Record turnover of Rs 100 crore for MCX

Shifra Menezes
13 February 2004

The Multi Commodity Exchange of India (MCX), an independent and de-mutualised commodity exchange, has reached a daily turnover of over Rs 100 crore within three months of commencing operations.

Speaking on the occasion, MCX managing director, Jignesh Shah said that the record performance represents the exchange's commitment to the task of evolving a perfect commodities market and establishing high liquidity. He attributed the figures to the presence of MCX terminals in more than 60 cities across 15 Indian states, innovative trading practices and optimum operational costs.

Shah added that with the support of the ministry of consumer affairs, forward market commission, members and over 175 live members running more than 230 trading terminals, the exchange has established strong industry support and high liquidity.

The MCX has set up a state-of-the-art country-wide, digital exchange facilitating online trading, clearing and settlement operations for commodity futures trading. Headquartered in Mumbai, the exchange has established a thriving digital market for trading in gold, silver, rubber, pepper and kapas (cotton).