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Commodity Exchanges in India

Commodity trading is an activity which involves investing/trading in commodities. It is

similar to stock trading but instead of buying and selling shares of companies, a trader buys

and sells commodities. Commodities traded are often goods of value, consistent in qualityand produced in large volumes by different suppliers such as wheat, coffee and sugar.

Trading is affected by supply and demand, thus, limited supply causes a price increase while

excess supply causes a price decrease. Therefore, the process of commodity trading is

directly or indirectly affected by the demand and supply in the market.

Commodity trading is an investing strategy wherein goods are traded instead of stocks.

Commodities can be traded on a spot level or on the futures exchanges as futures contracts. A

futures contract is an agreement between two parties to buy or sell an asset at a certain time in

the future at a certain price. A commodity future contract is a future contract which has a

commodity as underlying asset.

Commodity exchanges

A commodities exchange is an exchange where various commodities and derivatives

products are traded.

If you take a look at a typical trading platform, you will see commodities

listed as tradable contracts. Commodity trading is not limited to a particular exchange.

Investors are free to trade on various exchanges if they desire to do so. An example of a

commodity exchange where commodities are traded is the New York Mercantile Exchange

(NYMEX), which is the worlds largest futures commodity exchange. There are 24

commodity exchanges in India.

There are five national level commodity exchanges which are allowed to trade in all 113

permitted commodities:

Multi Commodity Exchange of India Ltd, Mumbai (MCX)

National Commodity & Derivatives Exchange Limited, Mumbai (NCDEX)

National Multi Commodity Exchange of India Ltd, Ahmedabad (NMCE)

Indian Commodity Exchange Ltd., Mumbai (ICEX)

ACE Derivatives and Commodity Exchange

Online Commodity Trading

Trading commodities online has gained popularity for many investors in recent years. Online

commodity trading platform offers easy and convenient trading experience to investors.

Trading commodities online also allows instant trading without having to contact a live

broker to place your orders. Almost everything you could possibly need to trade commodities

is available through an online commodity trading account including commodity trading

charts, commodity news, and technical analysis programs. Online commodity trading gives


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Disadvantages of online commodity trading

While there are many benefits to trading commodities online, commodity investing online

also has its disadvantages that investors should be forewarned. There are some hidden

dangers that many novice traders overlook before they open an account to trade commodities

online.

You need a mentor: With this lack of guidance, it is only natural to expect that many traders

will be prone to repeating the same mistakes which eventually cost them their risk capital.

Trading in commodities requires a trader to have firm knowledge of the factors that affect the

demand and supply of a particular commodity. Usually in case of online trading, you dont

have someone to guide you with your trades. If you are new to commodity trading, then you

may burn your fingers. Having an experienced broker with whom you can discuss trading

strategies is likely to keep you out of trouble. Thus seeking an advice of a mentor is crucial if

we want to improve our trading proficiency.

Leverage: Commodity futures operate on margin, meaning that to take a position only a

small percentage of the total value needs to be available in cash in trading account. High

leverage means high risk attached to the account. It acts as a double edge sword where

benefit of low margin can result in poor money management.

Over trading: Online commodity trading can be risky if you are not disciplined. There is a

tendency for a trader to deviate from his original trading strategy and switch to day trading

after he gets bored of holding a market position for a considerable period of time. When this

happens, it is similar to gambling in a casino.

In other words, without discipline, online commodity trading can burn a hole in your pocket.

On the other hand, those who are well disciplined and have a sound trading plan, trading

commodities normally through an online broker is the best way to go.

Different types of orders that can be placed

Limit order: It is an order where the user specifies the price at (or better than) which the

trade should be executed.

Market order: It is an order which should be executed at whatever be the prevailing price onor after submission of such order. If there is no market at that point of time, it takes the last

traded price and remains in the system.

Day order: It is an order which is available for execution during the current trading session

until executed or cancelled. All day orders will get cancelled at the end of the day during

which such orders were submitted.

