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Commodity Exchanges in India
Commodity trading is an activity which involves investing/trading in commodities. It is
similar to stock trading but instead of buying and selling shares of companies, a trader buys
and sells commodities. Commodities traded are often goods of value, consistent in qualityand produced in large volumes by different suppliers such as wheat, coffee and sugar.
Trading is affected by supply and demand, thus, limited supply causes a price increase while
excess supply causes a price decrease. Therefore, the process of commodity trading is
directly or indirectly affected by the demand and supply in the market.
Commodity trading is an investing strategy wherein goods are traded instead of stocks.
Commodities can be traded on a spot level or on the futures exchanges as futures contracts. A
futures contract is an agreement between two parties to buy or sell an asset at a certain time in
the future at a certain price. A commodity future contract is a future contract which has a
commodity as underlying asset.
Commodity exchanges
A commodities exchange is an exchange where various commodities and derivatives
products are traded.
If you take a look at a typical trading platform, you will see commodities
listed as tradable contracts. Commodity trading is not limited to a particular exchange.
Investors are free to trade on various exchanges if they desire to do so. An example of a
commodity exchange where commodities are traded is the New York Mercantile Exchange
(NYMEX), which is the worlds largest futures commodity exchange. There are 24
commodity exchanges in India.
There are five national level commodity exchanges which are allowed to trade in all 113
permitted commodities:
Multi Commodity Exchange of India Ltd, Mumbai (MCX)
National Commodity & Derivatives Exchange Limited, Mumbai (NCDEX)
National Multi Commodity Exchange of India Ltd, Ahmedabad (NMCE)
Indian Commodity Exchange Ltd., Mumbai (ICEX)
ACE Derivatives and Commodity Exchange
Online Commodity Trading
Trading commodities online has gained popularity for many investors in recent years. Online
commodity trading platform offers easy and convenient trading experience to investors.
Trading commodities online also allows instant trading without having to contact a live
broker to place your orders. Almost everything you could possibly need to trade commodities
is available through an online commodity trading account including commodity trading
charts, commodity news, and technical analysis programs. Online commodity trading gives
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Disadvantages of online commodity trading
While there are many benefits to trading commodities online, commodity investing online
also has its disadvantages that investors should be forewarned. There are some hidden
dangers that many novice traders overlook before they open an account to trade commodities
online.
You need a mentor: With this lack of guidance, it is only natural to expect that many traders
will be prone to repeating the same mistakes which eventually cost them their risk capital.
Trading in commodities requires a trader to have firm knowledge of the factors that affect the
demand and supply of a particular commodity. Usually in case of online trading, you dont
have someone to guide you with your trades. If you are new to commodity trading, then you
may burn your fingers. Having an experienced broker with whom you can discuss trading
strategies is likely to keep you out of trouble. Thus seeking an advice of a mentor is crucial if
we want to improve our trading proficiency.
Leverage: Commodity futures operate on margin, meaning that to take a position only a
small percentage of the total value needs to be available in cash in trading account. High
leverage means high risk attached to the account. It acts as a double edge sword where
benefit of low margin can result in poor money management.
Over trading: Online commodity trading can be risky if you are not disciplined. There is a
tendency for a trader to deviate from his original trading strategy and switch to day trading
after he gets bored of holding a market position for a considerable period of time. When this
happens, it is similar to gambling in a casino.
In other words, without discipline, online commodity trading can burn a hole in your pocket.
On the other hand, those who are well disciplined and have a sound trading plan, trading
commodities normally through an online broker is the best way to go.
Different types of orders that can be placed
Limit order: It is an order where the user specifies the price at (or better than) which the
trade should be executed.
Market order: It is an order which should be executed at whatever be the prevailing price onor after submission of such order. If there is no market at that point of time, it takes the last
traded price and remains in the system.
Day order: It is an order which is available for execution during the current trading session
until executed or cancelled. All day orders will get cancelled at the end of the day during
which such orders were submitted.
