Macquarie says wider FPI access positive for MCX liquidity, growth

Multi Commodity Exchange of India

25/09/2026 11:46

** Macquarie says India markets regulator's approval to broaden foreign portfolio investor access to commodity derivatives is positive for MCX MCEI.NS, as it opens up access to the exchange's dominant bullion and base metal products
** Says approval can improve liquidity in gold, silver, copper, other metals, broadening MCX's growth drivers beyond energy
** Says move expands addressable market for existing indexes; creates scope for MCX to develop bullion, base metal index derivatives, options
** Expects incremental transaction revenue to carry high margins, with existing technology, surveillance, clearing infrastructure driving operating leverage as FPI participation grows - Macquarie 
** New or expanded bullion and metals indexes, followed by index options, could be a larger opportunity for MCX, although earnings impact is unlikely to be immediate
** Separately, an NSE executive said allowing FPIs to trade bullion contracts would help NSE NSEI.BO expand its commodities business
** MCX closed 3.2% lower

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com;))