NCEL becomes 2nd largest exchange
KARACHI:
Trading volumes at the National Commodity Exchange Limited (NCEL) have shown exponential growth in financial year 2009-10, making it the country’s second largest exchange in terms of traded value. It is already the largest exchange of Pakistan in terms of membership.
During FY 2009-10, total traded volume increased to Rs63.34 billion with the number of contracts traded rising to 314,670.
Comparable figures for the previous year were Rs10.25 billion and 24,571. This represents a growth of 518 per cent in traded value and 1,181 per cent in the number of contracts traded during the year.
Samir Ahmed, Managing Director NCEL, stated, “increasing growth is coming about as a result of newer products, low transaction costs, tight spreads, deep liquidity, growing membership and efficient systems that make it very easy for brokers and their clients to transact and manage their trades.”
NCEL is Pakistan’s first and only demutualised commodity futures exchange. Its shareholders are National Bank, Pak Kuwait Investment Co, Zarai Taraqiati Bank and the three stock exchanges of the country.
NCEL currently lists various contracts for trading in gold, silver, crude oil, Irri-6 rice, palm olein and Karachi Inter-bank Offered Rate (Kibor).
Published in The Express Tribune, July 9th, 2010.
Trading volumes at the National Commodity Exchange Limited (NCEL) have shown exponential growth in financial year 2009-10, making it the country’s second largest exchange in terms of traded value. It is already the largest exchange of Pakistan in terms of membership.
During FY 2009-10, total traded volume increased to Rs63.34 billion with the number of contracts traded rising to 314,670.
Comparable figures for the previous year were Rs10.25 billion and 24,571. This represents a growth of 518 per cent in traded value and 1,181 per cent in the number of contracts traded during the year.
Samir Ahmed, Managing Director NCEL, stated, “increasing growth is coming about as a result of newer products, low transaction costs, tight spreads, deep liquidity, growing membership and efficient systems that make it very easy for brokers and their clients to transact and manage their trades.”
NCEL is Pakistan’s first and only demutualised commodity futures exchange. Its shareholders are National Bank, Pak Kuwait Investment Co, Zarai Taraqiati Bank and the three stock exchanges of the country.
NCEL currently lists various contracts for trading in gold, silver, crude oil, Irri-6 rice, palm olein and Karachi Inter-bank Offered Rate (Kibor).
Published in The Express Tribune, July 9th, 2010.