17-05-2025
How Jignesh Shah Created 10 World-class Exchanges in 10 Years?
If you have ever created something from scratch, be it a painting, a sculpture, or a business, you would know it demands vision, patience, and relentless effort. Now, imagine creating not one, but ten world-class exchanges! Sounds impossible, right? Not for Jignesh Shah. A tech genius with a deep understanding of market ecosystems, he turned an ambitious vision into a game-changing reality.
Through Financial Technologies (FTIL), now known as 63 Moons Technologies, he ushered in a new era in global finance from India. What followed wasn't just a story of enterprise but a revolution that redefined how financial markets operate, grow, and connect.
Jignesh Shah transformed how people think about wealth creation and market access. In an extraordinary feat, he established ten global exchanges in ten years, including Jignesh Shah MCX and Jignesh Shah NSEL, spanning continents and connecting millions of people to financial systems. He unlocked value at the middle and bottom of the pyramid, empowering everyday people with access to opportunity. Here's the tale of 'The Exchange King'.
Shaping The Global Exchange Landscape
In 1995, Jignesh Shah laid the foundation for 63 Moons Technologies, a company built to deliver cutting-edge technology solutions and domain expertise for digital transactions across asset classes. In 1998, when India's financial landscape was still finding its footing, Jignesh Shah stepped in with a disruptive innovation: ODIN (Open Dealer Integrated Network).
Built for brokers, traders, and investors alike, ODIN wasn't just cost-effective; it was transformative. Against the odds, it rose to dominate the market with an 80% share, setting a new benchmark in trading platforms. But Shah didn't stop at revolutionising the tools. He set his sights on reimagining the very marketplaces themselves. Having powered India's brokerage ecosystem with ODIN, his next move was bold and unprecedented: create a network of world-class exchanges.
● The Big Bang with Jignesh Shah MCX
The Big Bang in the exchange universe happened in 2003 with the launch of the Multi Commodity Exchange (MCX) that was envisioned as a complete ecosystem. This holistic approach wasn't common at the time. But it worked brilliantly.
Jignesh Shah MCX offered Indian traders and businesses a way to manage price risks efficiently and participate in a transparent, technology-driven price discovery process. It became a game-changer for farmers, manufacturers, and traders alike, especially in a post-reform India.
When the Lehman Brothers crisis rocked global financial markets in the late 2000s, panic and paralysis were widespread. Yet, amid the chaos, India's broking industry found a surprising source of stability with Jignesh Shah MCX. While equities took a hit, MCX enabled uninterrupted trading in commodities, giving brokers and investors a much-needed lifeline.
Jignesh Shah MCX emerged as 1 of the top 3 commodity futures exchanges in the world. It held the number one global spot in gold and silver trading. MCX also holds the distinction of being the first exchange in India to go public.
● Going Global with DGCX
After transforming the domestic market, Jignesh Shah set his sights overseas. In 2005, he made a bold move by launching the Dubai Gold & Commodities Exchange (DGCX). This wasn't just another international expansion. It was historic. DGCX became Dubai's first commodity derivatives exchange, and more importantly, it marked the first-ever 50:50 joint venture between a company from the private sector and the Government of the United Arab Emirates (UAE).
Back home in India, 2005 also witnessed the creation of Jignesh Shah NSEL, National Bulk Handling Corporation Limited, Atom Technologies, TicketPlant and Risk Solutions by Jignesh Shah.
● Driving Financial Inclusion with Jignesh Shah MCX-SX
In 2008, Jignesh Shah introduced yet another ambitious venture in the form of MCX-SX (MCX Stock Exchange). It was a mission-driven initiative, built to promote financial inclusion and democratise access to capital markets across India. While traditional stock exchanges largely catered to major metros, MCX-SX aimed to bring the trading culture to the grassroots — to smaller towns, emerging cities, and even rural investors.
It wasn't just about trading; it was about building financial awareness and creating opportunities for first-time investors. The exchange also played a pivotal role in energising the bond markets. With innovative products and an inclusive approach, MCX-SX opened up new avenues for capital raising and investment, particularly for smaller businesses and underserved market participants.
● Powering India with IEX
2008 was a time when the idea of trading electricity was practically non-existent. Jignesh Shah dared to imagine an exchange for electricity. This led to the birth of the Indian Energy Exchange (IEX), a pioneering platform that completely transformed how energy was bought and sold in the country.
What made this even more remarkable was the focus on small and medium enterprises (SMEs), which were often at the mercy of erratic power supply and rising operational costs. IEX provided a lifeline, allowing states with surplus electricity to trade with deficit ones, ensuring smoother distribution and better efficiency.
● Expansion with Jignesh Shah NSEL & International Exchanges
2008 marked a pivotal year for Jignesh Shah, as he expanded his reach even further, setting up the Singapore Mercantile Exchange (SMX). It was a cutting-edge electronic system designed to seamlessly integrate derivatives and physical commodity trading within Singapore, making it a gateway for Asian markets. By aligning with the Asian time zone, SMX helped to boost regional trading and established itself as a key player in global commodity exchanges.
In the same year, Bahrain Financial Exchange (BFX) was also launched. It was the first exchange set up by an Indian entity in the region. What made BFX stand out was its focus on Sukuk and other Shariah-compliant financial instruments.
The expansion continued into 2009 with the establishment of Bourse Africa, another ambitious project spearheaded by Jignesh Shah NSEL. Bourse Africa was designed as a multi-asset exchange offering significant trading opportunities across the African continent.
A Legacy of Vision and Execution
The title 'Exchange King' is a fitting acknowledgement of a man who dared to dream of a financially inclusive world, empowered by technology. Whether it was DGCX, Jignesh Shah MCX, or Jignesh Shah NSEL, Jignesh Shah FTIL worked honestly, diligently, and passionately to ensure all his ventures added value. With his work continuing to resonate across the globe, Jignesh Shah's journey is a testament to the power of courageous leadership, unwavering perseverance, and a commitment to creating world-class institutions.
From traders in metro cities to entrepreneurs in rural heartlands, his exchanges became enablers. He bridged the urban-rural divide, and in doing so, reshaped how the world saw India. No longer just a back office to the world, 'Brand India' began to shine as a hub of Intellectual Property-led innovation, thanks to 'The Exchange King', Jignesh Shah.