Stop loss order: It is an order placed which is kept by the system in suspended mode and will
be visible to the market only when the market price of the relevant commodity reaches or
crossed a threshold price, which is called as trigger price as defined by the member. It is usedas a tool to limit the loss.
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National Exchanges
Compulsory online trading
Transparent trading
Exchanges to be de-mutualised
Exchange recognised on permanent basis
Multi commodity exchange
Large expanding volumes
Regional Exchanges
Online trading not compulsory
De-mutualisation not mandatory
Recognition given for fixed period after which it could be given for re-regulation
Generally, these are single commodity exchanges. Exchanges have to apply for
trading each commodity.
Low volumes in niche markets
Commodity traded by Commodity Exchanges in India
NO. Exchanges Main Commodities
1.Multi CommodityExchange of India Ltd. Mumbai
(MCX)
Gold, Silver, Copper, Crude Oil, Zinc,
Lead, Nickel, Natural gas, Aluminium,
Mentha Oil, rude_Palm_Oil, RefinedSoya
Oil, Cardamom, Guar Seeds, Kapas,Potato,Chana\Gram, Melted Menthol
Flakes, Almond, Wheat,Barley, Long
Steel, Maize, Soybean Seeds, Gasoline
US,
Tin, Kapaskhali, Platinum, Heating Oil
2.
National Commodity And
Derivative Exchange Mumbai
(NCDEX)
Guar Seed, Soy Bean, Soy Oil, Chana,RM
Seed, Jeera,
Turmeric, Guar Gum, Pepper, Cotton
Cake, Long Steel,
Gur, Kapas, Wheat, Red Chilli, Crude Oil,
Maize, Gold,
Copper, Castor Seeds, Potato, Barley,
KachhiGhani
Mustard Oil, Silver, Indian 28 Mm Cotton,
Platinum
3.
National Multi Commodity
Exchange of India Limited
Ahmedabad(NMCX)
Rape/Mustard Seed, Guar Seeds, Nickel,
Jute, Refined
Soya Oil, Zinc, Rubber, Chana\Gram,Isabgul, Lead, Gold, Aluminium, Copper,
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Turmeric, Copra, Silver, Raw Jute,Guar
Gum, Pepper, Coffee Robusta, Castor
Seeds, Mentha
Oil
4.
Indian Commodity ExchangeLimited, Gurgaon
Gold, Crude Oil, Copper, Silver
5. National Board of Trade. Indore Soy bean, Soy Oil
6. Chamber Of Commerce, Hapur Gur, Mustard seed
7.Ahmedabad Commodity
Exchange Ltd.
Castor seed
8.
Rajkot Commodity ExchangeLtd, Rajkot
Castorseed
9.
Surendranagar Cotton &
Oilseeds Association Ltd,
S.nagar
Kapas
10.
The Rajdhani Oil and
Oilseeds Exchange Ltd.,Delhi
Gur, Mustard Seed
11.Haryana Commodities Ltd.,
SirsaMustard seed, Cotton seed Oil Cake
12.India Pepper & Spice,
Trade Association. KochiPepper Domestic-MG1,Pepper 550 G/L
13. Vijay Beopar Chamber Ltd.,Muzaffarnagar
Gur
14.The Meerut Agro Commodities
Exchange Co. Ltd., MeerutGur
15.Bikaner Commodity
Exchange Ltd., BikanerGuarseed,
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16.First Commodity Exchange of
India Ltd, KochiCoconut oil
17. The Bombay CommodityExchange Ltd. Mumbai
Castorseed
18.The Central India Commercial
Exchange Ltd, Gwalior
Mustard seed
19.Bhatinda Om & Oil
Exchange Ltd., Bhatinda.Gur
20.The Spices and Oilseeds
Exchange Ltd., SangliTurmeric
21.
