CHICAGO and MUMBAI, India, July 21,
2015 /PRNewswire/ -- CME Group, the world's leading and
most diverse derivatives marketplace, and Multi Commodity Exchange
of India Limited (MCX), India's
leading commodity exchange, today signed a Memorandum of
Understanding (MOU) on various cooperation activities and potential
business opportunities, including a joint viability study of
setting up operations in an International Finance Service Center in
India.
Under this MOU, various initiatives between CME Group and MCX
will also include the establishment of a joint working group to
explore opportunities to develop and market new products and
services for the US and Indian markets, as well as collaboration on
customer education.
At the same time, CME Group and MCX also announced the extension
of the licensing agreement which enables MCX to settle their
rupee-denominated oil and gas contract to CME Group's NYMEX
prices.
"India is key to our
Asia growth strategy, and we have
had a strong relationship with MCX since 2005," said Terry Duffy, Executive Chairman and President of
CME Group. "We look forward to greater collaboration to
better serve the Indian financial and commodities markets, and play
a key role in the internationalization of their benchmark products,
as India continues on its path of
financial market liberalization."
"We are pleased to sign an MOU to explore opportunities and
cooperate on product development and market education, and at the
same time, extending the licensing agreement with MCX," said
Derek Sammann, Senior Managing
Director, Global Head of Commodities & Options Products, CME
Group. "We look forward to working more closely with MCX in
internationalizing its commodity markets and providing
international market participants greater access to markets in
India."
Satyananda Mishra, Chairman of MCX said, "This agreement gives
us the opportunity to build upon the existing relationship between
MCX and CME Group since October 2005.
It aims to bestow the marketplace with best practices and with a
much diversified product slate to the stakeholders of Indian
commodities markets to hedge their risks and better manage their
businesses. We hope to build on this relationship for achieving a
higher level of inclusive growth, and we look forward to a more
mutually rewarding relationship between the two exchanges."
Parveen Kumar Singhal, Joint
Managing Director of MCX said, "This extension of agreement with
CME Group marks a new milestone and will go a long way in serving
the needs and interests of the Indian derivatives market. The
expertise of CME Group supplements MCX's efforts in identifying and
providing suitable products to stakeholders, especially small and
medium enterprises that at the moment cannot participate in
international exchanges. Besides, the relationship holds particular
significance in the forthcoming new liberalized and
stronger-governed era of commodities markets under the purview of
SEBI."
The MOU signing ceremony was held in Mumbai, and Derek
Sammann, Senior Managing Director, Global Head of
Commodities & Options Products, CME Group, and Parveen Kumar Singhal, Joint Managing Director,
MCX, were the signatories.
About CME Group
As the world's leading and most
diverse derivatives marketplace, CME Group (www.cmegroup.com) is
where the world comes to manage risk. CME Group exchanges offer the
widest range of global benchmark products across all major asset
classes, including futures and options based on interest rates,
equity indexes, foreign exchange, energy, agricultural commodities,
metals, weather and real estate. CME Group brings buyers and
sellers together through its CME Globex® electronic trading
platform, its trading facilities in New
York and Chicago, and
through its London-based CME
Europe derivatives exchange. CME Group also operates one of
the world's leading central counterparty clearing providers through
CME Clearing and CME Clearing Europe, which offer clearing and
settlement services across asset classes for exchange-traded
contracts and over-the-counter derivatives transactions.
These products and services ensure that businesses everywhere can
substantially mitigate counterparty credit risk.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the
Board of Trade of the City of
Chicago, Inc. NYMEX, New York Mercantile Exchange and
ClearPort are registered trademarks of New York Mercantile
Exchange, Inc. COMEX is a trademark of Commodity Exchange,
Inc. KCBOT, KCBT and Kansas
City Board of Trade are trademarks of The Board of Trade of
Kansas City, Missouri, Inc.
All other trademarks are the property of their respective owners.
Further information about CME Group (NASDAQ: CME) and its products
can be found at www.cmegroup.com.
About Multi Commodity Exchange of India Limited
Having commenced operations on November 10,
2003, Multi Commodity Exchange of India Limited (MCX) is
India's first listed, national
level, electronic, commodity futures exchange with permanent
recognition from the Government of India. MCX offers the benefits of fair price
discovery and price risk management to the Indian commodity market
ecosystem. Various commodities across segments are traded on MCX.
These include bullion, energy, metals and agri commodities. The
exchange has forged strategic alliances with various international
exchanges, as well as Indian and International trade associations.
For more information about MCX and its products visit
www.mcxindia.com.
MCX is the largest commodity exchange in India with a market share of 84% (FY2015) and
also ranks among the top 10 commodity derivatives exchanges in the
world. As on 31st March 2015, MCX had
147,075 shareholders, 1792 members with 48,999 authorised persons,
486,770 terminals (including CTCL) spread over 1879 cities/towns
across India and with over 22 lakh
unique clients.
CME-G
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SOURCE CME Group