Singapore and Indian commodity exchanges unite
The Singapore Commodity Exchange Limited (SICOM) and the National Commodity & Derivatives Exchange Limited (NCDEX) based in India have signed a heads of terms agreement that will allow certain products to be traded and cleared in both exchanges.
As part of the agreement, NCDEX will give SICOM use of its agricultural commodity index.
The two exchanges plan to develop new products together through sharing information and market research. The partnership marks the first time both SICOM and NCDEX have allowed their product offerings to be traded by a foreign exchange.
According to Mr R Ramaseshan, managing director & CEO of NCDEX, the
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