MCX inks MoU with Shanghai Futures Exchange

Mumbai, June 13 (UNI) Multi Commodity Exchange of India (MCX), the global leader in silver futures trading and among the world's top five exchanges in gold, crude oil and natural gas futures trading, and Shanghai Futures Exchange (SHFE) of China today signed an memorandum of understanding (MoU) to share knowledge and expertise for further development of their exchange ecosystems.

The MoU was signed by Lamon Rutten, joint managing director of MCX, and Madam Wang Lihua, chairperson of SHFE, at Shanghai, China last night.

This will include information on futures contracts traded on the exchanges along with delivery terms and conditions and risk management procedures.

In a statement here today, Mr Rutten said,''SHFE has established a very efficient futures market in metals and other commodities and will share its experience with MCX, which itself has developed a potent futures market in bullion, base metals, energy and agricultural commodities. MCX will share its experiences in these sectors with SHFE.'' Meanwhile, Madam Wang Lihua said, ''As the world's exchanges step up industry consolidation amid the trend of increasing economic globalization, the Shanghai Futures Exchange has taken an important step by joining hands with MCX and forming a strategic partnership.

The singing of the MoU between the two exchanges will enable both sides to exchange information, engage in constructive cooperation and take advantage of each other's strengths.'' UNI