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MCX inks cooperation pact with Mozambique Commodities

Commodity bourse MCX today signed an agreement with Mozambique Commodities Exchange for strategic cooperation.

By: | New Delhi | Published: September 21, 2016 4:24 PM

Commodity bourse MCX today signed an agreement with Mozambique Commodities Exchange for strategic cooperation.

Mozambique Commodities Exchange, also known as Bolsa De Mercadorias De Mocambique (BMM), envisages to develop Mozambican commodity markets ecosystem consisting of energy, base metals and agricultural products in an endeavor to deliver better value to the stakeholders.

“MCX intends to work with BMM to help Mozambique realize its potential behind its resource rich economy through sharing its market, institutional, and capacity development expertise,” MCX said in a BSE filing.

The two exchanges aim to continue facilitating potential collaboration in areas such as sharing of knowledge, research and experiences, which is expected to result in opening up of new avenues of mutual cooperation.

MCX Managing Director and CEO Mrugank Paranjape said, “I am sure this alliance will surely go a long way in creating more efficient markets and strengthen trading among the Asian and African regions benefiting each other’s stakeholders.”

BMM CEO Antonio do Rosario Grispos said it is a huge significant step in the consolidation of a commodities exchange market in Mozambique. BMM can learn from the successful experience of MCX through this agreement.

MCX, which commenced operation in 2003, offers online trading, clearing and settlement of commodity futures transactions. It has large presence in metals.

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