Business Standard

UCX to commence trading in April

Related News

India's sixth nationwide platform, (UCX), is set to go live in April this year with at least 10 agri and non-agri commodities in its kitty.

The exchange has enrolled a little 200 members for trading on its platform, which is awaiting the issuance of a unique trading code by the regulator, Forward Markets Comm-ission (FMC).

"We are in the process of getting a unique trading code for each of our registered members. Once that process gets completed, we would be ready for launch," said Ketan Sheth, managing director of Commex Technologies, the promoter of UCX. The exchange got a nod from the ministry of consumer affairs in August last year. Since then, UCX has been steadily getting approvals for contracts. With the financial year drawing closer, the exchange awaits its completion to commence trading in the new financial year.

"Generally, traders' interest reduces towards the end of the financial year. Hence, we are waiting for this period to end to commence futures trading in at least 10 commodities," Sheth added.

Meanwhile, has approved the appointment of Praveen Pillai as managing director and chief executive officer of the exchange for three years, effective July 1, 2012. The other five commodity futures platforms are: Multi Commodity Exchange, National Commodity and Derivatives Exchange, National Multi Commodity Exchange, Ace Derivatives and Commodity Exchange and Indian Commodity Exchange. Asked about innovation, Sheth said: "We would be like one in the lot. Contracts would be similar to what are currently available on other platforms." The launch of a new exchange, however, is set to intensify competition. Traders would benefit from inter-exchange and inter-contract arbitrage opportunities.

Read more on:   
|
|
|
|

Read More

Broking houses may lag despite mild cheer

Worst may be over for broking firms in terms of business prospects, but shares are unlikely to outperform the benchmarks

Quick Links

 

Market News

Today's picks- 30 October 2014

Nifty, Bank Nifty, Reliance Industries, IDFC & HCL Tech

RBI lifts curbs on share purchase of ING Vysya Bank by FIIs

FIIs held 27.81% shares in the bank as of quarter ended September 30, 2014

Sesa Sterlite stock falls 3% on weak Q2 performance

Slow commissioning of projects with low return potential has been affecting the company's performance, say analysts

Banks, auto stocks top contributors in Sensex rally

Four stocks each from banking and auto sectors, information technology major Infosys and Cipla have collectively contributed nearly 470 points ...

Sensex ends at record closing high on Fed optimism, Realty reforms

The Sensex and the Nifty hit fresh record highs on Fed optimism about the US economy while the norms for FDI in construction also boosted ...

Back to Top