When Thomas McMahon and his Indian backers were deciding where to locate an Asian commodities exchange, they turned initially to Hong Kong – attracted by its proximity to China and the mainland's booming, commodity-hungry economy.
Three years later, the exchange, a subsidiary of India's Financial Technologies group, is about to open – not in Hong Kong but nearly four hours' flying time to the south in Singapore.
“We looked at Hong Kong with a view to being able to serve the China market, but we decided that we couldn't run a viable independent commodities exchange from there – the business environment just wasn't right,” says Mr McMahon, a former director of Nymex Asia.
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