National Commodity & Derivatives Exchange
From MarketsWiki
| National Commodity & Derivatives Exchange | |
| |
| Founded | 2003 |
|---|---|
| Headquarters | Mumbai, India |
| Key People | P H. Ravikumar, MD and CEO: B V Bhargava, chairman |
| Products | Futures in a range of agricultural products, base and precious metals, oil and plastic |
| Web site | http://www.ncdex.com/aboutus/index.aspx |
The National Commodity & Derivatives Exchange (NCDEX) is India’s second-largest futures operator, with an electronic platform providing trading, clearing and settlement in 57 products focused on agricultural commodities, metals and energy.
The equity-focused National Stock Exchange of India (NSEIL) is among the founding shareholders of an exchange ranked 28th among global derivatives operators in 2006[1]. Goldman Sachs has a 7 percent stake, and the Intercontinental Exchange holds 8 per cent.
The NCDEX has lost ground to the Multi Commodity Exchange of India, which has expanded in agricultural futures, and suffered from a government ban on trading in products including wheat, rice and pulses imposed in early 2007[2].
Contents |
History and Ownership
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The NCDEX is among the pack of electronic exchanges that emerged following the push in 2002 by the Forward Markets Commission to reform India’s futures industry, incorporated on April 23, 2003 and starting trading on December 15, 2003.
The NSEIL was among three initial shareholders – alongside the Life Insurance Corporation of India and the National Bank for Agriculture and Rural Development – and since joined by Canara Bank, Crisil, Goldman Sachs, and Indian Farmers Fertiliser Cooperative and Punjab National Bank. The IntercontinentalExchange acquired the 8 percent stake held by ICICI Bank in December 2006.
Structure and Regulation
The NCDEX is regulated by the Forward Markets Commission, and operates through 550 centers and 8,076 terminals. Trading is from 10.00am-11.15pm, with a 30-minute gap from 5.00pm-5.30pm Monday through Friday, and from 10.00am-2.00pm on Saturdays.
Products and Services
NCDEX currently facilitates trading of 57 commodities, though the government required delisting of tur and urad contracts in January 2007, followed by wheat and rice in February 2007[3].
Agriculture
Barley, Cashew, Castor Seed, Chana, Chilli, Coffee - Arabica, Coffee - Robusta, Crude Palm Oil, Cotton Seed Oilcake, Expeller Mustard Oil, Groundnut (in shell), Groundnut Expeller Oil, Guar gum, Guar Seeds, Gur, Jeera, Jute sacking bags, Indian Parboiled Rice, Indian Pusa Basmati Rice, Indian Traditional Basmati Rice, Indian Raw Rice, Indian 28.5 mm Cotton, Indian 31 mm Cotton, Masoor Grain Bold, Medium Staple Cotton, Mentha Oil, Mulberry Green Cocoons, Mulberry Raw Silk, Mustard Seed, Pepper, Potato, Raw Jute, Rapeseed-Mustard Seed Oilcake, RBD Palmolein, Refined Soy Oil, Rubber, Sesame Seeds, Soyabean, Sugar, Yellow Soybean Meal, Tur, Turmeric, Urad, V-797 Kapas, Wheat, Yellow Peas, Yellow Red Maize.
Metals
Aluminium Ingot, Electrolytic Copper Cathode, Gold, Mild Steel Ingots, Nickel Cathode, Silver, Sponge Iron, Zinc Ingot.
Energy
Brent Crude Oil, Furnace Oil.
The exchange has outlined plans to add coffee and maize futures, but ruled out onions[4].
Agricultural Products
Precious Metals
Base Metals
Ferrous Metals
Energy Products
Polymers
Carbon Credits
References
- ↑ Volume Growth Accelerates. FIA. Retrieved on January 23, 2008.
- ↑ The past year has been difficult. Mint. Retrieved on January 23, 2008.
- ↑ Govt measures have curbed commodity trading. Times of India. Retrieved on January 23, 2008.
- ↑ NCDEX may not launch onion futures trading. Business Standard. Retrieved on January 23, 2008.
