MCX will go with US based CME group, that runs the world's largest chain of exchanges in diverse derivatives products. In an Memorandum of Understanding (MOU) signed between MCX and CME group, it has been decided to conduct a joint viability study of setting up operations in an International Finance Service Center in India.
The IFSC is being set up at GIFT City near Ahmedabad at Gujarat. Most exchanges from India like BSE, NSE and even in commodity space NCDEX have already announced their plans while MCX, a leading commodity exchange has announced today to explore this possibility partnering with CME group. CME group has been trying to pick up stake in Indian exchanges since last many years and in past it had also attempted to pick up stake in MCX but later shelved the plans. If the decision of set up joint operation in IFSC is taken, it will be first big venture from CME group in Indian exchange industry.
As per press note issued by the MCX, "the MOU 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".
MCX and CME Group have 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. The licensing arrangement was ending in June and had created a sense of uncertainty as settlement of those contracts on prices provided by CME group was one of the reason for success of these contracts on MCX. However today's MOU also put to rest speculation that CME group will partner with another exchange in India.
"We are pleased to sign an MOU to explore opportunities and cooperate on product development and market education, and at the same time, extending the licensing agreement with MCX," said Derek Sammann, Senior Managing Director, Global Head of Commodities & Options Products, CME Group.
Satyananda Mishra, Chairman of MCX said, "This agreement gives us the opportunity to build upon the existing relationship between MCX and CME Group since October 2005. It aims to bestow the marketplace with best practices and with a much diversified product slate to the stakeholders of Indian commodities markets to hedge their risks and better manage their businesses. We hope to build on this relationship for achieving a higher level of inclusive growth, and we look forward to a more mutually rewarding relationship between the two exchanges."
Parveen Kumar Singhal, Joint Managing Director of MCX said, "The expertise of CME Group supplements MCX's efforts in identifying and providing suitable products to stakeholders, especially small and medium enterprises that at the moment cannot participate in international exchanges. Besides, the relationship holds particular significance in the forthcoming new liberalized and stronger-governed era of commodities markets under the purview of SEBI."
Eicher Motors Q2: Cons Total Income At Rs 2,916.7 Cr Vs CNBC-TV18 Poll Of Rs 2,901 Cr.
Cons EBITDA At Rs 432 Cr Vs CNBC-TV18 Poll Of Rs 448 Cr.
Cons EBITDA Margin At 14.8% Vs CNBC-TV18 Poll Of 15.45%.
Cons Net Profit At Rs 221.8 Cr Vs Rs 157.4 Cr (YoY); Poll Was Rs 247.5 Cr.
The IFSC is being set up at GIFT City near Ahmedabad at Gujarat. Most exchanges from India like BSE, NSE and even in commodity space NCDEX have already announced their plans while MCX, a leading commodity exchange has announced today to explore this possibility partnering with CME group. CME group has been trying to pick up stake in Indian exchanges since last many years and in past it had also attempted to pick up stake in MCX but later shelved the plans. If the decision of set up joint operation in IFSC is taken, it will be first big venture from CME group in Indian exchange industry.
As per press note issued by the MCX, "the MOU 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".
MCX and CME Group have 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. The licensing arrangement was ending in June and had created a sense of uncertainty as settlement of those contracts on prices provided by CME group was one of the reason for success of these contracts on MCX. However today's MOU also put to rest speculation that CME group will partner with another exchange in India.
"We are pleased to sign an MOU to explore opportunities and cooperate on product development and market education, and at the same time, extending the licensing agreement with MCX," said Derek Sammann, Senior Managing Director, Global Head of Commodities & Options Products, CME Group.
Satyananda Mishra, Chairman of MCX said, "This agreement gives us the opportunity to build upon the existing relationship between MCX and CME Group since October 2005. It aims to bestow the marketplace with best practices and with a much diversified product slate to the stakeholders of Indian commodities markets to hedge their risks and better manage their businesses. We hope to build on this relationship for achieving a higher level of inclusive growth, and we look forward to a more mutually rewarding relationship between the two exchanges."
Parveen Kumar Singhal, Joint Managing Director of MCX said, "The expertise of CME Group supplements MCX's efforts in identifying and providing suitable products to stakeholders, especially small and medium enterprises that at the moment cannot participate in international exchanges. Besides, the relationship holds particular significance in the forthcoming new liberalized and stronger-governed era of commodities markets under the purview of SEBI."
Eicher Motors Q2: Cons Total Income At Rs 2,916.7 Cr Vs CNBC-TV18 Poll Of Rs 2,901 Cr.
Cons EBITDA At Rs 432 Cr Vs CNBC-TV18 Poll Of Rs 448 Cr.
Cons EBITDA Margin At 14.8% Vs CNBC-TV18 Poll Of 15.45%.
Cons Net Profit At Rs 221.8 Cr Vs Rs 157.4 Cr (YoY); Poll Was Rs 247.5 Cr.
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