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Stock advisory Company, MCX starts enrolling bank subsidiaries for trading in commodity derivatives
Axis Sec first member to provide broking services; exchange also plans new contracts
Multi Commodity Exchange (MCX) has started enrolling bank subsidiaries for trading in commodity derivatives. Axis Securities, an arm of Axis Bank, has become the first such, the first after the central bank permitted commodity exchange membership to provide broking services. The membership was granted in the first week of last month.
MCX is also planning futures contracts in brass. In another first from MCX, this one, unlike with other metals traded on the exchange, will be physical deliverable ones. The Securities and Exchange Board of India has already given approval.
MCX said the participation of entities backed by financial institutions such as banks in the commodity derivatives market will provide great impetus for developing a commodities market. While providing these banks and their broking arms new business opportunities. The other major benefit would be to its clients in the commodity value chain with exposure to price risk.
The brass futures contract, as mentioned earlier, would be delivery-based, as would others being planned. So far, metals contract on the exchange is cash-settled. Several small and medium units which wanted to hedge in metals wanted contracts which could be settled in physical delivery. The brass parts industry is largely centered in the Saurashtra region of Gujarat.
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