 "NCDEX re-launches large gold, silver contracts")
Vijay Kumar
“We had these contracts earlier. But somehow, we could not launch these after the expiry of existing contracts approximately a year ago. Now, these contracts have been made available for trade, with added features for traders’ convenience,” said, NCDEX’s chief (corporate services), Ananda Kumar, while announcing the launch of these contracts here on Thursday.
Currently, the exchange has small contracts in gold and silver, though these haven't seen substantial participation. NCDEX has pioneered a number of agri-contracts. Managing operations in the non-agri segment has been tough for the exchange. “We keep on trying with innovations in the non-agri segment. For example, our steel contract was very successful. Earlier, the quality of steel on our platform was non-Bureau of Indian Standards (BIS). With the BIS making quality specification mandatory, we are all set to introduce BIS-hallmarked steel contracts soon,” said Vijay Kumar, chief business officer, NCDEX. To see greater participation, the exchange has aligned gold and silver contracts with the expiry of currency contracts, so that traders can avoid the rollover of precious metals contracts for another month. Now, traders in gold and silver contracts could take decisions in precious metals and currency simultaneously, said Vijay Kumar.
The exchange has also added two delivery centres---Mumbai and Delhi---so that traders can avail of easy delivery. It already has a deliver centre in Ahmedabad.
On ambiguity regarding the settlement guarantee fund (SGF), Ananda Kumar said the exchange was working on the final figures of an aggregate amount and this would be ready in a couple of days. Earlier, the exchange had faced hurdles on the SGF front for a few contracts, but these have been resolved.
Early this week, NCDEX introduced a new slab of Rs 200 crore from the minimum Rs 250 crore for traders to avail lower transaction cost.