MCX joins Futures Industry Association

The Multi Commodity Exchange (MCX) has joined the club of leading commodities platforms in the world after taking membership in Futures Industry Association (FIA).

Washington-based FIA is an international association of organisations that have interests in the futures market. The elite group of FIA members includes benchmark exchanges and clearing organizations such as CBOT, CME, IPE, LIFFE, NYMEX, LCH, SFE and LME.

This membership would provide MCX the facility to share information with FIA members relating to trade as well as regulatory frameworks. This would help in putting in place a more transparent trade system in place for the exchange members.

With more than 200 corporate members, FIA provides a forum for futures and options professionals from around the world to share information and concerns about the global futures industry.

"As an exchange member of the FIA, MCX would be able to share information and concerns of the Indian industry with the global counterparts, further facilitating cross-border trading, imbibing the best practices of global exchange operations, product development and regulations for the benefit of the domestic market participants. This would also ensure faster and better integration of the Indian commodities market with the global economy," said Jignesh Shah, MD and CEO, MCX.