In the pursuit of the diversification thrust, the Government of Mauritius announced the setting up of a multi-commodity and derivatives exchange platform. This ambitious and far-reaching initiative is in line with the strategy of the Government of Mauritius to graduate the level of sophistication of product offerings of the Mauritius IFC and to further create a more buoyant Capital Markets in Mauritius.
The Mauritius International Derivatives and Commodities Exchange (MINDEX) will shortly be set up in Mauritus and is being coordinated by the FSPA. The MINDEX will revolutionize the trading of financial derivatives, as well as the physical trading and storage of precious metals and other coloured stones through a state-of-the-art exchange and vault, in the region. This upcoming platform further enhances Mauritius’ position as a wealth and asset management centre.
Extract from the Mauritius Budget 2016/2017 presented on 29th July 2016:
“…we are opening our country to gold business that will encompass a wide spectrum of high value-added activities, ranging from refinery of gold, producing gold bars, setting up top end jewellery processing units, vault facilities and to trading of gold and bullions on our new commodity exchange. The exchange will also facilitate trade in diamond and other precious metals.”
Objectives of MINDEX
MINDEX is looking at fulfilling a vacuum in the region with regards to:
• Providing for a derivatives exchange platform, notably to hedge African currencies;
• Allowing HNWIs from the region, especially from Africa, to trade in, and hold, Gold, Diamond and other coloured precious stones;
• Developing a state of the art Vault in Mauritius that can be used by HNWIs from around the world.
MINDEX will equip Mauritius with the first combined derivatives and spot trading platform of the region and complement the offerings of Stock Exchange of Mauritius. It will enhance the offerings of Mauritius as an IFC and generate new investments as well as lead to employment creation by members like brokerage houses adhering to the exchange.
The MINDEX project has been conceptualised to become a necessary enabler in creating tangible and sustainable spillovers to the economy. Such spillovers would be generated through substantial related high-value and precision business activities, such as diamond polishing, gold jewellery and precious metals, coloured stones and ornaments amongst others.