RTRS: MCX starts exchange of futures for physicals facility
MUMBAI, Dec 1 (Reuters) - Multi-Commodity Exchange of India (MCX) has launched the exchange of futures for physicals (EFP) transaction facility in 12 commodities from Tuesday, the bourse said in a release.
An EFP transaction is an exchange of futures contracts for a physical commodity transaction between two market participants.
MCX offers EFP in gold and gold mini, silver and silver mini, copper, zinc, aluminium, nickel, lead, chana, wheat and mentha oil, the release said.
MCX, part-owned by Fid Fund (Mauritius) Ltd. -- an affiliate of Fidelity International -- and NYSE Euronext, controls more than four-fifths of India's commodity futures trade.
Turnover at India's 23 commodity bourses, including four operating at the national level, grew from 1.29 trillion rupees in 2003/04 to 52.49 trillion rupees ($1.13 trillion) in 2008/09.
(Reporting by Sourav Mishra; Editing by Prem Udayabhanu)
