MCX launches mock trading

Multi Commodity Exchange of India Ltd. (MCX) has commenced mock trading last weekend after performing the usual 'pooja' at Mumba Devi temple at the heart of Mumbai's commodity market area.

MCX members initiated mock trading ahead of formal commencement of live trading, the exchange said in a press release The mock trading was expected to hone the skill received during training on online trading and market operations imparted to participants.

Commodities trade was moving into a new technology era where on screen-based trading was part of the digital exchange.

Training and mock trading would lead to familiarity amongst MCX members with the new system ahead of live trading, said the exchange.

Jignesh Shah, managing director of MCX, said in the release, "It is a time when the high-end technology expertise of India coupled with traditional business acumen and strong management team of MCX will produce a new generation, high technology, demutalised commodity exchange from India. It is only fitting that we commence mock trading on such an auspicious day at the most appropriate place".

MCX said it had trained over 100 participants. Its next milestone was "perfect liquidity". Live trading was expected to be launched shortly after the minimum number of members were connected through VSATs.

Along with mock trading, MCX also launched a commodities industry newsletter 'MCX ComNews', with Padma Swaminathan, chairman of Forward Markets Commission (FMC) doing the honours.

The newsletter covers news and developments in domestic and International commodities markets, MCX said.