May 10: Nepal Commodities Exchange (NCE) signed a Memorandum of Understanding (MOU) with Derivative & Commodities Exchange Nepal Ltd (DCX) and Commodities Exchange Nepal Ltd (COMEN) in Kathmandu on May 2.

Issuing a press statement, DCX said this to be a significant progress to set up a full-fledged regulated exchange as per the newly enacted Commodities Act 2074.

As per the MOU, DCX and COMEN together with NCE under the flagship of NCE filed a joint application at Sebon on May 6 to secure the commodities exchange operator license by inviting the most deserving partners/promoters.

According to the statement, a group of genuine NRNs having good experience in the commodity market have joined in this venture. A representative from NRNs Dr Badri KC, said, "After signing MOU with DCX and COMEN we have become very strong and competitive now. It is a significant move to surge further establishing a robust exchange with the local teams which have been involved in this market since inception. Accommodating local operating exchanges and experienced team is such a great milestone and this is a great beginning for all of us."    

President of DCX, Josheph Adhikari said, we are pleased to have signed this MoU with NCE which is one of the most remarkable ties that connects qualified teams to run an exchange. The MoU will unify our mutual interests to setup a common platform, help develop our business opportunities, extend our reach and, benefit the investors/traders. Through this association, we will create a competitive market and will be able to leverage knowledge and expertise to support innovations and development we learnt in the last one decade in future trading".

COMEN Chairman, Sabin Bhakta Joshi said, "COMEN being a first commodity exchange of Nepal places great value on its collaboration with NME to effectively support a newly regulated market. This MOU is an important development for our business because we are joining together to promote a most transparent and vibrant market."