Stop loss order: It is an order placed which is kept by the system in suspended mode and will

be visible to the market only when the market price of the relevant commodity reaches or

crossed a threshold price, which is called as trigger price as defined by the member. It is usedas a tool to limit the loss.


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National Exchanges

Compulsory online trading

Transparent trading

Exchanges to be de-mutualised

Exchange recognised on permanent basis

Multi commodity exchange

Large expanding volumes

Regional Exchanges

Online trading not compulsory

De-mutualisation not mandatory

Recognition given for fixed period after which it could be given for re-regulation

Generally, these are single commodity exchanges. Exchanges have to apply for

trading each commodity.

Low volumes in niche markets

Commodity traded by Commodity Exchanges in India

NO. Exchanges Main Commodities

1.Multi CommodityExchange of India Ltd. Mumbai

(MCX)

Gold, Silver, Copper, Crude Oil, Zinc,

Lead, Nickel, Natural gas, Aluminium,

Mentha Oil, rude_Palm_Oil, RefinedSoya

Oil, Cardamom, Guar Seeds, Kapas,Potato,Chana\Gram, Melted Menthol

Flakes, Almond, Wheat,Barley, Long

Steel, Maize, Soybean Seeds, Gasoline

US,

Tin, Kapaskhali, Platinum, Heating Oil

2.

National Commodity And

Derivative Exchange Mumbai

(NCDEX)

Guar Seed, Soy Bean, Soy Oil, Chana,RM

Seed, Jeera,

Turmeric, Guar Gum, Pepper, Cotton

Cake, Long Steel,

Gur, Kapas, Wheat, Red Chilli, Crude Oil,

Maize, Gold,

Copper, Castor Seeds, Potato, Barley,

KachhiGhani

Mustard Oil, Silver, Indian 28 Mm Cotton,

Platinum

3.

National Multi Commodity

Exchange of India Limited

Ahmedabad(NMCX)

Rape/Mustard Seed, Guar Seeds, Nickel,

Jute, Refined

Soya Oil, Zinc, Rubber, Chana\Gram,Isabgul, Lead, Gold, Aluminium, Copper,


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Turmeric, Copra, Silver, Raw Jute,Guar

Gum, Pepper, Coffee Robusta, Castor

Seeds, Mentha

Oil

4.

Indian Commodity ExchangeLimited, Gurgaon

Gold, Crude Oil, Copper, Silver

5. National Board of Trade. Indore Soy bean, Soy Oil

6. Chamber Of Commerce, Hapur Gur, Mustard seed

7.Ahmedabad Commodity

Exchange Ltd.

Castor seed

8.

Rajkot Commodity ExchangeLtd, Rajkot

Castorseed

9.

Surendranagar Cotton &

Oilseeds Association Ltd,

S.nagar

Kapas

10.

The Rajdhani Oil and

Oilseeds Exchange Ltd.,Delhi

Gur, Mustard Seed

11.Haryana Commodities Ltd.,

SirsaMustard seed, Cotton seed Oil Cake

12.India Pepper & Spice,

Trade Association. KochiPepper Domestic-MG1,Pepper 550 G/L

13. Vijay Beopar Chamber Ltd.,Muzaffarnagar

Gur

14.The Meerut Agro Commodities

Exchange Co. Ltd., MeerutGur

15.Bikaner Commodity

Exchange Ltd., BikanerGuarseed,


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16.First Commodity Exchange of

India Ltd, KochiCoconut oil

17. The Bombay CommodityExchange Ltd. Mumbai

Castorseed

18.The Central India Commercial

Exchange Ltd, Gwalior

Mustard seed

19.Bhatinda Om & Oil

Exchange Ltd., Bhatinda.Gur

20.The Spices and Oilseeds

Exchange Ltd., SangliTurmeric

21.

