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Friday, October 31, 2014  

India commodity regulator seeks more position disclosures
MUMBAI The commodity markets regulator has launched a fresh attempt to rebuild volume on domestic commodities exchanges, after their credibility was dented by last year’s failure of the National Spot Exchange.

The regulator said it had asked its capital market counterpart to require companies to disclose their commodity trading positions on domestic futures markets, seeing this as a way of boosting the credibility of those markets, in turn boosting activity. Volumes at the commodity exchanges tumbled after NSEL, an exchange run by promoters of the Multi Commodity Exchange defaulted on payments.

Subsequently the Indian Commodity Exchange, which had grown to be India’s fourth-largest commodity exchange, folded due to plummeting volume. The regulator has been trying to increase disclosure by market participants, hoping to give confidence to smaller companies for instance to hedge on the exchange platforms. Indian firms have lately tended to hedge commodity risks on foreign exchanges like the Chicago Board of Trade and the London International Financial Futures Exchange.

“We have written to Securities and Exchange Board of India and individual companies to disclose their commodity exposure risks and their risk management practices,” Ramesh Abhishek, chairman of the Forward Markets Commission, told Reuters in an interview.

Reuters
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