The East India Jute &
Hessian Exchange Ltd,
Kolkata
Raw Jute
22.The East India Cotton
Association Mumbai.Cotton
1. Multi Commodity Exchange of India Ltd(MCX)
MCX (BSE: 534091) is an independent commodity exchange based in India. It was
established in 2003 and is based in Mumbai. The turnover of the exchange for the fiscal year
2009 was US$ 1.24 trillion, and in terms of contracts traded, it was in 2009 the world's sixth
largest commodity exchange. MCX offers futures trading in bullion, ferrous and non-ferrousmetals, energy, and a number of agricultural commodities (mentha oil, cardamom, potatoes,
palm oil and others).
In 2011, MCX has taken the fifth spot among the global commodity bourses in terms of the
number of futures contracts traded. Based on the latest data from Futures Industry
Association (FIA), during the period between January and June this year, about 127.8 million
futures contracts were traded on MCX.
MCX has also set up in joint venture the MCX Stock Exchange. Earlier spin-offs from the
company include the National Spot Exchange, an electronic spot exchange for bullion andagricultural commodities, and National Bulk Handling Corporation (NBHC) India's largest
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collateral management company which provides bulk storage and handling of agricultural
products.
In February 2012, MCX has come out with a public issue of 6,427,378 Equity Shares of Rs.
10 face value in price band of 860 - 1032 Rs. per equity share to raise around $134 million. It
is the first ever IPO by an Indian exchange.
It is regulated by the Forward Markets Commission.
MCX is India's No. 1 commodity exchange with 83% market share in 2009
The exchange's main competitor is National Commodity & Derivatives Exchange Ltd
Globally, MCX ranks no. 1 in silver, no. 2 in natural gas, no. 3 in crude oil and gold
in futures trading (But actual volume is far behind CME group volume as Silver is
traded in 30 Kg lots on MCX whereas CME traded in Approx 155 kg Lot size same in
Gold 1 kg : 3. Kg Approx and Crude 100 Barrels : 1000 Barrels on CME) and major
volume in manipulated as there in no strict regulation in Indian markets just to
Excalate the prices of Shares of company. Also the major volume comes from
Arbitration of CME and MCX which is also not legal to do.
The highest traded item is gold.
MCX has several strategic alliances with leading exchanges across the globe
As of early 2010, the normal daily turnover of MCX was about US$ 6 to 8 billion
MCX now reaches out to about 800 cities and towns in India with the help of about
126,000 trading terminals
COMMODITIES TRADED ON MCX
METAL BULLION
Aluminium, Copper, Lead, Nickel,
Steel Long (Bhavnagar), Steel Long
(Govindgarh), Steel Flat, Tin, Zinc
Gold, Gold HNI, Gold M, i-gold, Silver, Silver
HNI, Silver M,, Silver Micro
FIBER ENERGY
Cotton L Staple, Cotton M Staple,
Cotton S Staple, Cotton Yarn, Kapas,
Jute
Brent Crude Oil, Crude Oil, Furnace Oil, Natural
Gas, M. E. Sour Crude Oil, ATF, Electricity(Now
delisted), Carbon Credit
SPICES PLANTATIONS
Cardamom, Jeera, Pepper, Red Chilli, Arecanut, Cashew Kernel, Coffee (Robusta),
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Turmeric, Cumin Seed, Coriander Rubber
PULSES PETROCHEMICALS
Chana, Masur, Yellow Peas, Tur, Urad HDPE, Polypropylene(PP), PVC
OIL & OIL SEEDS
Castor Oil, Castor Seeds, Coconut Cake, Coconut Oil, Cotton Seed, Crude Palm Oil,
Groundnut Oil, Kapasia Khalli, Mustard Oil, Mustard Seed (Jaipur), Mustard Seed (Sirsa),
RBD Palmolein, Refined Soy Oil, Refined Sunflower Oil, Rice Bran DOC, Rice Bran
Refined Oil, Sesame Seed, Soymeal, Soy Bean, Soy Seeds
CEREALS OTHERS
Maize, Barley, Rice, Sharbati Rice,
Basmati Rice, Wheat
Guargum, Guar Seed, Gurchaku, Mentha Oil, Potato
(Agra), Potato (Tarkeshwar)
2. National Commodity & Derivatives Exchange Limited (NCDEX)
NCDEX is a national level, technology driven demutualised online multi-commodity
exchange. It commenced operations on December 15, 2003. The Exchange has received a
permanent recognition from the Ministry of Consumer Affairs, Food and Public Distribution,
Government of India as a national level exchange. The Exchange, in just over two years of
operations, posted an average daily turnover (one-way volume) of around Rs. 4500-5000
crore a day (over USD 1 billion). The major share of the volumes comes from agricultural
commodities and the balance from bullion, metals, energy and other products. Trading is
facilitated through over 850 Members located across around 700 centres (having
~20000trading terminals) across the country. Most of these terminals are located in the semi-
urban and rural regions of the country. Trading is facilitated through VSATs, leased lines and
the Internet.
