| At a press conference, the exchange board announced there would be two sessions: the first is between 10 am and 4 pm, and the other""known as the New York session""will be from 5.15 pm to 11.15 pm. |
| Initially the commodities for trade are gold, silver, steel, copper, nickel, tin, refined oil, soya oil, crude palm oil, RBD palmolein, mustard oil, chana, urad, sweet pee, jowar, black pepper, and rubber. The number of commodities will increase to 50. |
| Futures trade can be for up to three months. |
| Exchange members can trade after depositing Rs 50,000 as security. They would get a cover of 20 times the sum, said President Santosh Kumar Agarwal. |
| The total membership of MCX is 300 and the membership of the Kanpur Commodity Exchange is 500. |
| However, the Kanpur Stock Exchange will not stick to one platform. |
| It would take membership of other platforms like the National Derivatives and Commodities Exchange of India, and National Multi-Commodity Exchange, said Vivek Saran, a board member. In this way, there would be greater opportunities for arbitrage, he added. |
| Brokers can trade from their own facilities and also from the exchange trading floor and its office, where very small aperture terminal (VSAT) and terminals have already been installed, and also from Sitaram Bazaar, the place in downtown Lucknow, from where the futures operations were conducted. |
| The New York session will be conducted from the exchange trading floor, where small cabins will be set up. |
| As of now, 20 members will start trading. The board is planning to instruct farmers and other consumers on the modalities of trade. The exchange has remained demutualised from its inception in 1958. |
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