The East India Jute &

Hessian Exchange Ltd,

Kolkata

Raw Jute

22.The East India Cotton

Association Mumbai.Cotton

1. Multi Commodity Exchange of India Ltd(MCX)

MCX (BSE: 534091) is an independent commodity exchange based in India. It was

established in 2003 and is based in Mumbai. The turnover of the exchange for the fiscal year

2009 was US$ 1.24 trillion, and in terms of contracts traded, it was in 2009 the world's sixth

largest commodity exchange. MCX offers futures trading in bullion, ferrous and non-ferrousmetals, energy, and a number of agricultural commodities (mentha oil, cardamom, potatoes,

palm oil and others).

In 2011, MCX has taken the fifth spot among the global commodity bourses in terms of the

number of futures contracts traded. Based on the latest data from Futures Industry

Association (FIA), during the period between January and June this year, about 127.8 million

futures contracts were traded on MCX.

MCX has also set up in joint venture the MCX Stock Exchange. Earlier spin-offs from the

company include the National Spot Exchange, an electronic spot exchange for bullion andagricultural commodities, and National Bulk Handling Corporation (NBHC) India's largest


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collateral management company which provides bulk storage and handling of agricultural

products.

In February 2012, MCX has come out with a public issue of 6,427,378 Equity Shares of Rs.

10 face value in price band of 860 - 1032 Rs. per equity share to raise around $134 million. It

is the first ever IPO by an Indian exchange.

It is regulated by the Forward Markets Commission.

MCX is India's No. 1 commodity exchange with 83% market share in 2009

The exchange's main competitor is National Commodity & Derivatives Exchange Ltd

Globally, MCX ranks no. 1 in silver, no. 2 in natural gas, no. 3 in crude oil and gold

in futures trading (But actual volume is far behind CME group volume as Silver is

traded in 30 Kg lots on MCX whereas CME traded in Approx 155 kg Lot size same in

Gold 1 kg : 3. Kg Approx and Crude 100 Barrels : 1000 Barrels on CME) and major

volume in manipulated as there in no strict regulation in Indian markets just to

Excalate the prices of Shares of company. Also the major volume comes from

Arbitration of CME and MCX which is also not legal to do.

The highest traded item is gold.

MCX has several strategic alliances with leading exchanges across the globe

As of early 2010, the normal daily turnover of MCX was about US$ 6 to 8 billion

MCX now reaches out to about 800 cities and towns in India with the help of about

126,000 trading terminals

COMMODITIES TRADED ON MCX

METAL BULLION

Aluminium, Copper, Lead, Nickel,

Steel Long (Bhavnagar), Steel Long

(Govindgarh), Steel Flat, Tin, Zinc

Gold, Gold HNI, Gold M, i-gold, Silver, Silver

HNI, Silver M,, Silver Micro

FIBER ENERGY

Cotton L Staple, Cotton M Staple,

Cotton S Staple, Cotton Yarn, Kapas,

Jute

Brent Crude Oil, Crude Oil, Furnace Oil, Natural

Gas, M. E. Sour Crude Oil, ATF, Electricity(Now

delisted), Carbon Credit

SPICES PLANTATIONS

Cardamom, Jeera, Pepper, Red Chilli, Arecanut, Cashew Kernel, Coffee (Robusta),


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Turmeric, Cumin Seed, Coriander Rubber

PULSES PETROCHEMICALS

Chana, Masur, Yellow Peas, Tur, Urad HDPE, Polypropylene(PP), PVC

OIL & OIL SEEDS

Castor Oil, Castor Seeds, Coconut Cake, Coconut Oil, Cotton Seed, Crude Palm Oil,

Groundnut Oil, Kapasia Khalli, Mustard Oil, Mustard Seed (Jaipur), Mustard Seed (Sirsa),

RBD Palmolein, Refined Soy Oil, Refined Sunflower Oil, Rice Bran DOC, Rice Bran

Refined Oil, Sesame Seed, Soymeal, Soy Bean, Soy Seeds

CEREALS OTHERS

Maize, Barley, Rice, Sharbati Rice,

Basmati Rice, Wheat

Guargum, Guar Seed, Gurchaku, Mentha Oil, Potato

(Agra), Potato (Tarkeshwar)

