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Mauritius Futures Exchange’s Trade Sales Increase 38% in Year

March 22 (Bloomberg) -- Global Board of Trade Ltd., a Mauritian-based foreign-currency and commodity-futures exchange platform, said volumes grew 38 percent in the past year as it attracts interest from countries including South Africa and Cyprus.

Average daily sales on the exchange increased to $30.8 million last month from $22.3 million a year earlier, the Ebene, Mauritius-based company said in an e-mailed response to questions yesterday. Potential investors in Kenya and Dubai have also expressed an interest in trading on the exchange, Managing Director Joseph Bosco said in an interview.

“The high demand of trading on an exchange in comparison to over the counter has made the GBOT traded commodities and currencies highly attractive to the international trading community,” he said on March 15.

GBOT, as the company is known, is owned by the Financial Technologies (India) Ltd. It began operations in October 2010, trading gold and silver contracts, together with rupee-dollar, euro, rand, pound sterling and yen futures against the U.S. currency. The platform, which required an initial investment of $50 million, currently has about 20 international and domestic companies as members.

“We have customized our contracts to smaller lot sizes in order to equip the smaller retail participant to benefit from the futures market along with the large institutional participants,” Bosco said. “The most popular contract on GBOT are gold and euro/dollar other commodities and currency pairs progressively gaining momentum”.

Contract sizes for euro-dollar begin at 12,500 euros. Gold dealings start at 32 ounces and 1,000 ounces for silver.

International organizations are attracted by Mauritius’s “investor friendly environment” that includes a double-tax-avoidance agreement with most of the world’s “leading” emerging economies, Bosco said.

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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