Indian exchanges fight over gold

A turf war over gold futures business has escalated in India between Multi Commodity Exchange (MCX) and its rival National Commodity and Derivatives Exchange (NCDEX).

The country presently sees an underlying $102m worth of gold and silver futures transacted each day, of which MCX accounts for 75% by value with NCDEX taking the balance. A third exchange, National Multi-Commodity Exchange, also offers bullion futures but trade has been negligible.

To boost its market...