2. National Commodity & Derivatives Exchange Limited (NCDEX)

NCDEX is a national level, technology driven demutualised online multi-commodity

exchange. It commenced operations on December 15, 2003. The Exchange has received a

permanent recognition from the Ministry of Consumer Affairs, Food and Public Distribution,

Government of India as a national level exchange. The Exchange, in just over two years of

operations, posted an average daily turnover (one-way volume) of around Rs. 4500-5000

crore a day (over USD 1 billion). The major share of the volumes comes from agricultural

commodities and the balance from bullion, metals, energy and other products. Trading is

facilitated through over 850 Members located across around 700 centres (having

~20000trading terminals) across the country. Most of these terminals are located in the semi-

urban and rural regions of the country. Trading is facilitated through VSATs, leased lines and

the Internet.

Objectives of NCDEX:

To create a world class commodity exchange platform for the market participants.

To bring professionalism and transparency into commodity trading.

To inculcate best international practices like de-materialised technology platforms,

low cost solutions and information dissemination into the trade.

To provide nationwide reach and consistent offering.

To bring together the entities that the market can trust.

Shareholders of NCDEX

NCDEX is promoted by a consortium of four institutions. These are


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National Stock Exchange(NSE)

ICICI Bank Limited

Life Insurance Corporation of India (LIC)

National Board for Agriculture and Rural Development (NABARD).

Later on their shares were diluted and more institutions became shareholders of NCDEX.These are Canara Bank, CRISIL Limited, Indian Farmers Fertilisers Cooperative Limited

(IFFCO), Punjab National Bank (PNB), Goldman Sachs, Intercontinental Exchange (ICE)

and Shree Renuka Sugars Ltd. All the ten shareholders (now ICICI is not a shareholder of

NCDEX) bring along with them expertise in closely related fields such as agriculture, rural

banking, co-operative expertise, risk management, intensive use of technology, derivative

trading besides institution building expertise.

GOVERNANCE

The governance of NCDEX vests with the Board of Directors. None of the Board of

Directors has any vested interest in commodity futures trading. The Board comprises persons

of eminence, each an authority in their own right in the areas very relevant to the Exchange.

Board appoints an executive committee and other committees for the purpose of managing

activities of the Exchange. The executive committee consists of Managing Director of the

Exchange who would be acting as the Chief Executive of the Exchange, and also other

members appointed by the board. Apart from the executive committee the board has

constituted committees like Membership committee, Audit Committee, Risk Committee,

Nomination Committee, Compensation Committee and Business Strategy Committee, which

help the Board in policy formulation.

NCDEX Products

NCDEX currently offers an array of more than 50 different commodities for futures trading.

The commodity segments covered include both agri and non-agri commodities [bullion,

energy, metals (ferrous and non-ferrous metals) etc.]. Before identifying a commodity for

trading, the Exchange conducts a thorough research into the characteristics of the product, its

market and potential for futures trading. The commodity is recommended for approval of

Forward Markets Commission, the Regulator for commodity exchanges in the country after

approval by the Product Committee constituted for each of such product and Executive

Committee of the Exchange.

Exchange Membership

Membership of NCDEX is open to any person, association of persons, partnerships, co-

operative societies, companies etc. that fulfils the eligibility criteria set by the Exchange. FIs,

NRIs, Banks, MFs etc. are not allowed to participate in commodity exchanges at the moment.

All the members of the Exchange have to register themselves with the competent authority

before commencing their operations. NCDEX invites applications for Members from persons

who fulfil the specified eligibility criteria for trading commodities. The members of NCDEX

fall into following categories:


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Cash - The same is to be provided by issuing a cheque / demand draft payable at

Mumbai in favour of 'National Commodity & Derivatives Exchange Limited'.

