National Commodity and Derivatives Exchange (NCDEX) Ltd. kicked off futures trading in 10 commodities here today. | The 430-odd NCDEX members did trades in gold, silver, mustard seed, mustard oil, soya bean, soya oil, long staple cotton, medium staple cotton, RBD palmolein and crude palm oil (CPO). |
| Trading was inaugurated by S B Mathur, director of NCDEX and chairman of Life Insurance Corporation of India (LIC). Some other directors of the NCDEX board were also present at the ceremony. |
| "We have set for ourselves global benchmarks in our performance, technology and risk control measures; all our operations would be transparent", said P. H. Ravikumar, managing director and chief executive officer of NCDEX. |
| "To achieve this, we have built a state-of-the-art technology platform and have tied up with well known names in the areas of clearing and settlement banks, depository participants, warehouses, vaults, certifying and assaying agencies, price collection, verification and dissemination agencies. We propose to add more commodities in the coming phases and open up further rounds of membership empanelment shortly," he added. |
| NCDEX has granted membership to 430 entities out of the 500 applications it received. The exchange has adopted best-of-trade models for different commodities from different overseas exchanges like OTC market of London, London Metal Exchange, Chicago Board of Trade, Chicago Mercantile Exchange and Malaysian Exchange. |
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