Financial Daily from THE HINDU group of publications
Wednesday, May 31, 2006
Financial Daily from THE HINDU group of publications Wednesday, May 31, 2006 |
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Agri-Biz & Commodities
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Commodity Exchanges Bombay Yarn Exchange plans online futures Dhimant Bhatt
Mumbai , May 30 Bombay Yarn Merchants' Association and Exchange Ltd, one of the oldest and largest yarn merchants' associations, is planning to offer online futures trading. The 52-year-old exchange recently moved to new premises and is slowly moving ahead with its computerisation programme, having commenced computer training for members. "The exchange will offer online futures trading in all varieties of yarns in Mumbai but it will take at least one year or more. The exchange will initially start trading in cotton yarn and texturised yarn," Mr Bharat Malkan, Vice-President, told Business Line. The exchange has some 1,000 members - 600 traders and 400 brokers. Daily trading volume of local yarn market is estimated at Rs 100 crore. "The idea has been just floated and we will come out with a concrete plan once it gets board approval," said Mr Jaykrishna Pathak, President. "The rising volumes of the various commodities through online trading on exchanges like NCDEX and MCX has prompted us to offer online trading." The exchange is one of the oldest and biggest yarn selling centres of the country, transacting more than 1,000 kg a day of various yarns such as cotton, texturised, blended, polyester and viscose of reputed mills.
More Stories on : Commodity Exchanges | Textiles
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