Objectives of NCDEX:
To create a world class commodity exchange platform for the market participants.
To bring professionalism and transparency into commodity trading.
To inculcate best international practices like de-materialised technology platforms,
low cost solutions and information dissemination into the trade.
To provide nationwide reach and consistent offering.
To bring together the entities that the market can trust.
Shareholders of NCDEX
NCDEX is promoted by a consortium of four institutions. These are
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National Stock Exchange(NSE)
ICICI Bank Limited
Life Insurance Corporation of India (LIC)
National Board for Agriculture and Rural Development (NABARD).
Later on their shares were diluted and more institutions became shareholders of NCDEX.These are Canara Bank, CRISIL Limited, Indian Farmers Fertilisers Cooperative Limited
(IFFCO), Punjab National Bank (PNB), Goldman Sachs, Intercontinental Exchange (ICE)
and Shree Renuka Sugars Ltd. All the ten shareholders (now ICICI is not a shareholder of
NCDEX) bring along with them expertise in closely related fields such as agriculture, rural
banking, co-operative expertise, risk management, intensive use of technology, derivative
trading besides institution building expertise.
GOVERNANCE
The governance of NCDEX vests with the Board of Directors. None of the Board of
Directors has any vested interest in commodity futures trading. The Board comprises persons
of eminence, each an authority in their own right in the areas very relevant to the Exchange.
Board appoints an executive committee and other committees for the purpose of managing
activities of the Exchange. The executive committee consists of Managing Director of the
Exchange who would be acting as the Chief Executive of the Exchange, and also other
members appointed by the board. Apart from the executive committee the board has
constituted committees like Membership committee, Audit Committee, Risk Committee,
Nomination Committee, Compensation Committee and Business Strategy Committee, which
help the Board in policy formulation.
NCDEX Products
NCDEX currently offers an array of more than 50 different commodities for futures trading.
The commodity segments covered include both agri and non-agri commodities [bullion,
energy, metals (ferrous and non-ferrous metals) etc.]. Before identifying a commodity for
trading, the Exchange conducts a thorough research into the characteristics of the product, its
market and potential for futures trading. The commodity is recommended for approval of
Forward Markets Commission, the Regulator for commodity exchanges in the country after
approval by the Product Committee constituted for each of such product and Executive
Committee of the Exchange.
Exchange Membership
Membership of NCDEX is open to any person, association of persons, partnerships, co-
operative societies, companies etc. that fulfils the eligibility criteria set by the Exchange. FIs,
NRIs, Banks, MFs etc. are not allowed to participate in commodity exchanges at the moment.
All the members of the Exchange have to register themselves with the competent authority
before commencing their operations. NCDEX invites applications for Members from persons
who fulfil the specified eligibility criteria for trading commodities. The members of NCDEX
fall into following categories:
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Cash - The same is to be provided by issuing a cheque / demand draft payable at
Mumbai in favour of 'National Commodity & Derivatives Exchange Limited'.
