India's NCDEX and China's Dalian Commodity Exchange sign MoU
17 January 2006 | 1498 views | 0
Source: National Commodity & Derivatives Exchange Limited
National Commodity & Derivatives Exchange Limited (NCDEX), India's premium commodity exchange and the Dalian Commodity Exchange (DCE) in the People's Republic of China, announced today that they have signed a Memorandum of Understanding (MoU) thereby forming a cooperative relationship that will mutually benefit both the exchanges.
The MoU between these two major exchanges in two of the rapidly growing centres of Asia is expected to bring about fruitful results in various areas under the dynamically changing commodity futures environment towards globalization. The contemplated areas of cooperation include information sharing and knowledge management; both exchanges also agree to conduct market development in energy and metal contracts.
Mr. Narendra Gupta, Chief Business Officer, NCDEX added: "The MoU between NCDEX and DCE represents a significant step in integrating two of the fastest growing economies of the world, India and China. We are very pleased to sign this memorandum of understanding with the largest futures exchange by volumes in China. We are sure that this integration will surely go a long way."
Dr. Yuchen Zhu, President & CEO of DCE, said, "We are very impressed by NCDEX's incredible growth since its establishment in 2003 and are pleased to sign this agreement with the largest exchange in India. Both China and India's futures markets have huge potential and vigour. The DCE has actively developed international cooperation for years and makes a great progress; by signing the MoU and further cooperation with NCDEX, we hope to further strengthen our cooperation on contracts development and services for farmers."
NCDEX is India's largest commodity exchange. It is a national level multi – commodity electronic exchange promoted by national level well - known institutions. NCDEX offers trading facilities to its trading and clearing members located across 553 centres in India and around 700 member's trade on 7,858 terminals. NCDEX is the only organization in India which provides trading a near real - time spot and futures prices of commodities traded to almost every corner of India. NCDEX has revolutionized the entire system of price discovery in both spot and futures segments. NCDEX has enabled holding of commodity balances in electronic form and dematerialized the warehouse receipt to enable physical commodity settlements. NCDEX offers a portfolio of contracts in 44 commodities including commodities in agricultural, bullion, base metals and energy.