MCX expanding operations; ropes in Euronext VP as advisor
03 Mar 2009
The Multi-Commodity Exchange (MCX) has announced the appointment of NYSE Euronext executive vice president and head of US markets, Lawrence Leibowitz, to its advisory board as part of its plans to expand operations.
MCX, which last year sold a five per cent stake to NYSE Euronext, the parent of the New York Stock Exchange, said the appointment will be effective 1 March.
Leibowitz will advise MCX on various strategic developments and identify opportunities in international operations, it said in a website release.
"I am pleased to join the MCX advisory board, and I look forward to working with the MCX leadership team to further advancing Indian commodity market. MCX is the 8th largest commodity derivative exchange in the world with leadership in metals and energy segments and I am pleased to be associated with MCX and involved with the organisation's strategy for the future," Leibowitz said
"We believe in getting the best industry talent to India and Indian exchange industry, which will ensure that India emerges as a price reference between Tokyo and London. In continuation to our pioneering efforts, this is one more step which will leverage Mr Leibowitz experience to position MCX as a reference exchange in multi asset classes. We are glad to have Mr Leibowitz on our advisory board and I extend him a warm welcome on behalf of the MCX leadership team. We are confident that Mr Leibowitz, with his vast experience and financial expertise will help MCX find new and innovative ways to drive efficiencies and introduce global best-practices in Indian commodity markets," added Joseph Massey, MD and CEO of MCX.
Leibowitz is responsible for NYSE Euronext business and product developments for the US cash markets. He also oversees NYSE Euronext's ongoing equities trading platform integration initiative.
MCX, India's biggest commodity bourse by trade turnover, is also planning to enter stock trading. MCX-SX, a new exchange for currency futures, had recently written to the Securities and Exchange Board of India, seeking the regulator's nod for trading in stocks.