Bank Guarantee favour of NCDEX as per the specified format. The minimum
term of the bank guarantee should be 12 months.
Fixed Deposit Receipts (FDRs) issued by approved banks are accepted. The FDRshould be issued for a minimum period as specified by the Exchange from time to
time from any of the approved banks.
Government of India Securities - National Commodity Clearing Limited (NCCL) is
the approved custodian for acceptance of Government of India Securities. The
securities are valued on a daily basis and a haircut as prescribed the Exchange is
levied.
Additional Base Capital (ABC) - In case the members desire to increase their limit,
additional capital may be submitted to NCDEX in the following forms:
Cash
Cash Equivalents
Bank Guarantee (BG)
Fixed Deposit Receipt (FDR)
Government of India Securities
Bullion
Shares (notified list)
The haircut for Government of India securities shall be 25% and 50% for the
notified shares.
Fees structure for membership
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Clearing and Settlement System
Clearing
National Commodity Clearing Limited (NCCL) undertakes clearing of trades executed on the
NCDEX. Only clearing members including professional clearing members (PCMs) are
entitled to clear and settle contracts through the clearing house. At NCDEX, after the trading
hours on the expiry date, based on the available information, the matching for deliveries takes
place firstly, on the basis of locations and then randomly, keeping in view the factors such as
available capacity of the vault/warehouse, commodities already deposited and dematerialized
and offered for delivery etc. Matching done by this process is binding on the clearing
members. After completion of the matching process, clearing members are informed of the
deliverable/receivable positions and the unmatched positions. Unmatched positions have to
be settled in cash. The cash settlement is only for the incremental gain/ loss as determined on
the basis of final settlement price
Settlement
Futures contracts have two types of settlements, the Mark-to-Market (MTM) settlement
which happens on a continuous basis at the end of the day, and the final settlement which
happens on the last trading day of the futures contract. On the NCDEX, daily MTM
settlement in respect of admitted deals in futures contracts are cash settled by debiting/crediting the clearing accounts of clearing members (CMs) with the respective clearing bank.
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All positions of CM, brought forward, created during the day or closed out during the day,
are mark to market at the daily settlement price or the final settlement price on the contract
expiry.
The responsibility of settlement is on a trading cum clearing member for all trades done on
his own account and his client's trades. A professional clearing member is responsible for
settling all the participants trades which he has confirmed to the Exchange. Few days before
expiry date, as announced by Exchange from time to time, members submit delivery
information through delivery request window on the trader workstation provided by NCDEX
for all open position for a commodity for all constituents individually. NCDEX on receipt of
such information matches the information and arrives at a delivery position for a member for
a commodity. The seller intending to make delivery takes the commodities to the designated
warehouse. These commodities have to be assayed by the Exchange specified assayer. The
commodities have to meet the contract specifications with allowed variances. If the
commodities meet the specifications, the warehouse accepts them. Warehouse then ensuresthat the receipts get updated in the depository system giving a credit in the depositor's
electronic account. The seller then gives the invoice to his clearing member, who would
courier the same to the buyer's clearing member. On an appointed date, the buyer goes to the
warehouse and takes physical possession of the commodities.
Clearing Days and Scheduled Time
Daily Mark to Market settlement where 'T' is the trading day
Mark to Market Pay-in (Payment): T+1 working day.
Mark to Market Pay-out (Receipt): T+1 working day.
Final settlement for Futures Contracts
The settlement schedule for Final settlement for futures contracts is given by the Exchange in
detail for each commodity.
Timings for Funds settlement:
Pay-in: On Scheduled day as per settlement calendars.
Pay-out: On Scheduled day as per settlement calendars.
Commodities Traded on NCDEX
NCDEX gives priority to commodities that are most relevant to India, and where the price
discovery process takes place domestically. The products chosen are based on certain criteria
such as price volatility, share in GDP, correlation with global markets, share in external trade,
warehousing facilities, traders distribution, geographical spread, varieties etc.