Bank Guarantee favour of NCDEX as per the specified format. The minimum

term of the bank guarantee should be 12 months.

Fixed Deposit Receipts (FDRs) issued by approved banks are accepted. The FDRshould be issued for a minimum period as specified by the Exchange from time to

time from any of the approved banks.

Government of India Securities - National Commodity Clearing Limited (NCCL) is

the approved custodian for acceptance of Government of India Securities. The

securities are valued on a daily basis and a haircut as prescribed the Exchange is

levied.

Additional Base Capital (ABC) - In case the members desire to increase their limit,

additional capital may be submitted to NCDEX in the following forms:

Cash

Cash Equivalents

Bank Guarantee (BG)

Fixed Deposit Receipt (FDR)

Government of India Securities

Bullion

Shares (notified list)

The haircut for Government of India securities shall be 25% and 50% for the

notified shares.

Fees structure for membership


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Clearing and Settlement System

Clearing

National Commodity Clearing Limited (NCCL) undertakes clearing of trades executed on the

NCDEX. Only clearing members including professional clearing members (PCMs) are

entitled to clear and settle contracts through the clearing house. At NCDEX, after the trading

hours on the expiry date, based on the available information, the matching for deliveries takes

place firstly, on the basis of locations and then randomly, keeping in view the factors such as

available capacity of the vault/warehouse, commodities already deposited and dematerialized

and offered for delivery etc. Matching done by this process is binding on the clearing

members. After completion of the matching process, clearing members are informed of the

deliverable/receivable positions and the unmatched positions. Unmatched positions have to

be settled in cash. The cash settlement is only for the incremental gain/ loss as determined on

the basis of final settlement price

Settlement

Futures contracts have two types of settlements, the Mark-to-Market (MTM) settlement

which happens on a continuous basis at the end of the day, and the final settlement which

happens on the last trading day of the futures contract. On the NCDEX, daily MTM

settlement in respect of admitted deals in futures contracts are cash settled by debiting/crediting the clearing accounts of clearing members (CMs) with the respective clearing bank.


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All positions of CM, brought forward, created during the day or closed out during the day,

are mark to market at the daily settlement price or the final settlement price on the contract

expiry.

The responsibility of settlement is on a trading cum clearing member for all trades done on

his own account and his client's trades. A professional clearing member is responsible for

settling all the participants trades which he has confirmed to the Exchange. Few days before

expiry date, as announced by Exchange from time to time, members submit delivery

information through delivery request window on the trader workstation provided by NCDEX

for all open position for a commodity for all constituents individually. NCDEX on receipt of

such information matches the information and arrives at a delivery position for a member for

a commodity. The seller intending to make delivery takes the commodities to the designated

warehouse. These commodities have to be assayed by the Exchange specified assayer. The

commodities have to meet the contract specifications with allowed variances. If the

commodities meet the specifications, the warehouse accepts them. Warehouse then ensuresthat the receipts get updated in the depository system giving a credit in the depositor's

electronic account. The seller then gives the invoice to his clearing member, who would

courier the same to the buyer's clearing member. On an appointed date, the buyer goes to the

warehouse and takes physical possession of the commodities.

Clearing Days and Scheduled Time

Daily Mark to Market settlement where 'T' is the trading day

Mark to Market Pay-in (Payment): T+1 working day.

Mark to Market Pay-out (Receipt): T+1 working day.

Final settlement for Futures Contracts

The settlement schedule for Final settlement for futures contracts is given by the Exchange in

detail for each commodity.

Timings for Funds settlement:

Pay-in: On Scheduled day as per settlement calendars.

Pay-out: On Scheduled day as per settlement calendars.

Commodities Traded on NCDEX

NCDEX gives priority to commodities that are most relevant to India, and where the price

discovery process takes place domestically. The products chosen are based on certain criteria

such as price volatility, share in GDP, correlation with global markets, share in external trade,

warehousing facilities, traders distribution, geographical spread, varieties etc.

