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FMC tightens commodity exchange investment norms

Posted on 07 May 2014 by VRS  |  Email |Print

Tightening shareholding norms of commodity exchanges after the National Spot Exchange (NSEL) crisis, the Forward Markets Commission (FMC), on Tuesday, said no resident individual could hold more than 5 per cent stake in them and scrapped the concept of promoters and anchor investors for such bourses.
In an eight-page document laying out shareholding norms for national-level commodity exchanges, the FMC said at least 51 per cent of the shares of any commodity exchange will have to be held by the public. This is to ensure broader participation in commodity bourses………………………………………..Full Article: Source

India: MoF proposes single clearing platform for commodity exchange trades

Posted on 02 May 2014 by VRS  |  Email |Print

The ministry of finance is working out a roadmap to substantially bring down the transaction cost of trading on the commodity exchanges . According to official sources, in line with the banking system, there is need for common clearing system of the commodity trades. This commonality of clearing of transactions will require a common platform where multiple trades across exchanges can be settled.
In the process, the traders can cut down the transaction cost by becoming the member of a single platform for clearing of trades. At present, a trader will have to pay fees for becoming a member of separate clearing platform floated by different commodity exchanges. This entails heavy cost, multiplicity of trades, cross margining etc………………………………………..Full Article: Source

Shanghai bourse plans to launch base metals index contract

Posted on 25 April 2014 by VRS  |  Email |Print

The Shanghai Futures Exchange (ShFE) plans to launch a futures contract on a base metals index as part of steps to internationalise its business, Chairman Maijun Yang said on Thursday.
ShFE is China’s biggest exchange for base metals, already trading copper, zinc, aluminium and lead. It said last year it also has plans to trade nickel and tin. Yang did not provide a timeframe for the new contracts………………………………………..Full Article: Source

LME to start clearing collateral in yuan as Asia ascends

Posted on 25 April 2014 by VRS  |  Email |Print

The London Metal Exchange will start accepting collateral denominated in Chinese yuan after setting up a clearing house in September as Asia increases its hold over the bourse.
The clearing house will become the “heartbeat” of the LME, the world’s biggest market place for industrial metals, said Chief Executive Officer Garry Jones. Asia’s share of electronic trading at the 137-year-old institution now accounts for 10 percent to 25 percent of the total on any given day, Jones said……………………………………….Full Article: Source

HKEx moves into commodities business

Posted on 23 April 2014 by VRS  |  Email |Print

Hong Kong Exchanges and Clearing took its first step into the commodities business by unveiling plans to list coal and industrial metals futures on its trading platform. HKEx, traditionally a cash equities exchange, expects to offer renminbi-denominated futures for zinc, copper and nickel, and a US dollar contract for thermal coal by the end of this year.
The launch of metals trading marks the first move to establish a commodities platform in Hong Kong, part of a much longer term strategic plan kicked off by HKEx’s $2.2bn purchase of the London Metals Exchange in 2012………………………………………..Full Article: Source

HKEx said to plan coal futures as CEO Li makes commodities push

Posted on 17 April 2014 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing Ltd. Chief Executive Officer Charles Li is said to be picking coal for his company’s first energy product a year after paying a record price for the world’s top metals bourse.
The world’s third-largest exchange operator will introduce thermal coal futures in Hong Kong this year, according to two people with knowledge of the matter. The futures will be denominated in the Chinese currency, said the people, who asked not to be identified because the information isn’t public. Scott Sapp, a Hong Kong-based spokesman for the company, declined to comment……………………………………….Full Article: Source

Zimbabwe: Commodities exchange boon to economy

Posted on 14 April 2014 by VRS  |  Email |Print

The setting up of a vibrant Agricultural Commodity Exchange will be essential for Zimbabwe’s economic recovery as it has the capacity to stimulate the circulation of money, experts have said. A commodities exchange is an open and organised marketplace where ownership titles to standardised quantities or volumes of certain agricultural commodities are traded by its members.
Securities Exchange Commission of Zimbabwe (SECZ) chief executive Tafadzwa Chinamo said such a trading platform could stimulate more circulation of money in the economy, with benefits for investors and producers………………………………………..Full Article: Source

