Bank of Baroda Gets IFSCA Nod as IIBX Trading-Cum-Clearing Member
Why in the news
Bank of Baroda received clearance from the International Financial Services Centres Authority to operate as a trading-cum-clearing member on the bullion exchange located at GIFT City.
Key facts
- Approving authority: IFSCA.
- Role: Trading-Cum-Clearing Member (TCM).
- Exchange: India International Bullion Exchange IFSC Limited (IIBX).
- Location: GIFT City.
About a bullion exchange
- A marketplace where gold, silver, platinum and other metals are traded in standardised forms such as bars, coins or certificates.
- Supports buying, selling and price discovery.
Key features
| Feature | Detail |
|---|---|
| Standardisation | Metals traded at set weights and purity levels |
| Price discovery | Transparent pricing from demand and supply |
| Trade types | Spot trading and futures trading |
| Participants | Banks, financial institutions, bullion dealers, exporters and importers, sometimes retail investors |
| Regulation | Usually overseen by a financial authority for fairness and transparency |
Exam angle
- Authoriser: IFSCA.
- Exchange: IIBX at GIFT City.
- Membership type: trading-cum-clearing.