The Hindu Business Line : Zaveri Commodities launches wire-free futures trading

THE Coimbatore-based Zaveri Commodities, the broker member of Multi Commodity Exchange of India Ltd (MCX), has taken the GPRS (general pocket radio service) connectivity a step further to promote live commodity futures trading among its clientele by introducing Iwin wire-free trading in the city.

Zaveri Commodities, in association with its Mumbai-based sister concern Satco Securities and Financial Services Ltd (which is a member of the BSE and NSE), has got the required software for accessing live the MCX's commodity futures trading through the GPRS-supported mobile technology and the software for the product has been provided by Financial Technologies India Ltd, the promoter of MCX.

Already this wire-free technology application is made available for stock trading application of the Bombay Stock Exchange.

Its application on the National Stock Exchange trading awaits the clearance by the regulator SEBI.

The launch of Iwin wire-free trading product coincides with the one-year completion of the MCX existence in the commodities futures trading.

Among those who were present at the launch ceremony were Mr V. Hariharan, Chief Technology Officer and Director of MCX, and Mr Naresh Chetan, Chief Executive Officer of Zaveri Commodities.

Mr Hariharan told Business Line that unlike the equity trading that is confined within the specific time duration, the commodity futures trading would be carried through longer duration in a day and the participants accessing trading would naturally prefer a larger time window along with the facility of mobility.The Iwin wire-free trading and MCX's technology will offer these facilities. At present, the cost of the device being given to the clients may be little higher but this cost was expected to come down once the application was put to wider use, he felt.

MCX's average daily trading volume has touched around Rs 1,000 crore and though the number of commodities figuring in the MCX's trading list are 35 (spread over the five major commodity segment of bullion, metals, fibre, cereal and pulses), 90 per cent of trading take place only on bullion, namely gold and silver.

According to Mr Naresh Chetan, the technology behind the Iwin wire-free trading facility will also enable his commodity broking firm, Zaveri Commodities, in Coimbatore introducing some more products to its clients participating in commodity trading such as forex rates and technical analysis at the touch of the mobile screen. These may be offered within the next one or two weeks.

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