(sna) MAS force India-based Financial Technologies-India to exit from Singapore Mercantile Exchange as NSEL...

The Financial Express, 20 Nov 2013 Jignesh Shah-owned Financial Technologies-India (FTIL) on Tuesday announced that it has sold its 100% stake in Singapore Mercantile Exchange (SMX) for $150 million to Intercontinental Exchange Group, which owns leading bourses like NYSE Euronext and New York Board of Trade. This is the first instance of FTIL selling stake in any of its overseas exchange holdings after the settlement crisis at the National Spot Exchange (NSEL) came to light in August. According to persons familiar with the development, the sudden exit of FTIL from SMX could be at the behest of the Monetary Authority of Singapore (MAS), which is the financial services regulator of the country. The regulator has independent directors on the board of SMX and its views are always communicated in a tacit manner, they say. Full story Related: Financial Technologies Group sells S...

Full article: http://singaporenewsalternative.blogspot.com/2013/11/mas-...

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