch the Mauritius International Derivatives and Commodities Exchange (MINDEX), envisaged to become a multi-commodity and derivatives exchange platform with full regulatory oversight by the Mauritius Financial Services Commission.

Following the opening of its regional headquarters in the Mauritius International Financial Centre (IFC) last year, GMEX has been working closely with the British High Commission Mauritius and Department for International Trade (DIT) Mauritius. The DIT engaged with the GMEX at the start of the investment journey and has actively supported the company by introducing and facilitating meetings with key stakeholders, including the Financial Services Promotion Agency and the Mauritius Board of Investment (now both part of the Economic Development Board) as well as key Ministers.

The GMEX consortium led investment in the MINDEX project amounts to $35million to build a gold refinery, a secure vault, launch of an advanced technologically enabled spot exchange, derivatives exchange and clearing house. This is expected to create 104 direct jobs over 2 years and an additional 408 new secondary jobs over the next 2 years in Mauritius.

The Department for International Trade’s Minister for Investment Graham Stuart MP said:
“As an international economic department, we are pleased to be working with GMEX in Mauritius on an investment which will sustain and create jobs in Mauritius and the UK. The MINDEX project will support an ecosystem which creates opportunities in gold mining, refining, storage, recycling, and in commodities trading and financial technology.

We will continue support companies’ overseas investments where there is benefit to the UK by offering practical support to investors, facilitating introductions to ease market entry and using our expertise to explain political sensitivities and cultural differences to British businesses.”

Hirander Misra, CEO of GMEX Group said:
“Without DIT involvement and support there would have been much less likelihood that the investment would have gone ahead as quickly and smoothly as it has.” He added, “DIT, the British High Commission in Mauritius and wider UK Government played a fundamental role in facilitating increased confidence and positioning through its activities leading to economic benefits for Mauritius and the UK.”

Based on GMEX analysis, the successful implementation of the MINDEX project will result in the real GDP growth of Mauritius increasing to 4.1% instead of the estimated 3.9%, while GDP per capita will increase to MUR 0.388M as compared to MUR 0.387M estimated by MCB Focus. The total effect on the GDP over a 3-year period will amount to USD 53M (MUR 1,850M).

This is expected to result in an increase in exports and repatriated profits back to the UK estimated at £100mn with an estimated 1,000 domestic jobs expected to be created over a 5-year period, which will facilitate additional UK GDP growth.

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Media Contact

GMEX Group
Melanie Budden
The Realization Group
+44 (0)7974 937 970
melanie.budden@therealizationgroup.com

DIT
Joe Dibben
Media Officer and Press Secretary to the Parliamentary Under Secretary of State
+44 (0)207 008 6557
joe.dibben@trade.gov.uk

About MINDEX Holdings Limited

  • MINDEX Holdings Limited – The holding company for the MINDEX ecosystem
  • MINDEX Clearing Limited – Will operate as the central counterparty (CCP) clearing house regulated by the Mauritius Financial Services Commission (FSC) to clear all trades executed on MINDEX Limited.
  • MINDEX Limited – Will operate a multi-asset Derivatives Exchange regulated by the Mauritius Financial Services Commission (FSC).
  • MINDEX Spot Limited – The forthcoming marketplace for the electronic trading of standardised physical and digital spot commodity contracts for gold, precious metals and other commodities. (To be incorporated)
  • MINDEX Vault Limited –The proposed secured storage depository solution for gold and other precious metals. (To be incorporated)
  • MINDEX Refinery Limited – The proposed world class smelting, refining and recovery of gold and other precious metals to the highest standards. (To be incorporated)

For more information visit www.mindex.mu or follow us on Twitter @MindexHoldings

About GMEX Group Limited

GMEX Group is a set of companies that offer sustainable and innovative solutions for a new era of global financial markets. Providing business expertise, the latest technology, connectivity & operational excellence delivered through an aligned partnership driven approach. We use our extensive market infrastructure experience and expertise to create an appropriate strategic master plan with exchanges, clearing houses, depositories, registries and warehouse receipt platforms.

Our key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives, commodities, cryptocurrencies and digital assets. We operate in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity.

For more information visit www.gmex-group.com or follow us on Twitter @GMEX_Group

About DIT

The Department for International Trade supports and encourages UK businesses to drive sustainable international growth, and seeks ensure that the UK remains a leading destination for international investment and maintains its number one position for international investment stock in Europe. It also seeks to open markets and build a trade framework with new and existing partners which is free and fair, and use trade and investment to build a Global Britain, promoting prosperity, stability and security worldwide.

For more information visit www.gov.uk/government/organisations/department-for-international-trade or follow us on Twitter @tradegovuk

About Mauritius

Mauritius has a strong regulatory framework and is recognized as having implemented the highest internationally agreed standards. The country is one of the first jurisdictions to be included in the Organisation for Economic Cooperation and Development (OECD) White List.

In addition to its ecosystem and proven track record in global investments, the Mauritius IFC has a number of bilateral treaties for double taxation and investment protection in place across Africa and the Rest of the World; and is currently growing to include firms delivering a range of bespoke financial products for Africa.

Mauritius is a member of a number of regional and global organisations including Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA), the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC), and the African Union (AU). As a reputable IFC, the country also adheres to best norms as set by organisations like IOSCO, IAIS, Financial Action Task Force (FATF) and the IFSB.

Please see this case study for more information.

2018-06-25T10:06:54+00:00Jun 25th, 2018|
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