The National Commodity Exchange Limited (NCEL) has successfully completed its first month''s operations. All systems, including trading, settlement, reporting and online banking worked seamlessly throughout the first month, says a press release.
Open interest has risen every day and now stands at 203 contracts with a value of Rs 27 million. The total value of trades done during the first month exceeds Rs 162 million. In terms of relative performance, NCEL''s first month has followed the same pattern shown by peer commodity exchanges in India during their initial months.
Highlights of first month''s trading includes efficient collection of margin calls on T+0 basis using on-line 24/7 funds transfer facilities provided by MCB, opening of over 60 trading accounts from across the country, market convergence towards fair pricing of gold futures contracts, falling impact cost, narrowing bid-offer spreads and a high level of interest from brokers and their clients.
The first month of trading at NCEL has proved the reliability of the trading systems, and processes procedures of the Exchange. The pattern of growth over these initial few weeks has been steady and controlled, but as brokers increasingly utilise all the efficiencies provided by NCEL systems, we expect growth to rapid increase over the coming months with the arrival of new market participants every day.-PR