India: Commodity trading hours set to get a ‘break’

Posted on 14 April 2014 by VRS  |  Email |Print

Commodity derivative trading hours, on platforms such as MCX and NCDEX, may soon go in for a break. “We are planning to allow an hour or half-an-hour break for commodity trading as the trading hours are long,” Ramesh Abhishek, Chairman, Forward Markets Commission (FMC), told Business Line. FMC regulates futures trading in commodities.
Currently, commodity trading on various exchanges can be done between 10 a.m. and 11.30 p.m. However, for stock spot and futures trading, the timing is 9.15 a.m. to 3.30 p.m. with 15 minutes extra time before the start of trade for the pre-trading session………………………………………..Full Article: Source

India: Commodities futures trade volumes fall for second year

Posted on 09 April 2014 by VRS  |  Email |Print

Commodity futures trading volumes in India fell 40.49 percent in the year to March 2014, its second straight year of decline, the market regulator said on Tuesday.
In value terms, futures trading at commodity exchanges fell to 101.44 trillion rupees in the first twelve months from April 2013 from 170.46 trillion rupees a year ago, the Forward Markets Commission said in a statement on its website………………………………………..Full Article: Source

LME targets new aluminum contract as soon as end 2014, CEO says

Posted on 09 April 2014 by VRS  |  Email |Print

The London Metal Exchange, the world’s largest industrial metals marketplace, wants to introduce an aluminum premium contract as early as the end of this year, said Chief Executive Officer Garry Jones.
The contract will be 25 metric tons in size and will involve a swap of warrants, or bearer documents for a specific lot of metal, according to a draft of specifications seen by Bloomberg. Consumers usually pay a premium to the exchange price for metal in specific locations………………………………………..Full Article: Source

Dubai’s DGCX to launch agricultural contracts in 2015

Posted on 08 April 2014 by VRS  |  Email |Print

The Dubai Gold and Commodities Exchange (DGCX) is planning to launch agricultural commodities contracts in the first quarter of 2015, the bourse’s chief executive officer said on Monday.
“That’s something we really want to do, as we want to be able to diversify the products that we list on the exchange,” Gary Anderson told Reuters on the sidelines of a precious metals conference in Dubai………………………………………..Full Article: Source

Organic crops may get a commodities exchange

Posted on 04 April 2014 by VRS  |  Email |Print

If you want to know the price of a bushel of corn, you can find it on the website of the Chicago Mercantile Exchange (CME). The market value of organic corn or grains grown without genetically modified seeds is harder to find. These crops are traded privately, with growers negotiating rates with buyers over the phone or via e-mail.
Kellee James wants to change that. As co-founder and chief executive officer of Mercaris, a market data service and online trading platform for organic and non-genetically modified organism commodities, James plans to build an exchange so such crops can trade the same way as conventional commodities………………………………Full Article: Source

Korea Exchange seeks cut of $3 bln illegal gold trade

Posted on 24 March 2014 by VRS  |  Email |Print

South Korea’s equity exchange will start offering physical gold trades for the first time today, as the government seeks to curb as much as $3 billion of black-market transactions.
Korea Exchange Inc., which has offered bullion futures since 1999, aims to gradually replace illegal sales that total as much as 70 metric tons annually and deprive the state of an estimated $280 million in taxes. Customs officers intercepted 360 kilograms last year as the number of busts more than doubled from 2012………………………………………..Full Article: Source

China looks beyond commodity derivatives with equity options launch

Posted on 21 March 2014 by VRS  |  Email |Print

Commodities have been the mainstay of China’s derivative markets so far but the launch of equity options on two of the country’s main exchanges could see this dominance challenged.
Although the first commodity-linked futures contract in China was traded in March 1991 on the Zhengzhou Commodity Exchange, the development of other asset classes including equity-linked futures and options products has lagged markedly with the first futures contract referencing the CSI 300 index, an index of 300 Shanghai and Shenzhen listed A-shares, launched as recently as 2010 on the China Financial Futures Exchange (CFFEX)………………………………………..Full Article: Source

