The Multi Commodity Exchange of India (MCX) today said that it has restored the trading terminals of 12 members of the Bombay Bullion Association (BBA), after receiving a written commitment from the association that it would adhere to all norms.
The BBA had yesterday said that the trading platform of 97 of its members had been shut down by the exchange.
"We have decided to allow 12 members of the BBA to trade, who were put on square-off mode on Tuesday, after the BBA gave an assurance that its members would adhere to all compliances," an MCX spokesperson told PTI here.
He added that the exchange had taken action against only 12 BBA members and not 97 as stated by the association.
The differences between the two organisations were thrashed out at a meeting held earlier today, the spokesperson said.
While the MCX claimed that action against some BBA members was taken only because of non-compliance issues, the bullion association yesterday charged that the MCX was taking action only because it (BBA) has also tied-up with the newly-formed Indian Commodity Exchange for trading.
ICEX which went live on November 27, 2009, has been able to rope in a number of traders and participants from the physical market in the first two months of its operations.
"We have sorted out our differences — we can sign MoUs with other exchanges and not be tied down to just MCX," BBA's President Suresh Hundia said.