Spices Oil and Oilseeds Precious Metals

Pepper Castor Seed Gold


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Chilli Sesame Seeds Silver

Jeera Cotton Seed Oilcake Platinum

Turmeric Soy Bean Metals

Coriander Refined Soy Oil Steel

Cereals Soybean meal (local & export) Copper

Wheat Mustard Seed Zinc

Barley Kachhi Ghani Mustard Oil Aluminium

Maize Rapeseed - Mustard Seed Oil Nickel

Pulses Crude Palm Oil Energy

Chana RBD Palmolein Crude Oil

Masoor Groundnut in shell Furnace Oil

Yellow Peas Groundnut Expeller Oil Thermal CoalOthers Plantation Products Brent Crude Oil

Guar Seeds Rubber Natural Gas

Potato Coffee-Robusta Cherry AB Fibres

Mentha Oil Cashew Indian 28.5 mm

Guar Gum Polymers V -797 Kapas

CER Polypropylene Medium Staple

Gur Linear Low density Kapas

Almond Polyvinyl Chloride Raw Jute

3. National Multi Commodity Exchange of India Ltd., Ahemdabad

(NMCE)

The NMCE is India's third-largest commodities exchange behind MCX and NCDEX and has

grown significantly as commodity trading in India has rebounded from the 2008 financial

crisis. NMCE is India's top listed of coffee and rubber contracts and seeks to broaden into

the currency derivatives and spot markets.

NMCE was promoted by Central Warehousing Corporation (CWC), National Agricultural

Cooperative Marketing Federation of India (NAFED), Gujarat Agro-Industries Corporation

Limited (GAICL), Gujarat State Agricultural Marketing Board (GSAMB), National Institute

of Agricultural Marketing (NIAM), and Neptune Overseas Limited (NOL). While various

integral aspects of commodity economy, viz., warehousing, cooperatives, private and public

sector marketing of agricultural commodities, research and training were adequately

addressed in structuring the Exchange, finance was still a vital missing link. Punjab NationalBank (PNB) took equity of the Exchange to establish that linkage. Even today, NMCE is the


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only Exchange in India to have such investment and technical support from the commodity

relevant institutions.

The Department of Consumer Affairs in the Ministry of Consumer Affairs, Food and Public

Distribution -Government of India, is the apex regulatory body governing all commodity

exchanges. Various powers to provide regulatory supervision, besides the powers to grant or

withdraw recognition of any exchange rests with this Department of the Government of India.

The Forward Markets Commission (FMC) was set up in 1953 to provide regulatory advice to

the Government and have closer regulatory interaction with the commodity exchanges. Most

of the regulatory powers of the Central Government have been delegated to the FMC. For

example, FMC has powers to approve the Memorandum and Articles of Associations as well

as Byelaws of the Exchange. It has also powers to conduct inspection of accounts of the

exchanges/their members, inquire into the affairs of the exchange. In an emergency, it can

even suspend trading. All contracts for futures trade have to be approved by the FMC before

they can be launched on the exchange. As a self-regulatory organization, NMCE also playsan important role by ensuring that the provisions in the Articles of Association and Byelaws

etc. are followed in letter and spirit. The regulation by the Exchange is rule-based and

incorporated in the software itself. Regulation involving human intervention and of

discretionary nature is implemented through various committees of professional and experts.

Special care is taken while constituting these committees to ensure that there is no conflict of

interest.

NMCE facilitates electronic derivatives trading through robust and tested trading platform,

Derivative Trading Settlement System (DTSS), provided by CMC. It has robust delivery

mechanism making it the most suitable for the participants in the physical commoditymarkets. It has also established fair and transparent rule-based procedures and demonstrated

total commitment towards eliminating any conflicts of interest. It is the only Commodity

Exchange in the world to have received ISO 9001:2000 certification from British Standard

Institutions (BSI). NMCE was the first commodity exchange to provide trading facility

through internet, through Virtual Private Network (VPN).

