FMC asks commexes to issue electronic contract notes

The commodities market regulator says there will be no evening trading on some holidays

The Forward Markets Commission (FMC) has directed commodities exchanges to issue digitally signed electronic contract notes (ECN) to clients opting to receive so.

The ECN should be in a form which cannot be tempered with or displayed on its website with a separate identity code and password generated by the exchange to the client. The commodity derivatives markets regulator has asked clients to maintain proof of delivery of ECN even in case of failure of delivery, through email and present it on inspection.

The regulator has also told exchanges that there will be no evening trading beginning next calendar year on Christmas, Gandhi Jayanti, Good Friday and Independence Day and Republic Day. the decision is in view of international practice.