MUMBAI: Bombay Stock Exchange (BSE), Asia’s oldest exchange and now world’s fastest exchange with the speed of 6 microseconds, sets another record to become the leader in the cotton trading exchange with over 50% market share in March contract total 3307 lots were traded of 82,675 bales on a single day valuing to INR 1.73 billion.
Bombay Stock Exchange (BSE) began trading in cotton contracts on February 18, 2019 after getting Sebi’s nod to launch the natural fiber on their commodity derivatives exchange. BSE is also offering a waiver in the transaction charges for the initial year.
Commenting on the milestone, Ashishkumar Chauhan, MD & CEO, BSE said, “During the launch, we were looking forward for cotton futures contract to witness a remarkable rise in terms of volumes and simultaneously emerge as the most compliant exchange in commodities. It’s a proud moment for us to have achieved this milestone in just less than 12 working days and I would also like to thanks Cotton Association of India for their support.”
The commodity can be traded from Monday to Friday between 9.00am to 9.00pm.The unit of trading for the cotton contract is 25 bales and the deliveries will be tendered in 100 bales. The quotation for cotton futures is in INR per bale (of 170 kg). The basic delivery centre for the cotton contracts is Rajkot with additional delivery centers at Aurangabad, Jalgaon Yavatmal in Maharastra and Kadi in Gujarat.[the_ad id=”31605″]