NMCE follows best international risk management practices. The contracts are marked to

market on daily basis. The system of upfront margining based on Value at Risk is followed to

ensure financial security of the market. In the event of high volatility in the prices, special

intra-day clearing and settlement is held. NMCE was the first to initiate process of

dematerialization and electronic transfer of warehoused commodity stocks. The unique

strength of NMCE is its settlements via a Delivery Backed System, an imperative in the

commodity trading business. These deliveries are executed through a sound and reliable

Warehouse Receipt System, leading to guaranteed clearing and settlement.

4. Indian Commodity Exchange Limited (ICEX)

ICEX is a nation-wide screen based on-line derivatives exchange for commodities and has

established a reliable, efficient and transparent trading platform. It has put in place assaying

and warehousing facilities in order to facilitate deliveries. This exchange is ideallypositioned to leverage the huge potential of commodities market and encourage


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participation of farmers, traders and actual users to benefit from the opportunities of

hedging, risk management and supply chain management in the commodities markets.

The Exchange is a public-private partnership with Reliance Exchangenext Ltd. as anchor

investor and has MMTC Ltd., Indiabulls Financial Services Ltd., Indian Potash Ltd.,KRIBHCO and IDFC among others, as its stakeholders.

Corporate Vision & Mission

Provide fair, transparent and efficient trading platform to all participants.

Meet the international benchmarks for the Indian commodity market.

Provide equal opportunity and access to investors all over the country through the

modern communication modes.

Attract a wide array of end users, financial intermediaries and hedgers.

Attract a wide array of end users, financial intermediaries and hedgers.

Become a major trading hub for most of the commodities.

To provide product portfolio to suit the trading community needs in an efficient

manner.

Shareholding Pattern

Shareholder Shareholding Pattern

Reliance Exchangenext Ltd. 26%

MMTC Limited 26%

Indiabulls Financial Services Limited 14%

Indian Potash Limited 10%

KRIBHCO 5%IDFC 5%

Others 14%

5. Ace Derivatives and Commodity Exchange Limited

It is a screen based online derivatives exchange for commodities in India. Ace CommodityExchange earlier known as Ahmedabad Commodity Exchange has been in existence for morethan 5 decades in Commodity Business, bringing in the best and transparent BusinessPractices in the Indian commodity space. The Kotak group brings in more than 25 years of

financial expertise and has pioneered many business practices existing in the financialservices industry. With Ace, Kotak Group brings to the commodity market a new, state-of-the-art trading platform which combines the operational efficiency of global exchanges withdeep domain expertise in each commodity vertical.

Following the Kotak Groups legacy of transparency in their dealings and providing the bestsolution to the market participants, Ace provides the confidence of trading on a world-class

platform to manage risks and reduce complexities of commodity prices.

Ace Commodity Exchange offers futures trading the following commodity groups:

Agricultural products

Bullion


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Base Metals

Energy

References

http://flame.org.in/KnowledgeCenter/Understandingconceptofonlinecommoditytrading.aspx

http://asiaetrading.com/exchanges/india-exchanges/ace-derivatives-and-commodity-exchange-ace/

http://www.icexindia.com

www.mcxindia.com

www.commodityonline.com
http://flame.org.in/KnowledgeCenter/Understandingconceptofonlinecommoditytrading.aspxhttp://flame.org.in/KnowledgeCenter/Understandingconceptofonlinecommoditytrading.aspxhttp://asiaetrading.com/exchanges/india-exchanges/ace-derivatives-and-commodity-exchange-ace/http://asiaetrading.com/exchanges/india-exchanges/ace-derivatives-and-commodity-exchange-ace/http://www.icexindia.com/http://www.icexindia.com/http://www.icexindia.com/http://asiaetrading.com/exchanges/india-exchanges/ace-derivatives-and-commodity-exchange-ace/http://flame.org.in/KnowledgeCenter/Understandingconceptofonlinecommoditytrading.aspx

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