MCX, AFET inks pact to explore areas of cooperation

New Delhi, Apr 19 (UNI) Multi Commodity Exchange of India Ltd (MCX) today signed a Memorandum of Understanding (MoU) with Agricultural Futures Exchange of Thailand (AFET) to explore areas of cooperation that would be of mutual benefit to the exchanges.

The exchanges will work together to explore areas of cooperation and business opportunities with the goal of assisting and benefiting the underlying producers, end-users and investors in their traded products by maximising the application of international best practices for price risk management and exchange operations, a statement said.

MCX offers commodity futures contracts in agriculture, precious metals, base metals and energy commodities, whereas AFET offers commodity futures contracts in white rice, rubber and tapioca.

''Through this association both the exchanges will be able to get valuable insights into each other's working area, and more importantly,learn from the other's experience,'' Deputy Managing Director of MCX Mr Joseph Massey said.

AFET is a juristic entity established under the Agricultural Futures Trading Act of 1999 and is funded by the Government of Thailand and trades in products like white rice and tapioca at present.

UNI