Indian Commodity Exchange

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Indian Commodity Exchange

The Indian Commodity Exchange is the third largest commodities exchange in India. It merged with the National Multi-Commodity Exchange (NMCE)in 2017.ICEX gets final nod from Sebi to restart trading operation

[1]

The exchange offers diamond contracts and plans to offer crude oil and brent crude oil contracts.



History

ICEX was the fourth exchange commodities exchange to open in India, launching in 2009 but it closed in 2014.[2]

NMCE and ICEX agreed to merge in July 2017 and were to close the deal by December 2017. The merger was forged in part by an Indian regulatory requirement that the exchange meet a Rs 100-core ($15.2 million) minimum net worth for commodity exchanges. At the time of the merger, the NMCE's net worth was Rs 76 core, while ICEX's net worth was Rs 100 core. ICEX was given regulatory approval in July 2017 to restart its operations.[3][4]

Products and Services

Key People

References

  1. ICEX gets final nod from Sebi to restart trading operation. ET Markets.
  2. 'A cost-competitive and transparent system will automatically attract customers'. Business Standard (India).
  3. NMCE, ICEX to merge to create third largest commodity exchange. IIFL.
  4. ICEX gets final nod from Sebi to restart trading operation. ET Markets.