NCDEX ties up with Tokyo grain bourse

The National Multi Commodity Exchange of India (NCDEX) and the Tokyo Grain Exchange (TGE) have signed a memorandum of understanding (MOU) on March 15, 2005 to facilitate information sharing and market building in areas of common interest.

The two exchanges plan to assist one another in marketing and market development activities through joint sessions on new products and services.

NCDEX and TGE will also share information on changes to existing contract specifications, trading methods and new products.

The chief business officer (CBO) of NCDEX, Narendra Gupta, said, "This association with TGE is important as NCDEX has a leading edge in trading in agricultural commodities. NCDEX would like to leverage the expertise of TGE to develop domestic commodity markets particularly in the emerging Asian context. All commodities that TGE deals in are of strategic importance to India. We have no doubt that this association will beneficially impact the agricultural sector participants in India."

Masanori Hayashi, senior executive vice-president of TGE, said, "NCDEX is a rapidly growing new exchange. We believe that it will become India's foremost market in the near future. Together we will be able to enhance our markets and further augment foreign participation. This MOU is another step for TGE's plans in strengthening our Asian Exchange network."