Financial Technologies subsidiary MCX signs MOU with Agricultural Futures Exchange of Thailand (AFET)

Financial Technologies India Ltd on April 19, 2007, has announced that Multi Commodity Exchange of India Ltd (MCX), the Subsidiary of the Company have signed a Memorandum of Understanding (MoU) with the Agricultural Futures Exchange of Thailand (AFET) to explore areas of co-operation that would be of mutual benefit to the exchanges.

MCX offers commodity futures contracts in agriculture, precious metals, base metals and energy commodities, whereas AFET offers commodity futures contracts in white rice, rubber and tapioca.

The exchanges will work together to explore areas of cooperation and business opportunities with the goal of assisting and benefiting the underlying producers, end-users and investors in their traded products by maximizing the application of international best practices for price risk management and exchange operations.

Mr. Joseph Massey, deputy managing director of MCX, said, "We are indeed glad to have associated with AFET, an exclusive agricultural futures exchange in Thailand that provides innovated price risk management for farmers and agricultural related business. Through this association both the exchanges will be able to glean valuable insights into each others working area, and, more importantly, learn from the other's experience. This will go a long way into making our markets more robust and accessible."

The stock closed the day at Rs.1966.20, up by Rs. 5.75 or 0.29%. The stock hit an intraday high of Rs.2000 and low of Rs.1960. The total traded quantity was 6057 compared to 2 week average of 35545.

Source : Equity Bulls

Keywords