SGX commodity derivatives up 70pct last year

Posted on 21 March 2014 by VRS  |  Email |Print

Commodity derivatives traded via the Singapore Exchange (SGX) rose by 70 per cent last year, outpacing the global growth rate of 23 per cent, SGX said on Thursday.
It said over-the-counter (OTC) Iron Ore was its most popular commodity derivatives contract, with the number of lots traded rising by 166 per cent to 584,157 lots. The highest percentage growth was generated by OTC Rubber, which grew 278 per cent to 2,778 lots………………………………………..Full Article: Source

India: Right mix of speculation, hedging to deepen commodity exchanges: FMC

Posted on 17 March 2014 by VRS  |  Email |Print

Traders and physical market users who trade on domestic commodity futures exchanges may soon witness a deepening of the decade-old market.
To encourage more physical market users to hedge on domestic commodity bourses, regulator Forward Markets Commission (FMC) will soon write to the finance ministry, under which it functions, suggesting that it urge banks to ask their clients to trade on exchanges like MCX and NCDEX. ……………………………………….Full Article: Source

Investors rally to finance New Ghana commodity exchange

Posted on 14 March 2014 by VRS  |  Email |Print

Eleni, a private company positioned as the premier commodity exchange promoter in Africa, has announced today the formation of a private-public investment consortium to finance the establishment of the Ghana Commodity Exchange (GCX).
Investment consortium partners include Ghana’s top tier financial institutions, Data Bank Agrifund Manager Ltd, Ecobank Ghana Ltd, UT Bank Ghana Ltd, as well as IFC, 8 Miles Fund and eleni, with minority stakeholding by the Government of Ghana………………………………………..Full Article: Source

Zimbabwe government moving to set up commodities exchange

Posted on 13 March 2014 by VRS  |  Email |Print

The Zimbabwe government will soon set up a special market for agricultural products as it moves to address the marketing and pricing of crops, says Agriculture, Mechanization and Irrigation Development Minister Dr Joseph Made.
The government was seized with the marketing side of agriculture at a time the country was expecting a bumper harvest, he said here Tuesday, adding that the government was working to establish commodity markets for horticulture and cotton as well as strengthening irrigation………………………………………..Full Article: Source

Shanghai to open up trading of commodities futures

Posted on 13 March 2014 by VRS  |  Email |Print

The Shanghai Futures Exchange is vying for more influence in the global market with plans to open up trading of its long-awaited crude oil futures and a number of other commodities futures to foreign investors.
“China is a big importer of crude, and we rely 60 per cent on crude imports. However, our influence in the global pricing of crude oil has been low, and it doesn’t match with our big consumption,” exchange chairman Yang Maijun said………………………………………..Full Article: Source

Singapore, Dalian exchanges to collaborate on commodity trading

Posted on 13 March 2014 by VRS  |  Email |Print

The Singapore Exchange (SGX) and China’s Dalian Commodity Exchange have signed an agreement to collaborate on developing their commodities businesses, the Singapore bourse said on Monday.
The memorandum of understanding between the two exchanges will allow them to work together on developing commodity derivatives products and investor education, among other areas………………………………………..Full Article: Source

Investment continues for Carbon Trade Exchange

Posted on 13 March 2014 by VRS  |  Email |Print

Carbon Trade Exchange (CTX) continues to expand both its team and operations in Australia and International markets, on Wednesday, announcing the appointment of Dan Jackson as Chief Technology Officer and Nicole Favretto as Marketing Manager, both effective immediately.
Dan has over 10 years’ experience with systems architecture, analysis and design in the IT industry, including significant experience in the development of software solutions for large-scale defence projects in both the intelligence and communications sector………………………………………..Full Article: Source

Italian bourse GME to close carbon market after 3-year suspension

Posted on 13 March 2014 by VRS  |  Email |Print

Italian state-owned energy exchange Gestore Mercati Energetici (GME) will close its carbon emissions market on March 22, more than three years after it suspended trade due to what it called “presumed unlawful” activity.
The Rome-based bourse’s board of directors made the decision on March 5, GME said in a statement dated March 6 on its website. A GME official said the exchange was unable to comment further on the matter………………………………………..Full Article: Source

