Multi Commodity Exchange (MCX) has moved to fourth place in a list of the Asia’s five largest derivative bourses, with its trading volume clocking the fastest growth in the league for 2008.
All the top three Chinese commodity exchanges, Dalian Commodity Exchange (DCE), Jhengzhou Commodity Exchange (ZCE) and Shanghai Futures Exchange (ShFE) continued to grow very rapidly in 2008, according to annual volume survey 2008 released by Washington-based Future Industry Association (FIA).
Commodities markets in India and China showed little impact from the crisis wracking western financial markets. Commodity traders worldwide increasingly look to these Chinese markets for price discovery, according to FIA report.
MCX registered a growth of 36.8% in its trading volume in 2008 to close to 94.3 million as against about 68.9 million in 2007. MCX and NCDEX retained their places in the top 50 – MCX retained its 22 position (from earlier 28th position) while NCDEX slipped four places to 34th in the rankings based on trading volume for the year 2008, according to FIA.
Dalian Commodity Exchange, the largest of the two agricultural futures exchanges, rose 68.7% to 313.2 million contracts in 2008 mainly driven by strong growth in several existing products.
Among the top other two Asian exchanges, the ShFE rose 63.9% to 140.3 million. The ZCE, which used to be the third largest exchange, grew 139.2% to 222.6 million contracts, making it the fastest growing derivatives exchange in the world. The jump in volume was driven mainly by a spectacular increase in its white sugar futures contracts, up 264% to 165.5 million contracts.