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Stock Report
MCX today launches futures trading on India's first real-time Bullion Index, MCX BULLDEX
Posted On : 2020-08-24 16:59:56( TIMEZONE : IST )
Multi-Commodity Exchange of India Ltd (MCX), India's largest exchange in the commodity derivatives segment, today launched futures trading on the country's first tradeable real-time bullion index, MCX iCOMDEX Bullion.
The MCX iCOMDEX Bullion Index future contracts expiring in the months of September, October and November 2020 are made available for trading from today.
The contract has a lot size equal to 50 times of underlying MCX iCOMDEX Bullion Index. The tick size (minimum price movement) for the contract is Re. 1. The contracts would be finally settled in cash at the expiry of each of the contract.
The final settlement price will be the underlying index price arrived at based on Volume Weighted Average Price (VWAP) of the constituents of the underlying index between 4.00 p.m. and 5.00 p.m. on the expiry day of the index futures contract.
The sectoral index tracks the real-time performance of the Gold (1kg) and Silver (30kg) futures contracts, the flagship future products on the Exchange. At present, it carries around 70.52% weight for gold and 29.48% for silver. The weights are rebalanced annually, every January.
The Exchange has waived the transaction fee for a period of first three months.
"With the launch of the MCX iCOMDEX Bullion Index futures, we have set another milestone in commodity derivatives market. The product will help market participants to optimize their asset allocation through portfolio diversification due to its low correlation to equity. The realtime index values will also act as perfect benchmark that can be replicated with low tracking error for passive investment strategies and help in managing portfolios efficiency," said Mr. P.S. Reddy, MD & CEO, MCX.
Shares of MULTI COMMODITY EXCHANGE OF INDIA LTD. was last trading in BSE at Rs.1707.4 as compared to the previous close of Rs. 1710.5. The total number of shares traded during the day was 45158 in over 1557 trades.
The stock hit an intraday high of Rs. 1728.5 and intraday low of 1701. The net turnover during the day was Rs. 77427751.