Challenges ahead as Hong Kong unveils plans for commodities trading

Posted on 10 March 2014 by VRS  |  Email |Print

Hong Kong Exchanges and Clearing’s plan to introduce the Hong Kong version of the London Metal Exchange platform this year is a baby step to kick off the local commodities market, but brokers and observers warned there will be challenges in developing the new market.
“HKEx spent a lot of money buying the LME in 2012 but we have yet to see how the deal will help promote the local commodities market. It is good to see HKEx is finally doing something to promote commodities trading in Hong Kong,” said Christopher Cheung Wah-fung, a legislator for the financial services sector…………………………………………Full Article: Source

Baden Wright appointed as new CEO for Carbon Trade Exchange

Posted on 07 March 2014 by VRS  |  Email |Print

Carbon Trade Exchange Australia (CTX) on Thursday announces the appointment of Baden Wright as Chief Executive Officer. Baden has a wealth of expertise in the Information Communications Technology (ICT) industry, with over 20 years’ experience across Banking & Finance, Telecommunications, Manufacturing, Airlines, Power Utilities and Government.
He is an experienced executive with a superior understanding of technology and business concepts from inception through to market implementation………………………………………..Full Article: Source

CME Group’s turn to move into Asian commodities markets

Posted on 05 March 2014 by VRS  |  Email |Print

CME Group Inc., locked in a race to extend its global footprint against rival IntercontinentalExchange Inc., has found itself outflanked in Asia by ICE’s just completed takeover of the Singapore Mercantile Exchange.
The $8.0 billion transaction now intensifies pressure on Chicago-based CME Group, the world’s largest owner of commodity exchanges, to carry out its own acquisition in the high-growth Asian market. ……………………………………….Full Article: Source

HKEx to add yuan futures in night trading session

Posted on 05 March 2014 by VRS  |  Email |Print

HKEx looks to extend trading hours for the products from April to allow for hedging by investors in the wake of recent volatility in the currency. Hong Kong Exchanges and Clearing will add yuan currency futures in an after-hours evening session from April 7 in its latest effort to promote yuan products.
“The yuan has become very volatile recently while its trading pattern last week showed the currency did not always go up. This would be the right time for HKEx to extend the trading hours for yuan futures to allow investors to do some hedging,” Charles Li Xiaojia, chief executive of the bourse, said as he unveiled HKEx’s strategy at its annual media briefing……………………………………….Full Article: Source

MCX slashes transaction charges across commodities

Posted on 27 February 2014 by VRS  |  Email |Print

Multi Commodity Exchange of India Ltd (MCX), the country’s largest commodity exchange by market share, has reduced transaction charges across commodities, in a move aimed at lowering the cost of trading and pushing up volumes.
“This move by MCX would make trading in agri-commodities more accessible for the farm community and other participants in commodity market ecosystem, and improve overall hedging efficiency,” said Manoj Vaish, managing director and chief executive officer. “This is an important incremental step towards market inclusion.”……………………………………….Full Article: Source

Deutsche Boerse extends Asia reach with Indonesia agreement

Posted on 26 February 2014 by VRS  |  Email |Print

Two Deutsche Boerse -backed companies have signed agreements with Indonesia’s top commodity exchange seeking to develop trading platforms, market surveillance and clearing, the companies said on Tuesday.
The agreements are the latest step by Germany’s biggest exchange operator to grow its footprint in Asia. Exchange operators from outside the region have tended either to acquire a local player or set up their own Asia bourse to compete with Chinese and Indonesian exchanges. ……………………………………….Full Article: Source

MCX to exit 3 exchange ventures

Posted on 21 February 2014 by VRS  |  Email |Print

Multi Commodity Exchange of India (MCX), which is promoted by Financial Technologies (India) (FTIL), intends to sell its holding in entities like Dubai Gold & Commodities Exchange (DGCX), MCX Stock Exchange (MCX-SX) and MCX-SX Clearing Corporation.
“MCX intends to divest its shareholding in a few ventures… the organisation needs investment/merchant bankers to strategically advise on the sale of these shares,” said an advertisement issued by the commodity futures bourse………………………………………..Full Article: Source

