Commodity exchange to go live in first quarter: Indiabulls

Sun. January 25, 2009; Posted: 08:59 PM

New Delhi, Jan 23, 2009 (Asia Pulse Data Source via COMTEX) -- IBLFF | Quote | Chart | News | PowerRating -- Indiabulls Financial Services today said its commodity exchange in partnership with MMTC will go live in the first quarter of next financial year.

"The exchange is expected to go live in the first quarter of next financial year, subject to regulatory approvals," Indiabulls said in a statement.

The exchange, christened as International Multi-Commodity Exchange (IMX), would also have Indian Potash Ltd and a small trading firm among the total of six partners, promoting the country's fourth national commodity bourse.

IBFSL and MMTC have started the process of operationalising the Multi Commodities Exchange and appointed a US-based firm for setting up its technology platform.

The US-based exchange services provider Millennium Information Technology (MIT) has been awarded the contract for implementing the technology platform for the aforesaid exchange, the statement added.

Initially, the commodity exchange was proposed to be a joint venture between Indiabulls and MMTC sharing the equity stake of 74 per cent and 26 per cent, respectively.

However, the revised government guidelines announced on May 14 last year did not allow single shareholder to hold more than 40 per cent equity of the exchange forcing Indiabulls to look for partners for diluting the stake.

The turnover in the commodity market has surged 28 per cent over the year-ago period to Rs 50,33,857 crore, paving way for many new players to enter the fray.

Meanwhile, IBFSL joint venture with Sogecap, the insurance arm of Societe Generale (SocGen) for its life insurance venture, would soon kick start the JV entity as the company expects to finish the licensing process by fourth quarter of FY'09.

For full details for IBLFF click here.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.