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  • Joint Press Release:MCX collaborates with Chittagong Stock Exchange Limited (CSE) to establish Bangladesh’s first Commodity Exchange

    Mumbai / Dhaka, April 12, 2022:

    Multi Commodity Exchange of India (MCX), India’s largest commodity derivatives exchange, and Chittagong Stock Exchange Limited (CSE), Bangladesh, signed a consultancy agreement today to collaborate for establishment of the country’s first commodity derivatives platform in Bangladesh. Under this consultancy agreement, MCX shall assist and provide consultancy services in the areas of products, clearing and settlement, trading, warehousing, regulatory aspects, etc. The agreement signing-in ceremony was graced by dignitaries at Dhaka and Mumbai.

    Bangladesh’s economy has been growing rapidly in recent years, supported by an enabling policy environment and several supportive structural changes. A commodity-intensive economy like Bangladesh and its value chain participants including domestic corporates, producers and consumers, can gain immensely from economic benefits of efficient price risk management mechanism available for various traded commodities which the country produces and consumes.  

    This occasion is an important milestone in the creation of market infrastructure institutions for development of Commodity markets in Bangladesh, as the country celebrates its 50th anniversary of independence.

    CSE’s Honorable Chairman Mr. Asif Ibrahim said on this historical event that, “To facilitate the economy more vibrant and well connected, we have started working positively towards the establishment of a commodity exchange and have signed agreement with Multi Commodity Exchange of India Limited (MCX) today. This is historical event and will be a milestone in the history of Bangladesh’s development.”

    Speaking on the occasion, Mr. Md. Ghulam Faruque, MD, CSE said, “Today is a historic day as we have taken the first step towards creation of Bangladesh’s first Commodity derivatives platform. The country has a rich, old and vibrant trading culture in several commodities and with the assistance of MCX, we are confident that we will soon establish a robust platform for price discovery and risk management for commodities in the country.”

    Commenting on the agreement, Mr. P.S. Reddy, MD & CEO, MCX, stated, "This event is of great significance given the close bilateral relations between the two countries, and forges a strong relationship between the two exchanges. We are glad to be part of this journey that is paving way for establishment of the country’s first commodity derivatives platform in Bangladesh. This platform has great potential to bring immense benefits to the commodities market and its stakeholders in Bangladesh. We wish the team at CSE a great success in this endeavor.”

    About MCX:

    Having commenced operations on November 10, 2003, Multi Commodity Exchange of India Limited (MCX) is India’s first listed, national-level, electronic exchange. It is also the first exchange to introduce commodity options in India. During FY21-22, the market share of MCX stood at 93.6% in commodity futures market. MCX offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem. Various commodities across segments are traded on the Exchange platform. These include bullion, energy, metals and agri commodities. The exchange has forged strategic alliances with various international exchanges, as well as Indian and international trade associations. For more information, about MCX and its products visit www.mcxindia.com.  

    About CSE:

    The Chittagong Stock Exchange Limited (CSE), the first automated bourse of the country was incorporated on April 1, 1995 as a public limited company by guarantee. CSE launched trading on October 10, 1995 through the cry-out trading system. Since then CSE revolutionized the entire capital market of Bangladesh. It spearheaded many rules and regulations, innovated new concepts, and led the whole capital market as the vanguard of development.

    In 2013 CSE has been converted into a demutualized Exchange and transformed into a public limited company by shares. After demutualization the current board consists of 12 members including 07 independent directors lead by Mr. Asif Ibrahim as Chairman. It is a fast progressing frontier market in the South Asia with a transformational business plan to accommodate new products and services.

    To be on the competitive edge, CSE always try to stay ahead – being responsive to its stakeholders and investors through continuous innovations, use of advanced technology and skilled human resources, improved delivery mechanism for ensuring quality, efficiency and transparency in the capital market and uphold compliance standards. For more information, about CSE and its products visit www.cse.com.bd.  

    For further details, contact:

    Rovina Adenwalla

    Communications and Investor Relations

    Multi Commodity Exchange of India Ltd.

    Exchange Square, Mumbai – 400093.            

    Phone: +91 22 6731 8888 Ext: 9216

    Mobile: +91 9820010452                                 

    Email: Communications@mcxindia.com

     

    Tania Begum

    Public and Corporate Relation

    Chittagong Stock Exchange Ltd.

    CSE Building, 1080, Sk. Mujib Road Agrabad
    Chittagong, Bangladesh.

    Phone: +880 9513911-20, Ext: 212

    E-mail: tania@cse.com.bd

     

     

    | April 13, 2022 |