COM: MCX is 6th largest exchange on metals, energy
MUMBAI (Commodity Online): MCX, India’s No. 1 commodity exchange, has become the 6th largest and amongst the fastest growing commodity futures exchange in the world in terms of the number of contracts traded during the period January to December 2009.
This is based on the data compiled from respective exchanges--Shanghai Futures Exchange, CME Group (includes CBOT & NYMEX), Dalian Commodity Exchange, Zhen Zhou Commodity Exchange, Intercontinental Exchange (includes U.S., U.K. and Canadian Markets) and London Metal Exchange.
With a vision to be amongst the top commodity futures exchange in the world, MCX will celebrate 2010 as a ‘Year of Metal and Energy’. The logo has been re-designed to reflect the special status given to metal and energy segments.
The key commodity segments that enabled MCX to attain the 6th position globally are Bullion, Base Metals and Energy. Metals and Energy segments contribute more than 95% to MCX’s volumes.
In addition, MCX has become the largest exchange in Silver; the second largest in Gold, Copper and Natural Gas and the third largest in Crude Oil futures in the world, in terms of number of futures contracts traded during the calendar year 2009. For the period January to December 2009, the total number of contracts traded on MCX in Silver, Gold, Copper, Natural Gas and Crude Oil futures were 28.51 million, 30.42 million, 29.60 million, 11.12 million and 41.09 million, respectively
On this development, Mr. P.K Singhal, Deputy Managing Director, MCX, said, “We are proud to be the world’s 6th largest commodity futures exchange and one of the best exchanges globally from the eastern part of the world. We owe this success to our regulators, members, shareholders and participants of the commodity market ecosystem. This development establishes India’s status as a ’Price Setter’ from being a ’Price Taker’. We are committed to make MCX the best commodity exchange in the world.”
“Metals and Energy segments are the key contributors to our success and these have enabled us to become the 6th largest exchange within 6 years of commencement of our operations. We have decided to provide special status to metals and energy segments, for the year 2010, with an aim to move up further in the global chart,” he added.
Prices of MCX in Gold, Silver, Copper, Nickel, Zinc as well as Crude Oil have become reference points for the spot market and have become a basis for decision making for the participants of the ecosystem. This price has become a benchmark price since India has a significant share of trade in metal and energy segments giving India its rightful place as a “Price Setter."
Since inception, MCX has always aimed to set benchmarks amongst other global exchanges. It is the only commodity exchange
to have achieved three ISO certifications—ISO 9001:2000 for quality management, ISO 27001:2005 for information security management systems and ISO 14001:2004 for environment management systems.
MCX has enabled the Indian corporate sector, small & medium enterprises (SMEs) and micro, small & medium enterprise (MSMEs) to hedge against price volatility by providing more than 95% price correlation with global markets.
