The MCX, the number one commodity exchange in India, located in Mumbai, and NYBOT, the world’s premier “soft” commodity exchange, trade similar sugar and cotton futures contracts. Accordingly, the exchanges have agreed to work together to develop areas of cooperation and business opportunities with the goal of assisting and benefiting the underlying producers, end-users, and investors of these products, achieved by maximizing the application of international best practices for price risk management and exchange operations.
NYBOT Senior Vice President, Joseph J. O’Neill, said, “We are pleased to work with the MCX exchange, one of the world’s top commodity exchanges and a business leader in India. This new agreement allows both exchanges to gain through mutual efficiencies and develop new and promising business ventures together. The NYBOT 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 experiences.”
Mr. Jignesh Shah, Managing Director & CEO, MCX said, “We are happy to partner with the New York Board of Trade, the world’s premier market for soft commodity futures and options products. We look forward to working with NYBOT to help the Indian cotton and sugar industries to hedge their price risk more efficiently.”