The mission is currently visiting various commodity exchanges and is expected to submit it's report to the Union Government and for vital decisions. A deputy director of FMC Anand Sharkhani is part of the mission.

In an exclusive talk with The Financial Express, William said ``Commodity margin and trading systems need some necessary changes. As it is, there is uniform margins for the speculators and the hedgers. It is very much needed to lessen the margin for hedgers. Back in the state, we have less margins for hedgers. Margins are higher for speculators. A uniform positions limits too needs some modifications. Let hedgers have more flexibility in the position limits. Instead of keeping the limits same for all, it should be determined bythe financial strength of the each traders.'' Commenting on the prevailing futures trading system, William said.

``Electronic trading could be introduced in the futures exchanges. National Stock Exchange has good online trading and surveillance. Online trading for the futures is vitally important. Derivatives like options could be introduced.''

Having been chairman of the US's Commodity Futures Markets Commission, William further stated that ``In Chicago Board Of Trade financial soundness is a Sine Qua Non. The futures cannot be traded merely on mutual trust. ``It is equally to have a warehouses as a part of modernisation plan. In the US we have warehouses long since. Warehouse receipt is tradeble and the receipt ensures delivery of goods described on the receipts. Indian banking system too needs some changes, if we want to develop commodity futures in India. In the next January I will come again.'' He said.

Deputy director of FMC Anand Sherkhani who accompanied William said that we are keen todevelop futures in india. FMC appointed William as it's consultant. And he will be submitting his recommendations by the end of this year. Having gone through the recommendations, in around two months FMC will form a committee which would study the recommendations and will do the needful.

FMC is keen to implement online trading in the commodity futures, thereby the extension of trading would be furthered. Operators will be able to trade from the remote areas. There are many benefits of online trading. When asked about overall expenses of the system, he said ``The cost could be reduced by starting futures in more than one commodities. Self regulation in the futures markets are important and welcome. FMC does not wish to use legal force against any exchange. FMC wishes to improve the trading systems. Even after the online trading system's introduction the present open outcry system will be continued for a while. Education is important for the traders. A one year diploma could be recommended. Starting from theMumbai, such coerces could be extend to Delhi, Calcutta and Ahmedabad later on.

William and Anand visited Ahmedabad Commodity Exchange and witnessed the trading operations. They met ACE officials and discussed problems and prospects of the futures markets. A mixed feeling of joy and apprehension was created among brokers. The traders rumoured that the expert was from the world Bank and he is to give finance for the new building of the exchange. During their visit they met top notch of Ahmedabad cotton associations, ex bankers and forex experts.