Tuesday, November 09,
Indian Commodity Exchange Ltd (ICEX) on Monday said it has signed a memorandum of understanding (MOU) with the Singapore-based Iron Ore and Steel Derivatives Association (IOSDA) for the growth and development of iron ore and steel derivatives.
ICEX and IOSDA will jointly work towards spreading the awareness about iron ore as a mineral and its related futures trading activity among various stakeholders, and all such connected participants of the ecosystem, ICEX said in a statement.
“Both the organizations have made significant progress within their own areas for the growth and development of the iron ore futures (IOF) market and are now willing to enter into a MOU to mutually share their knowledge and expertise for the further development and advantage of the industry,” ICEX director Ashwani Sondhi said.
It is interesting to note that ICEX has already initiated the process of regulatory approval to launch the iron ore futures contract for the first time in the country. It will be the world’s first iron ore futures contract whereby miners, processors, traders and importers can participate in the futures markets.
“The mineral industry is well established in the country and there is a need for establishing risk management tools for the industry, for which our exchange has made the pioneering steps,” Sondhi said.
Source: The Financial Express
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