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Wednesday, Mar 16, 2005

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NCDEX in pact with Tokyo Grain Exchange

Our Bureau

Mumbai , March 15

NCDEX and Tokyo Grain Exchange (TGE) on Tuesday signed a memorandum of understanding (MoU) to assist one another in marketing and educational areas such as joint sessions on new products and services.

NCDEX and TGE will also share information on changes to existing contract specifications, trading methods and new products, an exchange release said. The MoU underscored the commitment of the two exchanges to work together to enable information sharing and market building in areas of common interest, the release said.

TGE is a leading agricultural commodity derivatives exchange and a centre of agricultural commodity futures trading in the Asia region. Among the variety of contracts, TGE lists arabica and robusta coffee, raw sugar, soyabeans and corn.

The NCDEX Chief Business Officer, Mr Narendra Gupta, said the association with TGE was important for both the exchanges as NCDEX had a leading edge in trading in agricultural commodities. NCDEX would like to leverage the expertise of TGE to develop domestic commodity markets particularly in the emerging Asian context, he said.

Mr Masanori Hayashi, Senior Executive Vice-President, TGE, said NCDEX was a rapidly growing exchange, which would expectedly unlock the full economic potential of the subcontinent. This MoU was another step for TGE's plans in strengthening its Asian Exchange network, he said.

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