MCX becomes first Indian commodity exchange to bag IOSCO membership

Mumbai: India's first commodity exchange, MCX, has been approved as an affiliate member of International Organization of Securities Commission (IOSCO), a prestigious association of world's regulatory bodies and exchanges. The exchange said that the development demonstrated the best practices followed by it, which met benchmark global regulatory standards.

MCX also has the unique distinction of being the first multi-commodity exchange in the world to have bagged ISO/IEC 27001:2005 in 2007 for its globally benchmarked information security systems.

Commenting on the development, Greg Tanzer, secretary general, IOSCO said, ''IOSCO welcomes the admission of the Multi Commodity Exchange of India within its affiliate membership and its participation in the activities of the SRO consultative committee of the organization."

Joseph Massey, managing director and chief executive officer, MCX added: ''The milestone of IOSCO membership once again endorses the global acknowledgement of MCX's best practices. This association will benefit MCX by way of exchange of ideas and information sharing with other IOSCO global members on various dynamic regulatory and operation issues.''

IOSCO is an international organization that brings regulators of world securities and futures market together. The key objective of IOSCO is to promote high standard of regulations to protect investors, reduce systemic risk and ensure that markets are fair, efficient and transparent.

Among other Indian exchanges, National Stock Exchange and Bombay Stock Exchange are also members of IOSCO. It has a number of prominent exchanges on its membership list, including Euronext, Shanghai Stock Exchange, London Stock Exchange, Singapore Exchange Limited, Bursa Malaysia to name a few.