CME in talks with Indian commodity bourses for tie-ups

New Delhi, Sep 22 (UNI) Chicago Mercantile Exchange (CME) is in talks with Indian commodities exchanges such as MCX, NCDEX, NMCE to explore possibilities to jointly trade the commodities in each others' market, CME's MD and Chief Corporate Development Officer John P Davidson said today.

''Senior delegates of the exchange have held intensive discussions with the Chief Executive Officers of all these three leading commodities exchanges for mutual cooperation to trade commodities,'' he said at a seminar here.

However, the announcement for the trade prospects would be made only after the Indian government takes certain corrective decisions to ensure larger participation of overseas commodity exchanges like that of CME, he added.

The CME was looking for tie-ups for variety of relationships which include not only technical but also strategic partnership.

''Trading in the Indian commodities exchanges have exceeded 800 billion dollars and this pointed out the prospects for such tie-ups,'' Mr Davidson said.

He also announced that CME would prefer to establish its offices in India as the exchange scheme to share its experiences primarily to support the Chicago exchange affiliate members in Asia.

''With this objective in mind, the exchange hopes to become part of international mechanism in the financial market,'' he added.

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