India's largest commodity exchange MCX, has partnered with TAIFEX, the only derivatives exchange in Taiwan for developing products in both countries.
Multi Commodity Exchange of India Ltd (MCX) said it signed a memorandum of understanding (MoU) with the Taiwan Futures Exchange (TAIFEX) to develop commodity derivatives markets in both India and Taiwan by sharing information and best practices pertaining to product development, business and marketing initiatives, technology, and areas of mutual interest.
Lamon Rutten, managing director and chief executive of MCX, said, "We are delighted to be associated with TAIFEX. The MoU will provide an opportunity to understand one another's markets, and share expertise and best practices. We look forward to a longstanding and gratifying partnership with Taifex."
MCX offers commodity futures contracts in bullion, base metals, energy, agricultural and other commodities whereas TAIFEX offers equity and commodity derivatives products.
"To cope with challenges of the changing global capital market, collaborations among exchanges have been increasingly important," said Steve Wang, President of TAIFEX.
He added, "We are pleased to cooperate with MCX to better serve the markets of Taiwan and India. With a history of twelve years, TAIFEX has launched several successful products over the years and we would like to share our experiences with MCX. The new partnership will contribute greatly to the mutual benefits of the two exchanges."