MCX to list 100 commodities by end of FY06-07
Country's top multi-commodity exchange MCX is hoping to add 20 more commodities to its list taking the total number of commodities traded to 100 by the end of this fiscal, its top official said on Wednesday.
By PTI |
BANGALORE: Country's top multi-commodity exchange MCX is hoping to add 20 more commodities to its list taking the total number of commodities traded to 100 by the end of this fiscal, its top official said on Wednesday.
"Our dream is to touch a century by the end of this fiscal and we hope to achieve it," said Jignesh Shah, Managing Director and CEO of MCX told reporters on the sidelines of launch of Vista Online Wars 2006, online gaming event of IIMB along with Financial Technologies India Limited (FTIL) here.
MCX, which is already trading in steel ingots and bars, plans to trade in steel coils, he said.
MCX, the only Indian commodity exchange company to have a tie-up with Chicago Climate Exchange, "is all prepared to launch trading in carbon and sulphur credits. We are just awaiting an amendment to the Financial Contract Regulation Act (FCRA), which is likely to be introduced through a bill in the next session of Parliament," Shah said.
Global trading in carbon credit is expected to reach $300 billion in the next five years, he said.
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MCX, which touched a turnover of Rs 10 lakh crore last year," is hoping to double it this year," he said.The company, with operations in 10 countries, trades Rs 8,000 crore to Rs 9,000 crore in volumes per day.
MCX, a group company of FTIL, launched in 1995, has combined market cap of $2 billion today.
MCX is an independent and de-mutualised multi-commodity exchange. As a nationwide digital exchange, MCX facilitates online trading, clearing and settlement operations for commodity futures trading.
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