Gold jewellery, bar and coin demand hit record levels in 2013 - WGC

Posted on 20 February 2014 by VRS  |  Email |Print

While 880.8 tonnes of gold flowed out of exchange traded funds in 2013, according to the World Gold Council’s Gold Demand Trends report for the fourth quarter and full year 2013, three quarters of these outflows were absorbed by consumer demand.
This, the WGC says, marks the largest year-on-year increase in consumer demand for the yellow metal since its records began and justifies it calling 2013, the year of the consumer. But, it says, it also reflects a distinct polarisation in sentiment between those institutional funds selling out of ETFs and consumers buying jewellery, bars and coins………………………………………..Full Article: Source

LME widens direct access to market data

Posted on 18 February 2014 by VRS  |  Email |Print

LME announces a new policy to allow clients of LME members to connect directly to the Exchange’s electronic trading platform, LMEselect, for market data. The change will be effective from 24 March 2014.
In response to user demand, the LME will enable market participants to connect to LMEselect directly to receive a data-only feed. Until now, clients have only been able to access data through members or independent software vendors (ISVs). The new policy is of particular interest to members’ clients pursuing an algorithmic trading strategy, as they can now trade with the benefit of lower-latency access………………………………………..Full Article: Source

Lusaka Bourse may buy stake in commodities market after tie-up

Posted on 18 February 2014 by VRS  |  Email |Print

Zambia’s Lusaka Stock Exchange said it will consider buying a stake in Zamace Ltd., the sole agricultural commodities bourse in Africa’s largest copper producer, as the markets talk about areas of cooperation.
“These are the details that will come from the various discussions,” Brian Tembo, chief executive officer at the Lusaka Stock Exchange, said today in an interview in the capital. “We are not restricting ourselves to anything.”……………………………………….Full Article: Source

India: Commexes to cut transaction fee on non-deliverables

Posted on 18 February 2014 by VRS  |  Email |Print

The flexibility to fix transaction charges has sparked a fight among the commodities futures exchanges to grab market share, a majority held by the Multi Commodity Exchange (MCX).
The exchanges have started working on reducing the charges on non-agricultural commodities contracts like metals and energy’s that are cash settled and non-deliverable. Most important, these are 86 per cent of the accumulative turnover of all exchanges. The MCX accounts for 90 per cent of the turnover in this segment………………………………………..Full Article: Source

Kenya: Commodities exchange can transform farming

Posted on 14 February 2014 by VRS  |  Email |Print

News that Kenya will host a regional commodities exchange could not have come at a better time. The face of Kenya in the recent days has been one of extreme want. Tens of thousands of Kenyans are at risk of starvation.
Already, there have been the sordid tales of affected families eating poisonous fruits and other dehumanising cocktails — including the canine meal that should never have been………………………………………..Full Article: Source

India: Commodity exchanges’ turnover drops 55 pct in January

Posted on 14 February 2014 by VRS  |  Email |Print

The combined turnover of commodity exchanges declined by 55 per cent to Rs. 6.56 lakh crore in January due to a sharp fall in trading volumes in bullion and metals, data from the Forward Markets Commission (FMC) showed.
These exchanges had clocked a business of Rs. 14.55 lakh crore in the corresponding month last year, teh data showed. According to the FMC, maximum business of Rs. 5.18 lakh crore was generated by MCX, followed by NCDEX at Rs. 98,881 crore; NMCE - Rs. 18,294 crore; UCX - 6,318 crore; ICEX - Rs. 5,878 crore, and ACE at Rs. 3,676 crore during last month………………………………………..Full Article: Source

India: Commodities, securities norms to converge

Posted on 14 February 2014 by VRS  |  Email |Print

With the commodities derivatives regulator, Forward Markets Commission (FMC), now under the finance ministry, rules governing the commodities markets are being converged with the securities derivatives’, wherever there are similarities.
One is to disallow commodity exchanges from having different transaction charges for different brokers. In securities, irrespective of volumes, the charges are similar for all brokers. However, the FMC has allowed exchanges to have different transaction charges for deliverable commodities………………………………………..Full Article: Source

