MCX (Multi Commodity Exchange of India Ltd), Indias leading commodity exchange has today signed Memorandum of Understandings with 5 large trade associations of Rajasthan.
This partnership is aimed to spread awareness about benefits of commodity futures market at regional level and broad base the participant on the electronic platform offered by MCX. Sumesh Parasrampuria, Chief Business Officer, MCX and eminent dignitaries of the trade bodies have signed the agreement.
Sumesh Parasrampuria, Chief Business Officer, MCX said, "Our ideology is to taking benefits of the commodity markets at the grass route level. These alliances will get SME and corporates from tier II cities on an electronic and transparent commodity market platform. A broad based participation will also make our price discovery more efficient. Members of these associations can take benefit of futures market and hedge against volatile commodity prices."
Parasrampuria added, "They will also be able to take well informed decision based on price discovery of the exchange. Last year, we launched our website in Hindi language and we will continue to take such initiatives which spread awareness and benefits of the commodity markets to the masses."
In a joint statement, the presidents of all the organisations said, "We are pleased to have this tie-up with MCX. Our members will now benefit from the nationwide electronic and transparent platform of MCX which reflects the true demand and supply situation of commodities. MCXs widespread network and deep domain knowledge will provide a level playing field to our members v/s their domestic and global counterparts. We will offer MCX a wide spread reach that we have formed since the last few years. Hence this alliance is a win - win for both the organisations."
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