MCX gains on signing MoU with Jakarta Futures Exchange for collaboration and knowledge sharing
Upstox
2 min read • Updated: February 27, 2024, 3:15 PM
Summary
The two exchanges have come together to enhance collaboration in key areas including knowledge sharing, research, education, training, awareness creation and other market development initiatives.
Multi Commodity Exchange of India Limited (MCX) has signed a memorandum of understanding (MoU) with Jakarta Futures Exchange (JFX) for knowledge sharing and collaboration in several key areas.
Shares of the MCX gained more than 2% after the commodity derivatives exchange announced entering into a partnership with Jakarta Futures Exchange (JFX), Indonesia’s largest exchange in commodity and derivatives market. The two exchanges have come together to enhance collaboration in key areas including knowledge sharing, research, education, training, awareness creation and other market development initiatives.
The MoU between MCX and JFX was signed on February 26, according to a stock exchange filing.
Commenting on the development, MCX India's MD and CEO PS Reddy said, “I believe this partnership will contribute to the advancement of both marketplaces through sharing of knowledge, best practices, education, and facilitating market development in their respective regions. We look forward to fostering a lasting and mutually rewarding relationship with JFX.”
Multi Commodity Exchange of India Ltd is the country's first listed national-level, electronic exchange. It commands a market share of nearly 95% in terms of the value of commodity futures contracts traded in the financial year 2023-24 (April 2023 – December 2023).
The exchange's commodity portfolio includes bullion, energy, metals and Agri commodities.
MCX India reported a 7% growth in the total traded clients to 4.77 lakh during the quarter ending in December 2023. The exchange's average daily turnover of future rose 10.8% to ₹20,796 crore during the period under review.
MCX India’s revenue from operation swelled to ₹191.5 crore in Q3FY24, a 33% jump from ₹143.5 crore in the year-ago period.
However, the exchange reported a net loss of ₹5.35 crore in December 2023 compared to a net profit of ₹38.79 crore in the corresponding period in the preceding financial year.
Shares of MCX India were trading 1.58% higher at ₹3,722 apiece on BSE at 3:13 pm.