Why we need basis exchanges in commodities

Posted on 06 February 2014 by VRS  |  Email |Print

The decade that went by saw increased interest in commodities as an asset class. Most of these investments were made in liquid exchange-listed derivatives. We witnessed the blossoming of new exchanges and product listings from South Africa to Sao Paulo.
All of these exchanges have vied singularly for a greater transactional flow that has prompted them to launch newer products. The conventional belief is that futures and cash markets converge on expiry of the contract; hence a futures exchange should in theory reflect the cash fundamentals of the listed commodity……………………………………….Full Article: Source

Hong Kong gold exchange to lobby harder for precious metals bourse and warehouse in Qianhai

Posted on 05 February 2014 by VRS  |  Email |Print

The Chinese Gold & Silver Exchange Society, which operates the precious metals exchange in Hong Kong, has set up a concern group to ramp up its lobbying efforts in the Qianhai special economic zone in Shenzhen after the central government said it would create more free-trade zones.
At the exchange’s first trading session in the Year of the Horse yesterday, president Haywood Cheung Tak-hay said it expected to unveil a legal and logistics framework in the first half of this year for setting up an exchange and a metals warehouse in Qianhai………………………………………..Full Article: Source

Nigeria: FG to complete sale of Abuja Exchange June

Posted on 30 January 2014 by VRS  |  Email |Print

The Federal Government has said the proposed sale of the Abuja Securities and Commodities Exchange will be completed by June this year. The director General of the Securities and Exchange Commission, SEC, Arunma Oteh, who disclosed this in Abuja noted that the government’s earlier commitment to complete the privatisation exercise by the end of last year could not hold, as it was unable to meet the deadline.
According to Oteh, “the government wants to privatise the only commodity exchange and it had committed to doing it by the end of last year. It didn’t meet that deadline, but it’s planning to do something by the middle of 2014.”……………………………………….Full Article: Source

India: Commodity exchanges’ turnover falls 59 pct in first half of January

Posted on 27 January 2014 by VRS  |  Email |Print

Turnover of 17 commodity bourses fell 59 per cent to Rs. 2.82 lakh crore in the first fortnight of this month, with maximum decline in business seen at MCX, ACE and ICEX.
According to the latest data released by the Forward Markets Commission (FMC), the cumulative turnover of all commodity exchanges fell to Rs. 2.82 lakh crore during the January 1-15 period of this year, from Rs. 6.89 lakh crore in the corresponding period a year ago………………………………………..Full Article: Source

Nigeria to sell Abuja commodity exchange stake to revive market

Posted on 23 January 2014 by VRS  |  Email |Print

Nigeria’s government plans to sell its ownership of the Abuja Securities & Commodities Exchange by the middle of the year after missing an initial deadline in a plan to revive trading.
“The government wants to privatize the only commodity exchange and it had committed to doing it by the end of last year,” Securities and Exchange Commission Director General Arunma Oteh said in a Jan. 15 interview at the regulator’s headquarters in the capital, Abuja. “It didn’t meet that deadline, but it’s planning to do something by the middle of 2014.”……………………………………….Full Article: Source

Commodity exchanges miffed by Mifid

Posted on 15 January 2014 by VRS  |  Email |Print

The name of the legislation is a mouthful and its acronym captures the feeling of many European commodity players towards it. The EU’s Markets in Financial Instruments Directive II, or Mifid (say it fast), could finally be agreed in Strasbourg today, after nearly four years of negotiations.
Among other things, the rules will impose fixed position limits in European commodity markets, from agriculture to metals and energy. The aim is to prevent uncontrolled speculation by traders and hedge funds who through outsized derivative transactions may seek to corner the market for their own gain………………………………………..Full Article: Source

Korea Exchange wins bid to host nation’s carbon trading

Posted on 15 January 2014 by VRS  |  Email |Print

The Korea Exchange (KRX) will host trading under South Korea’s emissions trading scheme, set to become the world’s second biggest when it launches on Jan. 1, 2015, the Ministry of Environment said Monday.
KRX, the nation’s only securities exchange, won the bid to service the nation’s carbon market ahead of the Korea Power Exchange, a senior government official told Reuters. The scheme will cap greenhouse gas emissions from over 400 of South Korea’s biggest polluters, mainly power generators and manufacturers………………………………………..Full Article: Source

