A pre-launch mock trading
session in diamond
futures on the Reliance ADAG-anchored Indian Commodity Exchange (ICEX) got encouraging response from members and traders in precious stones.
The mock trading
commenced on August 7 and ended on August 11, with participation of 62 members and their clients from 388 terminals. The daily average turnover was about Rs 3,600 crore, with a peak of Rs 7,855 crore. The total number of trades were about 2.66 million.
“Pre-launch mock trading
was aimed to demonstrate the robustness of the exchange trading system, help member brokers and their clients to have hands-on experience about the features of system and processes, and educate the participants about price discovery and hedging mechanisms. This created confidence in the capabilities of the exchange to conduct trading and settlement operations,” said Sanjit Prasad, managing director, ICEX.
A total of 8,013 clients got registered with the exchange system for these sessions, of which 5,119 participated.
ICEX has approval from the Securities and Exchange Board of India to launch diamond
futures contracts; it would be the first in the world. It has put in place the needed infrastructure to handle deposits, grading and sealing, vaulting and deliveries. The exchange is set to go live by the end of this month.