 "Commodities")
The exchange has enrolled over 200 members for trading on its platform which it awaits issuance of unique trading code by the markets regulator the Forward Markets Commission (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 nod from the Ministry of Consumer Affairs in August last year. Since then, UCX has been steadily getting approval for contracts. But, with the financial year draws closer the exchange awaits its completion to commence trading in the new fiscal.
“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,” he added.
Meanwhile, the FMC approved the appointment of Praveen Pillai, as the Managing Director & CEO of the exchange for three years effective from July 1, 2012.
The other five commodity futures platforms that are currently in existence are: The Multi Commodity Exchange (MCX), National Commodity & Derivatives Exchange (NCDEX), National Multi Commodity Exchange (NMCE), Ace Derivatives and Commodity Exchange (ACE) and Indian Commodity Exchange (ICEX).
When 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 new exchange, however, is set to intensify competition among themselves. Interestingly, traders would benefit from inter-exchange and inter-contract arbitrage opportunities.