Deutsche Börse deepens push into Asia commodities

Posted on 14 January 2014 by VRS  |  Email |Print

Deutsche Börse is deepening its push into commodities trading in Asia by taking a majority stake in Cleartrade Exchange, the Singapore-based commodity derivatives bourse.
The German exchange operator has bought a 52 per cent stake in Cleartrade via its European Energy Exchange (EEX) subsidiary. EEX paid cash for the controlling stake but further details of the transaction, which closed at the end of December, were not disclosed. Regulators in Singapore and Europe have approved the purchase………………………………………..Full Article: Source

India: Commodities trade dips over 36pct in Apr-Dec

Posted on 14 January 2014 by VRS  |  Email |Print

Commodities exchanges saw a heavy decline in trading during the first nine months (April-December) of the current fiscal. This comes in the backdrop of all-round deceleration in agri and non-agri commodities trade.
According to the latest data from commodities market regulator Forward Markets Commission (FMC), trade was down both in value and volume terms. In terms of volume, the total trade declined to 71.22 crore tonnes in April-November 2013-14, from 112.38 crore tonnes in the corresponding period last year. At the same time, the trade value shrunk to Rs 82.46 lakh crore (Rs 129.62 lakh crore)………………………………………..Full Article: Source

India: Commodity bourses turnover drops by over 36 pct in April-December of FY’14

Posted on 10 January 2014 by VRS  |  Email |Print

The turnover of the commodity bourses fell by 36.38 per cent to Rs 82.46 lakh crore till December of the ongoing fiscal, as against Rs 129.6 lakh crore in the year-ago period, according to regulator FMC.
The business turnover has showed a decline in most of the 17 commodity bourses in the country after the imposition of commodity transaction cost since July 2013 and due to the around Rs 5,500 crore payment crisis at spot exchange NSEL, analysts said……………………………..Full Article: Source

Iran’s Mercantile Exchange up 60pct in 9 months

Posted on 09 January 2014 by VRS  |  Email |Print

Latest official statistics show that the value of Iran’s Mercantile Exchange (IME) has increased by 60 percent in the last 9 months. “Our biggest reason for the past months’ recent success is because of Iran’s extreme increase in national production; our hottest commodities are industry and mine, petroleum, crude oil and agriculture,” said IME Deputy of Operations Mehrzad Namdari.
Since March 2013, trade volume has increased by 19 percent at IME, despite the illegal US-engineered sanctions against Iran, especially those targeting its oil and banking sectors, over the country’s nuclear energy program………………………………………..Full Article: Source

Zimbabwe: Nation aims for commodities exchange

Posted on 08 January 2014 by VRS  |  Email |Print

Zimbabwe’s hopes of establishing an Agriculture Commodity Exchange (ACE) by March 2014 have been dampened by persistent low grain and cereal output, analysts say. The southern African country must address production challenges as part of a broader strategy to revive agricultural production to peak levels and sustain the exchange, said Takunda Mugaga, senior reseacher at Research firm Econometer Capital Global (Econometer).
“A depressed supply does not make setting of a commodities exchange feasible so it has to be addressed,” said Mugaga, who also sits on the board of Zimbabwe’s largest industry body, the Zimbabwe National Chamber of Commerce………………………………………..Full Article: Source

Financial Tech ruled ‘not fit’ to run MCX

Posted on 20 December 2013 by VRS  |  Email |Print

Exchange owner Financial Technologies (India) Ltd was deemed not fit by regulators on Wednesday to run India’s biggest commodities bourse and ordered to sell most of its holding.
Forward Markets Commissions (FMC), which oversees commodities markets, removed its “fit and proper” designation for both Financial Technologies and its chief executive, Jignesh Shah - a status needed to operate an exchange in India………………………………………..Full Article: Source

China’s Bohai exchange to launch rubber, iron ore trading in yuan

Posted on 19 December 2013 by VRS  |  Email |Print

China’s Bohai Commodity Exchange, a local government-backed online trading platform for spot commodities, plans to launch cross-border trading in yuan for natural rubber and iron ore.
It announced the plans in Hong Kong Tuesday during a roadshow to promote the new trading system, an exchange official said in an interview Wednesday. In April, the exchange became China’s first non-financial organization to get approval from the central government to offer yuan-based cross-border trading………………………………………..Full Article: Source

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