BSE becomes the largest exchange in Cotton trading in India with over 50% market share in less than 12 working days
Mumbai, March 8, 2019: BSE, Asia’s oldest exchange and now world’s fastest exchange with the speed of 6 microseconds, sets another record to become the leader in the cotton trading exchange with over 50% market share in March contract total 3307 lots were traded of 82,675 bales on a single day valuing to Rs 173 crores . BSE began trading in cotton contracts on 18th February, 2019 after getting Sebi's nod to launch the natural fibre on their commodity derivatives exchange. BSE is also offering a waiver in the transaction charges for the initial year.
Commenting on the milestone, Mr. Ashishkumar Chauhan, MD & CEO, BSE said, “During the launch, we were looking forward for cotton futures contract to witness a remarkable rise in terms of volumes and simultaneously emerge as the most compliant exchange in commodities. It’s a proud moment for us to have achieved this milestone in just less than 12 working days and I would also like to thanks Cotton Association of India for their support.”
The commodity can be traded from Monday to Friday between 9.00am to 9.00pm.The unit of trading for the cotton contract is 25 bales and the deliveries will be tendered in 100 bales. The quotation for cotton futures is in Rs. per bale (of 170 kg). The basic delivery centre for the cotton contracts is Rajkot with additional delivery centres at Aurangabad, Jalgaon Yavatmal in Maharastra and Kadi in Gujarat.
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in delivery-based futures contract in gold (1 kg) and silver (30 kg).
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
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