Mumbai, November 18, 2003
The representatives from the entire commodity market & industry leaders converged today at the formal launch of the live operations of Multi Commodity Exchange of India Ltd. (MCX). Mr. Mukesh Ambani, Chairman & MD, Reliance Industries formally inaugurated the live operations at an exclusive event which was attended by Regulators, Exchange Members, Leading Exchange representatives, Industry Associations, among other whoâs who of the Indian industry and commodities eCosystem. The entire MCX Board, Advisory Members & MCX Team was present to celebrate the launch of trading in Bullion, Metal and the Oil Industry.
At this auspicious and jubilant occasion, the MCX Management team has received
tremendous appreciation from various dignitaries and luminaries. Shri Sharad Yadav, Minister Consumer Affairs, Food and Public Distribution, Government of India had stated in his message to MCX "I am happy that Multi Commodity Exchange of India Ltd. (MCX) has gone live and is operating at a National Level. I extend my good wishes to MCX on the occasion and hope that it will work towards the development of Indiaâs commodity futures market and ensure that it becomes globally competitive with its technology leadership. I wish MCX all the success in its progress and in meeting the needs of the Indiaâs commodities sector."
Shri Navin B. Chawla, Secretary, Ministry of Consumer Affairs in his message to the exchange stated "This is one more step in fructifying our endeavour to promote commodities derivatives trading in India in tune with the sheer size and share of the primary sector of the economy. Given its state of the art trading and clearing systems., I am sure the Multi Commodity Exchange (MCX), Mumbai will play a significant role in deepening and widening the market based risk management tools, which are essential for establishing a free market economy in the primary sector, as well as in facing the challenges of globalisation." He added, "I am confident through its various initiatives to
its credit the Exchange will continue to maintain its social obligations in promoting market integrity and in spreading the benefits of futures trading in commodities to all its stakeholders, including the producers".
According to Mr. Jignesh Shah, MD, MCX, "With this launch, MCX has proved its
commitment to its members and all the stakeholders in the commodity eCosystem and we are confident of delivering value to our customers, offering benefits benchmarked against global standards. Our next milestone is clearly âPerfect Liquidityâ and process efficiency of the highest order which we intend to achieve in the shortest possible timeframe like other milestones. "
The evening was put to life with dazzling presentations, which took the distinguished guests through the journey of MCX, highlighting the record achievements and the incremental growth of MCX in the last few months. The formal inauguration was kicked of with Mr. Mukesh Ambani placing a buy order for gold futures contract. MCX and FTIL received best wishes from the board of directors of Bombay Bullion Association (BBA), Bombay Metal Exchange (BME), Solvent Extractors Association (SEA) present at the occasion among other associates. Accolades & grand success compliments to the MCX team were received from (to name a few):
Â§ The Lord Bagri C.B.E., Honorable President, London Metal Exchange.
Â§ Mr. N.R. Narayana Murthy, Chairman of the Board, Infosys Technologies
- Mr. Nandan M. Nilekani, CEO, President & M.D, Infosys Technologies Limited.
- Mr. Vimal Bhandari, Executive Director, Infrastructure Leasing & Financial
- Mr. Vallabh Bhansali, Enam Financial Consultants.
- Mr. Mahesh C. Bagrodia, Director, Grasim Industries Limited.
- Mr. Rana Kapoor, CEO & M.D, Rabo India Finance Private Limited
- Mr. M.S Ramachandran, Chairman, Indian Oil Corporation Limited.
MCX started trading from November 10, 2003. The Exchange started trading in Gold, Silver and Castor Seed and the list is expected to grow bigger to encompass all commodities gradually. On the first day, Maximum Trading interest was witnessed in Gold and that too in the first contract month i.e. (Gold-13Feb2004) in which 26 Trades were done. Gold also witnessed an open interest of 8 kgs at end of the trading session.
MCX has been a pioneer in all major initiatives, being a front-runner amongst recently promoted commodity exchanges, MCX has emerged as an exchange with the Maximum Firstâs to its credit.