MUMBAI (Bullion Street): The Universal Commodity Exchange, the national level electronic commodity exchange in India,has gone live from Friday 19th April, 2013.
In precious metals, it has introudced Gold l kg May, July, September and November 2013 contracts and Gold Nano 100 gm, June, July, August, September, October, November and December contracts. Silver 30 kg contract for delivery in June August , November and Silver Nano contracts for June, July, August, September, October, November and December were introduced at launch of the exchange.?
Promoted by Commex Technology in joint venture with IDBI Bank, IFFCO, Nabard and REC, the exchange has started trading in 11 contracts across nine commodities - gold, silver, crude oil, chana, RSS4 rubber, mustard, soyabean, refined soya oil and turmeric.
In order to attract volumes, the exchange will charge a fee of Re 1 for every transaction totalling Rs 1 lakh for the first three months. However, it has fixed a four-slab fee structure based on the turnover.As an inaugural offer, trading and clearing member are charged a concession membership fee of Rs 2.5 lakh against Rs 5 lakh, while a trading member have to shell out Rs 1 lakh against regular charge of Rs 1.5 lakh. The exchange will also be available on the commonly used ODIN trading platform.
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