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MCX (Multi Commodity Exchange of India Ltd) and the Zhengzhou Commodity Exchange (ZCE) announced today that they have signed a memorandum of understanding (MoU) to explore areas of co-operation that could mutually benefit the exchanges.
MCX India offers commodity futures contracts in agriculture, metals and energy commodities whereas ZCE China offers commodity futures contracts in wheat, cotton & white sugar. The exchanges will work together to develop areas of cooperation and business opportunities with the goal of assisting and benefiting the underlying producers, end-users, and investors in their commonly traded products by maximizing the application of international best practices for price risk management and exchange operations.
Mr. Jignesh Shah, Managing Director & Chief Executive Officer, MCX said, “We are pleased to work with the ZCE, which is one of the leading commodity exchanges in China. Through this association we shall be able to learn from each others experiences in the respective countries, which will go a long way in developing closer ties between us.”
Mr. Zhao Zhengping, President & Chief Executive Officer of the ZCE, said, “Both ZCE and MCX, the leading futures exchanges which occupy important place and have great impacts in China and India, have listed similar products in agricultural arena. We believe that this MOU will reinforce our good relationship, deepen extensive communications and provide supports for the innovations and development of both markets.”
About Zhengzhou Commodity Exchange
Being one the three futures exchanges in China, the Zhengzhou Commodity Exchange was established on October 12, 1990. It was developed on the basis of China Zhengzhou Grain Wholesale Market, which was the first pilot futures market approved by the State Council and formally launched futures contracts on May 28, 1993. With 222 members, ZCE is a non-profit membership organisation under the authority of China Securities Regulatory Commission and adopts electronic trading system
since its very beginning of futures trading. At present, wheat, cotton and white sugar futures contracts are listed. The total trading volume for 2005 was about 56.95 million contracts. The total trading volume for January to August 2006 was 43,350,792 contracts. For additional information about the ZCE and its products details, please access the ZCE website at: www.czce.com.cn
About MCX (Multi Commodity Exchange of India Limited)
