Multi Commodity Exchange sees increased turnover

Published: Thursday, February 22, 2007, 13:01 [IST]
 

London, Feb 22:  Multi Commodity Exchange (MCX) expects to expand rapidly and become one of the world's top five futures exchanges in two to three years, its joint managing director said on Wednesday.

''We could triple our turnover to, say, 0 billion a month after the next two fiscal years,'' Lamon Rutten, joint managing director of MCX, told Reuters.

He said growth would be driven by the expected additional participation of institutional and foreign groups in the next few years. At present only Indians are allowed to trade on MCX.

Speaking on the sidelines of a conference organised by Agra Informa, Rutten said gold and base metals would likely be the main beneficiaries of institutional and foreign interest, followed by agricultural commodities.

In the three years of its existence, MCX has grown to a

London, Feb 22:  Multi Commodity Exchange (MCX) expects to expand rapidly and become one of the world's top five futures exchanges in two to three years, its joint managing director said on Wednesday.

''We could triple our turnover to, say, $150 billion a month after the next two fiscal years,'' Lamon Rutten, joint managing director of MCX, told Reuters.

He said growth would be driven by the expected additional participation of institutional and foreign groups in the next few years. At present only Indians are allowed to trade on MCX.

Speaking on the sidelines of a conference organised by Agra Informa, Rutten said gold and base metals would likely be the main beneficiaries of institutional and foreign interest, followed by agricultural commodities.

In the three years of its existence, MCX has grown to a $2.5 billion a day turnover with a direct presence in 800 cities and towns in India.

In January MCX traded 5.8 million contracts with a value of $47.8 billion.

By 2006 MCX had become the world's 10th largest futures exchange, larger than the New York Board of Trade (NYBOT), Rutten said.

MCX was the world's fastest growing commodity futures exchange in 2005 and 2006, he added.

Reuters

.5 billion a day turnover with a direct presence in 800 cities and towns in India.

In January MCX traded 5.8 million contracts with a value of .8 billion.

By 2006 MCX had become the world's 10th largest futures exchange, larger than the New York Board of Trade (NYBOT), Rutten said.

MCX was the world's fastest growing commodity futures exchange in 2005 and 2006, he added.

Reuters

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