Source: New York Board of Trade
The Singapore Commodity Exchange (SICOM) and the New York Board of Trade (NYBOT) announced today the signing of a historic Memorandum of Understanding (MOU).
Under the terms of the MOU, the two exchanges agree to collaborate on projects that will be mutually beneficial, such as information sharing, market building, joint educational seminars and symposiums, and other product and service offerings.
There are potential synergies to be harnessed from both exchanges cooperating with each other. Such increased cooperation, according to SICOM's Chairman Mr. Lim How Teck, will "leverage on NYBOT's expertise in commodities and SICOM’s knowledge in the Asian market to meet the growing needs of the Asian commodity market and well-informed investors". He added, "This MOU will allow both exchanges to explore new business opportunities and to capitalize on efficiencies."
"The world is becoming increasingly more competitive and global in scope, and today's business leaders must act internationally and work with like-minded groups from other countries," said C. Harry Falk, NYBOT President and Chief Executive. "As Asia grows and becomes more prosperous, agreements such as this will allow our exchange to reach whole new audiences, and increase our user base and market activity. This MOU is important in that it signifies a new beginning and understanding between both exchanges, and we look forward to working with our new friends at SICOM."
SICOM's Board of Directors and NYBOT's Board of Governors have both approved the MOU. Additional details of the MOU will be provided as they develop.