Mumbai Oct 18 (UNI) MCX (Multi Commodity Exchange of India Ltd) became the first commodity exchange in India to join the elite club of global exchanges by becoming a member of the Futures Industry Association (FIA).

Headquartered in Washington D.C., FIA is the only international association with large representative of organisations that have an interest in the futures market.

The elite group of FIA members includes benchmark exchanges and clearing organizations such as CBOT, CME, IPE, LIFFE, NYMEX, LCH, SFE and LME.

FIA has more than 200 corporate members, reaching thousands of industry participants.

Through these members FIA represent the needs of future industry customers. The members have agreed to assist each other in the discharge of their respective regulatory duties through sharing of relevant information on respective markets and participants.

FIA provides a forum for futures and options professionals from around the world to share information and concerns about the global futures industry.

''As an exchange member of the FIA, MCX has now additional responsibilities for sharing information and concerns of the Indian industry with the global counterparts, further facilitating cross-border trading, imbibing global best practices of exchange operations, product development and regulations for the benefit of the domestic market participants. This would also ensure faster and better integration of the Indian commodities market with the global economy,'' Mr Jignesh Shah, MD and CEO, MCX said.

UNI AR PM SKB1929