BSE, India’s 2nd Largest Commodity Exchange, executes deliveries of 90 MT in BSE SUFI Steel futures in first month
Mumbai, September 02, 2021: BSE, India's leading and most diverse exchange, announced that it has completed one month since launch of SUFI Steel futures contracts on the exchange platform, and has facilitated the delivery to the tune of 90 MT in the first full expiry cycle at the exchange designated delivery centre in Raipur.
The contract was launched by Shri Sajjan Jindal, Chairman and Managing Director of JSW Group on 22nd July, 2021, who had highlighted the lack of a transparent benchmark for steel industry. BSE is confident that the successful completion of the delivery process will encourage more participants in the value chain to use the BSE SUFI Steel billets futures contracts going forward.
Shri Sameer Patil, Chief Business Officer of BSE said "The delivery of 90 MT at the accredited warehouse has demonstrated the effectiveness of the BSE SUFI Steel Billets contracts as a robust risk hedging instrument to stakeholders associated with steel business. The BSE platforms offers participants in the steel ecosystem a structured price discovery platform as well as a national level benchmark price, enabling them to mitigate price risk.”
The BSE had commenced trading in delivery-based futures contract in ‘BSE SUFI Steel’ with the goal of creating an exchange-traded benchmark for the steel market. The contract is ex-Raipur, which is the basis centre. The trading and delivery unit are 10 MT, with a strike price interval of 100. The tick size is Rs. 10.00, which gives traders enough movement for bid and offer prices.
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 demutualized 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, commodity 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 Gold, Silver, Copper, Oman Crude Oil Guar Gum, Guar Seeds & Turmeric.
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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