November 2, 2010

New commodity exchange debuts in India

ACE Commodity Exchange kick-started as the country's fifth national commodity bourse on October 27, with the launch of futures trading in five agricultural items, including soy and refined soyoil.

In the opening hour of the trade, futures trading was more active in the December contracts of all five agri-commodities, though the November 2010 and January 2011 contracts were also available for traders.

The exchange, which has upgraded itself to a national exchange from a regional exchange (Ahmedabad Commodity Exchange), has applied with the sector regulator FMC for permission to offer non-agricultural items like crude, gold and bullion.

Presently, Kotak Group is the anchor investor in ACE Commodity Exchange with a 51% stake.