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BURSA MALAYSIA DERIVATIVES BERHAD AND MULTI COMMODITY EXCHANGE OF INDIA (MCX) SIGN MEMORANDUM OF UNDERSTANDING.
BackMar 30, 2006
30 Mar 2006
BURSA MALAYSIA DERIVATIVES BERHAD AND MULTI COMMODITY EXCHANGE OF INDIA (MCX) SIGN MEMORANDUM OF UNDERSTANDING
Bursa Malaysia Derivatives Berhad (Bursa Malaysia) and the Multi Commodity Exchange of India Limited (MCX) announced today that the two exchanges have signed a Memorandum of Understanding (MOU) to work together for developing the commodities market and for cross listing of products.
MCX, the leading commodity exchange in India, located in Mumbai, and Bursa Malaysia, the world's premier exchange for Crude Palm Oil have decided to work closely for developing & expanding their market. Accordingly, the exchanges have agreed to work together to develop areas of cooperation, cross listing of products, identify new business opportunities with the goal 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.
Mr. Raghbir Singh Bhart, Head Global Markets, Bursa Malaysia said, "We are pleased to work with MCX, one of the globally oriented exchange 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. Bursa Malaysia is a global marketplace, and with the unprecedented and growing demand in Asia, we are proud to have such a reputable partner by our side. We look forward to learning from their experience".
Mr. Jignesh Shah, Managing Director & CEO, MCX said, "We are happy to partner with Bursa Malaysia, the world's premier market for Crude Palm Oil futures trading. We look forward to working with Bursa Malaysia to help the Indian edible oil industry to hedge their price risk more efficiently."