The New York Stock Exchange will buy a 5 percent stake in the Multi Commodity Exchange of India Ltd., the nation's biggest commodity bourse, the Economic Times reported, without saying where it got the information.
The stake acquisition may be announced later this week and comes after the government's decision last month to cap foreign investment in commodity exchanges at 49 percent, the newspaper reported.
Joseph Massey, deputy managing director of the Multi Commodity Exchange declined to comment. The exchange will hold a news conference to announce a global strategic initiative, an e- mailed invitation from the company said late yesterday.
MCX is the world's third-biggest gold bourse and accounts for more than four-fifths of gold futures traded in the South Asian nation. Fidelity International Ltd. has a 9 percent stake in the exchange, while Citigroup Inc. and Merrill Lynch & Co. own 5 percent each. (Bloomberg)