Commexes turnover may double in 3 yrs

MCX on Friday celebrated the industry reaching a milestone of R100-lakh crore turnover. “You ain’t seen nothing yet. We are only just scratching the surface,” said Lamon Rutten, managing director and CEO, MCX. He added that if prices continue on the current path, the commodities exchanges will achieve the R200-trillion mark by 2014. "2010-2020 will be the decade of commodity derivatives and exchange-traded businesses," said Rutten.

MCX , which began operations about eight years ago, enjoyed at least 83% share in the commodities market in January-December 2010, followed by the National Commodity and Derivatives Exchange of India, which had 10% market share.

On the impending listing of the commodities exchange in which Jignesh Shah-promoted Financial Technologies (FT) owns 31%, Rutten said “it is definitely on the cards” and that MCX is only waiting for “the last box to be ticked”. He emphasised that the delay had nothing to do with the majority stakeholder FT reducing its stake to the mandated 26%. “There is no necessary co-relation with FT reducing its stake,” he said, adding that the September deadline for going public that had been publicised in a national business daily had drawn a fallacious connection between FT’s now extended deadline for complying with this rule till September and the listing.

He elaborated that MCX was only waiting

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