Spices Oil and Oilseeds Precious Metals
Pepper Castor Seed Gold
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Chilli Sesame Seeds Silver
Jeera Cotton Seed Oilcake Platinum
Turmeric Soy Bean Metals
Coriander Refined Soy Oil Steel
Cereals Soybean meal (local & export) Copper
Wheat Mustard Seed Zinc
Barley Kachhi Ghani Mustard Oil Aluminium
Maize Rapeseed - Mustard Seed Oil Nickel
Pulses Crude Palm Oil Energy
Chana RBD Palmolein Crude Oil
Masoor Groundnut in shell Furnace Oil
Yellow Peas Groundnut Expeller Oil Thermal CoalOthers Plantation Products Brent Crude Oil
Guar Seeds Rubber Natural Gas
Potato Coffee-Robusta Cherry AB Fibres
Mentha Oil Cashew Indian 28.5 mm
Guar Gum Polymers V -797 Kapas
CER Polypropylene Medium Staple
Gur Linear Low density Kapas
Almond Polyvinyl Chloride Raw Jute
3. National Multi Commodity Exchange of India Ltd., Ahemdabad
(NMCE)
The NMCE is India's third-largest commodities exchange behind MCX and NCDEX and has
grown significantly as commodity trading in India has rebounded from the 2008 financial
crisis. NMCE is India's top listed of coffee and rubber contracts and seeks to broaden into
the currency derivatives and spot markets.
NMCE was promoted by Central Warehousing Corporation (CWC), National Agricultural
Cooperative Marketing Federation of India (NAFED), Gujarat Agro-Industries Corporation
Limited (GAICL), Gujarat State Agricultural Marketing Board (GSAMB), National Institute
of Agricultural Marketing (NIAM), and Neptune Overseas Limited (NOL). While various
integral aspects of commodity economy, viz., warehousing, cooperatives, private and public
sector marketing of agricultural commodities, research and training were adequately
addressed in structuring the Exchange, finance was still a vital missing link. Punjab NationalBank (PNB) took equity of the Exchange to establish that linkage. Even today, NMCE is the
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only Exchange in India to have such investment and technical support from the commodity
relevant institutions.
The Department of Consumer Affairs in the Ministry of Consumer Affairs, Food and Public
Distribution -Government of India, is the apex regulatory body governing all commodity
exchanges. Various powers to provide regulatory supervision, besides the powers to grant or
withdraw recognition of any exchange rests with this Department of the Government of India.
The Forward Markets Commission (FMC) was set up in 1953 to provide regulatory advice to
the Government and have closer regulatory interaction with the commodity exchanges. Most
of the regulatory powers of the Central Government have been delegated to the FMC. For
example, FMC has powers to approve the Memorandum and Articles of Associations as well
as Byelaws of the Exchange. It has also powers to conduct inspection of accounts of the
exchanges/their members, inquire into the affairs of the exchange. In an emergency, it can
even suspend trading. All contracts for futures trade have to be approved by the FMC before
they can be launched on the exchange. As a self-regulatory organization, NMCE also playsan important role by ensuring that the provisions in the Articles of Association and Byelaws
etc. are followed in letter and spirit. The regulation by the Exchange is rule-based and
incorporated in the software itself. Regulation involving human intervention and of
discretionary nature is implemented through various committees of professional and experts.
Special care is taken while constituting these committees to ensure that there is no conflict of
interest.
NMCE facilitates electronic derivatives trading through robust and tested trading platform,
Derivative Trading Settlement System (DTSS), provided by CMC. It has robust delivery
mechanism making it the most suitable for the participants in the physical commoditymarkets. It has also established fair and transparent rule-based procedures and demonstrated
total commitment towards eliminating any conflicts of interest. It is the only Commodity
Exchange in the world to have received ISO 9001:2000 certification from British Standard
Institutions (BSI). NMCE was the first commodity exchange to provide trading facility
through internet, through Virtual Private Network (VPN).
