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MCX, Tokyo Commodity Exchange sign MoU

By Our Special Correspondent

MUMBAI, NOV. 4. The Tokyo Commodity Exchange (TOCOM) and Multi Commodity Exchange of India Ltd (MCX) tied up to explore areas of co-operation and business opportunities and to establish procedures for communication and information between the two exchanges. Both exchanges signed a memorandum of understanding today in the presence of Sharad Pawar, Union Minister of Agriculture.

"The need of the hour is to position Indian commodity markets on the global level,'' said Mr. Pawar. "This will also enable us to create international reference and strong correlation in the prices of commodities trading in our country or trading in any part of the world. This will open up opportunities for the producers and consumers of our nation to get the best price for their production and consumption", he added.

The goal of this alliance is to bring better understanding between the two exchanges in terms of market dynamics of the two nations.

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