PMEX, IME sign MoU

KARACHI: Pakistan Mercantile Exchange Limited (PMEX), the country’s only multi-commodity exchange, and Iran Mercantile Exchange (IME) signed a memorandum of understanding (MoU) recently, a statement said.

The signing ceremony was hosted by IME in Tehran, and Ejaz Ali Shah, managing director of PMEX, and Hamed Soltaninejad, managing director of IME, were the signatories.

The prime reason for PMEX to sign the MoU is to learn from the experience of IME with regard to the physical deliverable products, in specific the agriculture commodities, on the exchange platform.

As Pakistan and Iran are trade partners in a lot of commodities, PMEX and IME will evaluate the possibilities for cross-listing of commodities to bring efficiency in terms of both cost and convenience to the traders of the two markets.

In addition, the MoU would also pave the way for both the institutions to work in close coordination for the development and enhancement of derivatives and financial markets in Pakistan and Iran by sharing best practices, market information, industry knowledge and cross-training of staff, it said.

Shah said, “We are pleased to sign the MoU with IME and look forward to learn from each other’s experiences and explore new ideas, including cross-listing of commodities.”