ICEX,FIMI ink pact to develop futures mkt

ICEX is owned by firms such as Indiabulls Financial Services Ltd and state-run MMTC Ltd.

The Indian Commodity Exchange (ICEX) and Federation of Indian Mineral Industries (FIMI) have decided to join hands to promote an efficient iron ore futures market.

ICEX is owned by firms such as Indiabulls Financial Services Ltd and state-run MMTC Ltd,India’s largest iron ore trader.

ICEX and FIMI have made significant progress within their own areas for the growth and development of the iron ore market. Now,they have entered into a Memorandum of Understanding (MoU) to mutually share their knowledge and expertise in this regard,ICEX said in a statement here.

“ICEX and FIMI would cooperate to create product awareness and promotion of iron ore and other minerals futures trading and derivatives,” ICEX Chief Executive Officer Sanjay Chandel said.

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