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According to Yonhap News,
Busan City, Korea Exchange (KRX) and Busan Development Institute (BDI) inked a memorandum of understanding on developing shipping derivatives utilizing Maritime Exchange Information Center (MEIC) index at the headquarter of KRX in Busan.
Based on the agreement, Busan City will map out policy and provide administrative procedures for supporting the development of shipping derivatives, and KRX and BDI will conduct a joint-study, share information and infrastructures, and co-host international seminars and workshops.
The agreement is expected to develop MEIC index into various derivatives in partnership with KRX.
"Conducting co-study on MEIC index and derivatives will enable the shipping and financial industries to grow together as well as evolve Korea's shipping industry into the knowledge-based industry, which lives up to Korea's status as a global leading player in the shipping industry," said a Busan City official.