Financial Daily from THE HINDU group of publications
Wednesday, Sep 29, 2004
Financial Daily from THE HINDU group of publications Wednesday, Sep 29, 2004 |
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Agri-Biz & Commodities
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Commodity Exchanges NCDEX to launch client codes for members soon Our Bureau
Mumbai , Sept. 28 THE National Commodity and Derivatives Exchange will introduce unique client codes for its members soon. "The exchange has decided that every participant on its trading platform should have an unique identity number to strengthen the database of the clients of its members," Mr Narendra Gupta, Chief Business Officer, NCDEX, told Business Line. "At present, we are creating a database at the client level. We intend to introduce this system in October," he said. As a precursor to implementing the unique identity numbers, it will be mandatory for all trading and clearing members to collect and maintain, in their back office, information from each of their clients, Mr Gupta said in a circular issued to the members. With growth in volumes traded on the exchange and large number of transactions and their continued growth, the exchange intends to gradually move to the second level (client level) oversight from the membership level oversight currently, he said. Such oversight will tighten risk management processes and will aggregate the positions of clients participating through more than one member, said Mr Gupta.
More Stories on : Commodity Exchanges
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