Multi Commodity Exchange of India (MCX), India’s leading commodity exchange, and CME Group, the world’s leading and most diverse derivatives marketplace, have signed a Memorandum of Understanding (MoU) on various cooperation activities and potential business opportunities, including a joint viability study of setting up operations in an International Finance Service Center in India.
Under this MOU, various initiatives between MCX and CME Group will also include the establishment of a joint working group to explore opportunities to develop and market new products and services for the US and Indian markets, as well as collaboration on customer education.
At the same time, MCX and CME Group also announced the extension of the licensing agreement which enables MCX to settle their rupee-denominated oil and gas contract to CME Group’s NYMEX prices.
