MCX wins ‘Best Commodity Exchange’ Award
Multi
Commodity Exchange of India Ltd (MCX), India’s No. 1 commodity exchange, has
been honoured with the Best Commodity Exchange Award at the Bullion Federation
Global Convention organized by the Bullion Federation in Agra during 21st-24th
July 2016. The Bullion Federation is a national level apex body representing
the bullion industry to further the cause of bullion trade and its members. The
conference was attended by over 400 delegates, including refiners, bullion
importers, bullion dealers, banks, foreign banks, logistics companies,
commodity exchanges, and media and metal research houses among others.
The award recognizes MCX’s commitment towards
developing a vibrant commodity futures market in India by providing a robust
and efficient platform for price discovery and risk management across a diverse
range of precious metal, energy, base metal and agri products.
On receiving the award, Mr. Shivanshu Mehta, Vice President- Bullion, MCX, said, “MCX is
honoured to earn this prestigious recognition from the Bullion Federation which
is an endorsement of trust of our industry peers. This award reflects not only
the remarkable growth MCX has witnessed during the last decade, but also the
innovative products, and a slew of strategic initiatives that the exchange
introduced to support the hedging needs of commodity stakeholders across the
country. “
“The exchange remains committed to the risk
management requirements of the entire bullion fraternity. With their trust and
support, our successful gold and silver futures contracts have displayed good
volumes, turnover, open Interest (OI), liquidity and high hedging efficiency.
For the Q1 FY 17, bullion contracts clocked an average daily turnover of Rs.
9,945 crore, with daily volumes of Gold at 21 metric tonnes (MT) and Silver at
929 MT for the period. The OI/Volume ratio reflected healthy hedgers’
participation. With the likely introduction of new derivative products, MCX
will continue to strengthen its product offering to the bullion value-chain”,
Mr. Mehta added.
Reinforcing their faith in MCX, the bullion
traders and industry stakeholders present during the event expressed their
delight on MCX receiving this well-earned honour. They jointly stated that
“MCX’s unflinching passion for creating an efficient trading platform for
commodity stakeholders cannot be overemphasized.”
During the policy round-table at the event with
the Hon’ble. Union Minister of State for Finance and Corporate Affairs, Shri. Arjun
Ram Meghwal, the bullion industry brought all contemporary issues to the fore.
There were elaborate discussions on the Commodity Transaction Tax (CTT) that
has adversely affected the cost of hedging bullion price exposure in India,
thereby pushing hedgers to overseas exchanges; and has also led to the rise in
dabba trading. Participation of banks in domestic commodity exchanges was also
touched upon.
About MCX:
Having commenced
operations on November 10, 2003, Multi Commodity Exchange of India Limited
(MCX) is India’s first listed, national-level, electronic, commodity futures
exchange with permanent recognition from the Government of India. In the
financial year 2015–16, the market share of MCX was 84.30%. MCX offers the
benefits of fair price discovery and price risk management to the Indian
commodity market ecosystem. Various commodities across segments are traded on
MCX. These include bullion, energy, metals and agri commodities. The exchange
has forged strategic alliances with various Indian and International commodity
exchanges and business associations.
For
further details, contact:
Shivani Sharma
Manager - Communications
Mobile: +91 98333 76243
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