NMCE follows best international risk management practices. The contracts are marked to
market on daily basis. The system of upfront margining based on Value at Risk is followed to
ensure financial security of the market. In the event of high volatility in the prices, special
intra-day clearing and settlement is held. NMCE was the first to initiate process of
dematerialization and electronic transfer of warehoused commodity stocks. The unique
strength of NMCE is its settlements via a Delivery Backed System, an imperative in the
commodity trading business. These deliveries are executed through a sound and reliable
Warehouse Receipt System, leading to guaranteed clearing and settlement.
4. Indian Commodity Exchange Limited (ICEX)
ICEX is a nation-wide screen based on-line derivatives exchange for commodities and has
established a reliable, efficient and transparent trading platform. It has put in place assaying
and warehousing facilities in order to facilitate deliveries. This exchange is ideallypositioned to leverage the huge potential of commodities market and encourage
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participation of farmers, traders and actual users to benefit from the opportunities of
hedging, risk management and supply chain management in the commodities markets.
The Exchange is a public-private partnership with Reliance Exchangenext Ltd. as anchor
investor and has MMTC Ltd., Indiabulls Financial Services Ltd., Indian Potash Ltd.,KRIBHCO and IDFC among others, as its stakeholders.
Corporate Vision & Mission
Provide fair, transparent and efficient trading platform to all participants.
Meet the international benchmarks for the Indian commodity market.
Provide equal opportunity and access to investors all over the country through the
modern communication modes.
Attract a wide array of end users, financial intermediaries and hedgers.
Attract a wide array of end users, financial intermediaries and hedgers.
Become a major trading hub for most of the commodities.
To provide product portfolio to suit the trading community needs in an efficient
manner.
Shareholding Pattern
Shareholder Shareholding Pattern
Reliance Exchangenext Ltd. 26%
MMTC Limited 26%
Indiabulls Financial Services Limited 14%
Indian Potash Limited 10%
KRIBHCO 5%IDFC 5%
Others 14%
5. Ace Derivatives and Commodity Exchange Limited
It is a screen based online derivatives exchange for commodities in India. Ace CommodityExchange earlier known as Ahmedabad Commodity Exchange has been in existence for morethan 5 decades in Commodity Business, bringing in the best and transparent BusinessPractices in the Indian commodity space. The Kotak group brings in more than 25 years of
financial expertise and has pioneered many business practices existing in the financialservices industry. With Ace, Kotak Group brings to the commodity market a new, state-of-the-art trading platform which combines the operational efficiency of global exchanges withdeep domain expertise in each commodity vertical.
Following the Kotak Groups legacy of transparency in their dealings and providing the bestsolution to the market participants, Ace provides the confidence of trading on a world-class
platform to manage risks and reduce complexities of commodity prices.
Ace Commodity Exchange offers futures trading the following commodity groups:
Agricultural products
Bullion
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Base Metals
Energy
References
http://flame.org.in/KnowledgeCenter/Understandingconceptofonlinecommoditytrading.aspx
http://asiaetrading.com/exchanges/india-exchanges/ace-derivatives-and-commodity-exchange-ace/
http://www.icexindia.com
www.mcxindia.com
www.commodityonline.com
http://flame.org.in/KnowledgeCenter/Understandingconceptofonlinecommoditytrading.aspxhttp://flame.org.in/KnowledgeCenter/Understandingconceptofonlinecommoditytrading.aspxhttp://asiaetrading.com/exchanges/india-exchanges/ace-derivatives-and-commodity-exchange-ace/http://asiaetrading.com/exchanges/india-exchanges/ace-derivatives-and-commodity-exchange-ace/http://www.icexindia.com/http://www.icexindia.com/http://www.icexindia.com/http://asiaetrading.com/exchanges/india-exchanges/ace-derivatives-and-commodity-exchange-ace/http://flame.org.in/KnowledgeCenter/Understandingconceptofonlinecommoditytrading.aspxRecommended