ICEX changes trading technology, offers facility to execute large orders

The Reliance ADAG-anchored Indian Commodity Exchange (ICEX), which offers futures trading in polished diamond, has decided to offer computer-to-computer link (CTCL) trading facility to its members. CTCL will have facility to execute large orders at one go.

 Members of the exchange, who want to use the CTCL/ Internet-based trading services, will now be able to use this facility, thereby, helping improve volumes for the exchange as well as its members. 

ICEX had commenced futures trading in diamonds using TWS (trader work stations) which had limited number of trades that could be punched and the CTCL facility will now enable trading members to cater to a larger number of clients by offering them an opportunity to utilise other trading platforms such as NOW, Omnesys and ODIN. “With the launch of CTCL, trading on the exchange will go to a completely different level. We expect volumes go up substantially, and attract more industry participants to come to trade with us. This will also strengthen the pricing of the commodity further,” said Sanjit Prasad, managing director, ICEX.

The exchange’s total volume, after two weeks of launch has increased to 17,524 lots (100 lots = 1 carat), total turnover stood at ~5.73 crore on September 13 and open interest at 13,916 lots.