The Hindu Business Line : MCX launches composite futures index

This index encompasses futures contracts drawn on commodities - bullion, crude oil, and agri traded on MCX.At the launch function, Mr S. Sundareshan, Chairman of the Forward Markets Commission (FMC), urged commodity exchanges to act as regulators and share this responsibility with FMC.

"The FMC and exchanges will have to jointly regulate and share the responsibility."

He also said commodity exchanges are slated to meet on July 4 to look at various issues such as the entry of FIIs and mutual funds in the commodity futures trade.

MCX-Comdex is designed and developed by the research department of MCX in association with the Indian Statistical Institute, Kolkata.

MCX and Refco Commodities also announced the launch and listing of Refco-CIX commodity index on the MCX platform.

MCX-Comdex is composed of wheat, urad, soya oil, rubber, guarseed in agri sector; gold, silver, copper in metals; and crude oil in energy.

Last month, National Commodity and Derivatives Exchange Ltd (NCDEX) launched an agri composite index called NCDEXAGRI.

It is an equal weighted index with equal representation of 20 commodities traded on the exchange.

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