MCX signs MoU with Singapore Diamond Investment Exchange (SDiX) - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Friday, February 17, 2017

MCX signs MoU with Singapore Diamond Investment Exchange (SDiX)

MCX signs MoU with Singapore Diamond Investment Exchange (SDiX) 

Multi Commodity Exchange of India Limited (MCX), India’s No. 1 commodity exchange, and Singapore Diamond Investment Exchange (SDiX), the world’s first and only commodity exchange trading in physically settled diamonds, have signed a Memorandum of Understanding (MoU) for establishing areas of cooperation between the two exchanges. The MoU was signed at a ceremony in Mumbai today by Mr. Mrugank Paranjape, MD & CEO of MCX and Mr. Linus Koh, CEO of SDiX.

The MoU is intended to facilitate cooperation between the two exchanges in areas such as knowledge sharing and research, standardization of the product for Indian markets and enhancing transparency in pricing, as well as to explore areas for further collaboration between the exchanges. India is the largest global hub for the cutting and polishing of diamonds, and has several thousand small medium and large enterprises which are involved in the diamond business. Moreover, through this partnership, the exchanges have agreed to work towards the goal of assisting the stakeholders in India’s diamond industry by bringing international best practices in price risk management and price discovery through innovative spot and derivative market operations. The move will also foster the development of communication channels for the sharing of information between the exchanges.

Mr. Mrugank Paranjape, MD & CEO, MCX said, “We are pleased to have signed this MoU with SDiX. The MoU will support the mutual interests of MCX and SDiX towards establishing price discovery, enhancing transparency in prices and help the value-chain with a risk management platform, in a commodity like Diamond in which India has a significant global presence. MCX already has the patronage of the Bullion & Jewellery value-chain in India. Through this association, both the exchanges, as well as the market stakeholders they serve, will be able to capitalize on the synergies, leverage knowledge and expertise to support innovations and development in diamond trading.”

Mr. Alain Vandenborre, Founder and Executive Chairman, SDiX said, “We are extremely happy to sign the MOU with MCX which is India’s No. 1 commodity futures exchange. This partnership will help us to further understand India’s derivatives market which has grown rapidly in the recent years. Through this opportunity, we hope to achieve a win-win situation for the prosperous development of the markets that MCX and SDiX cater to India’s commodity derivatives market which is a fast growing market with growing trading volumes and expanding product range. Today’s signing represents another important milestone in its progress.

About MCX
Having commenced operations on November 10, 2003, Multi Commodity Exchange of India Limited (MCX) is India’s first listed, national-level, electronic, commodity futures exchange with permanent recognition from the Government of India. The current market share of MCX stands at 90%. MCX offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem. Various commodities across segments are traded on MCX. These include bullion, energy, metals and agri commodities. The exchange has forged strategic alliances with various Indian and International commodity exchanges and business associations. For more information about MCX and its products visit www.mcxindia.com.  

About the Singapore Diamond Investment Exchange
The Singapore Diamond Investment Exchange (SDiX) is the world’s first commodity exchange in physically settled diamonds. SDiX enables trading in diamonds as a commodity, opening a new asset class for investors globally. SDiX offers standardized structures and norms for the diamond-trading sector so that diamonds can be traded with the same ease as other asset classes. SDiX is headquartered in Singapore and supported by a global ecosystem of service providers focused on grading, vaulting, settlement, and logistics. It operates as a fully regulation-ready exchange and entirely independent of the diamond industry, and is supported by a number of leading investors including Temasek. For more information visit www.sdix.sg.

For further details, contact:
MCX - Shivani Sharma
Manager - Communications 
Mobile: +91 9833376243



MCX signs MoU with Singapore Diamond Investment Exchange (SDiX) Reviewed by S. Chitra on February 17, 2017 Rating: 5 MCX signs MoU with Singapore Diamond Investment Exchange (SDiX)   Multi Commodity Exchange of India Limited (MCX), India’s No. 1 commod...

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