Lamon Rutten, Chief commodities division UNCTAD joins MCX

Mumbai, May 15 (UNI) Multi Commodities Exchange (MCX) of india Ltd has inducted Mr Lamon Rutten-a world renowed athority on the commodities market who has been serving as Chief of Finance, Risk management and Information in the Commodities Division of United Nations Commodities Division of United Nations Conference on Trade and Development (UNCTAD), Geneva since 1990.

Talking to newsmen here today, Mr Jignesh Shah MD and CEO, MCX said,'' It gives me immense pleasure to welcome Mr Lamon Rutten to settle in India and to the growing MCX family. We are confident the MCX will benefit from the vast knowledge and experience gianed by him in various countries while working for UNCTAD. His invaluable knowledge and experience shall be ultilized for the development of the commodities sector in India through the development of an integrated value chain for the commodities market; by implementing modern practices in the area of trading, quality certification, grading, warehousing and commodities financing for creating rural employment and business opportunities.

This will also integrate the India's primary sector with the global markets.'' Mr Venkat Chary, Chairman MCX referred to Mr Rutten's joining MCX as an important milestone in the growth and development of modern Indian commodities market.

When asked about his move to India and decision to joint MCX as a whole time Director, Mr Rutten said,'' I have been working with the Indian authorities for the development of the Indian commodities market while in UNCTAD and have been extremely happy witnessing the growth of commodities sector in India during the last three years.

India is making a very significant impact in the global economy and I am glad to be part of India when it is on the threshold of making a similar impact on the global commodities market.'' ''I am particularly happy to join MCX, since it is focused on best management practices, transparent business domain, technology excellence and integrating rural India with the global market, which is the finest benchmark for new generation de-mutualized commodity exchange,''he added.

UNI AR PM SKB1515