Will MCX continue to rise along the hyper-growth trajectory it currently is on? deepak patra explores...
While investment in commodities across world exchanges has reached sky-scraping heights, the same in India is just breaking through the ground! Having said this however, it is also a matter of truth that the growth of the segment, in the country, has been phenomenal over the last couple of years; much credit for which goes to the Multi-Commodity Exchange of India (MCX), which developed a ‘quality’ platform to enable commodity trading in India, while at the same time ensuring a healthy incremental advancement and maturity. But, the question in everybody’s mind at the moment remains – will MCX be able to live long and strong on the radar of global commodity traders, in precisely the fashion that Indian stock exchanges have managed to make that thumping impact on global investors?
Since inception in November 2003, MCX has come a long way to become the number one commodity exchange in India, clocking a mind-boggling monthly turnover of Rs.3.6 trillion on average, and garnering a total market share of 72%. No doubt, MCX has added the much-needed user friendliness and global linkage to the Indian commodity trading scenario, thereby widening options and offerings for the traders. But this is just the start of a long journey, as Joseph Messy, MD & CEO, MCX tells B&E, “The Exchange has taken pride in providing the necessary support and regulatory infrastructure for orderly use and functioning of the market. In that respect, considering the size of Indian physical market, we have a long way to go to ensure that benefits of this market percolate to all sections of the supply chain.”
Inorganic growth strategies have always been key to MCX’s rapid growth. The comex never seem to miss an opportunity to forge a tie-up with a global comex – be it in any symbiotic form – and therefore, this either helps in increasing its product portfolio or grants it an easy entry into foreign territories.
While investment in commodities across world exchanges has reached sky-scraping heights, the same in India is just breaking through the ground! Having said this however, it is also a matter of truth that the growth of the segment, in the country, has been phenomenal over the last couple of years; much credit for which goes to the Multi-Commodity Exchange of India (MCX), which developed a ‘quality’ platform to enable commodity trading in India, while at the same time ensuring a healthy incremental advancement and maturity. But, the question in everybody’s mind at the moment remains – will MCX be able to live long and strong on the radar of global commodity traders, in precisely the fashion that Indian stock exchanges have managed to make that thumping impact on global investors?
Since inception in November 2003, MCX has come a long way to become the number one commodity exchange in India, clocking a mind-boggling monthly turnover of Rs.3.6 trillion on average, and garnering a total market share of 72%. No doubt, MCX has added the much-needed user friendliness and global linkage to the Indian commodity trading scenario, thereby widening options and offerings for the traders. But this is just the start of a long journey, as Joseph Messy, MD & CEO, MCX tells B&E, “The Exchange has taken pride in providing the necessary support and regulatory infrastructure for orderly use and functioning of the market. In that respect, considering the size of Indian physical market, we have a long way to go to ensure that benefits of this market percolate to all sections of the supply chain.”
Inorganic growth strategies have always been key to MCX’s rapid growth. The comex never seem to miss an opportunity to forge a tie-up with a global comex – be it in any symbiotic form – and therefore, this either helps in increasing its product portfolio or grants it an easy entry into foreign territories.
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