MCX signs MoU with Bursa Malaysia
Mumbai, Mar 30 (UNI) Bursa Malaysia Derivatives, Berhad (BMD) and the Multi Commodity Exchange of India Limited (MCX) today tied-up to work together for developing the commodities market and cross-listing of products.
MCX is a leading commodity exchange in India at Mumbai and BMD is the world's premier exchange for crude palm oil.
According to the terms of the memoradum of understanding (MoU), both have now decided to work closely for developing and expanding their market.
They will together develop areas of assisting and benefiting the underlying producers, end-users and investors of these products and to also ensure the application of international best practices for price risk management and exchange operations.
Bursa Head (global markets) Raghbir Singh Bhart said, ''We are pleased to work with MCX, one of the globally oriented exchanges in India focusing on large globally referenced commodities in agriculture, energy and metals sector. This memorandum of understanding will allow both exchanges to further explore opportunities and develop new and promising ventures together.'' MCX Managing Director and CEO Jignesh Shah said, ''We are happy to partner with the BMD...we look forward to working with BMD to help the Indian edible oil industry to hedge their price risk more efficiently.'' UNI VD GK AW1427