Indonesia Commodity and Derivatives Exchange (ICDX) signed a Memorandum of Understanding (MoU) with Korea Exchange (KRX) on September 30th, 2014 to explore bilateral cooperation and potential joint business between both exchanges in their efforts to provide better facilities in futures trading in both countries.

The agreement was signed at KRX Office in Seoul, Korea by Megain Widjaja, CEO of ICDX and Kyungsoo Choi, Chairman and CEO of KRX. This agreement will serve as a framework for closer cooperation between exchanges to develop innovative products, the development of Information and Technology systems for trading, clearing and settlement. This agreement is also intended for both exchanges to share information, the best practices and resources.

 “KRX is one of the biggest exchanges in the world, which succeed in operating one of the leading derivative markets. We are eager to explore any possible business opportunities with KRX and share business practices and information.” said Megain Widjaja, CEO of ICDX. “We believe through this alliance, ICDX could enhance our key commodities and financial products and develop innovative solutions for the needs of Indonesia market participants.”

“As ICDX is a newborn and dynamic exchange for commodities and derivatives where gold, palm oil and tin produced in Indonesia are being traded, KRX will be able to not only find a new business opportunity in diversified areas including the IT system development but also create a long-term strategic cooperative relationship with the ICDX through the MoU.” said Kyungsoo Choi, Chairman and CEO of KRX.