“ICEX will start its trading operations on August 28th in Diamond Futures contracts. With the launch, ICEX will pave the way for creation of the world's first organized, transparent and regulated derivatives market for diamonds, which will enable hedging, price discovery, and investment in the precious stone,” said Mr. Sanjit Prasad, MD and CEO, ICEX.
ICEX completed a pre-launch mock trading between August 7th and August 11th, 2017. The main purpose of the mock trading was to make the participants aware about technical features of trading system, hedging, to test robustness of the trading platform and to familiarize them with overall infrastructure logistics – front-end, back-end, internet network connectivity etc.
During the week-long mock sessions, ICEX saw a nationwide participation with 62 members and their clients taking part from 388 terminals. Out of the 8,013 clients who registered with the Exchange, 5,119 clients participated for the mock trading. Total trades during the week stood at 26,64,208. The average daily turnover touched Rs 3,590 crores and the highest daily turnover reported was Rs 7,855 crores.
The Exchange has put in place necessary infrastructure to handle deposits, grading and sealing, vaulting and delivery of diamonds as part of its preparation for the formal launch of the diamond futures contracts.
Indian Commodity Exchange Limited (ICEX) is deemed recognized Stock exchange under the SCRA, 1956 in terms of Section 131 (B) of Finance Act, 2015 pursuant to the central Government notification dated August 28, 2015 providing a nation-wide on-line trading platform in commodity derivatives.
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