India’s sixth Commodity futures trading platform Universal Commodity Exchange went live

Universal Commodity Exchange, the sixth commodity platform, went live on 19 April 2013 with 100 members on board.

UCX received the Ministry approval and Government certification on 30 August 2012. It is promoted by Commex Technology in joint venture with IDBI Bank, IFFCO, NABARD and REC. It has started trading in 11 contracts across nine commodities - gold, silver, crude oil, chana, RSS4 rubber, mustard, soyabean, refined soya oil and turmeric.

The Commodity exchange, In order to attract volumes, will charge a fee of 1 Rupee for every transaction totalling 1 lakh Rupees for the first three months. On the other hand, it has fixed a four-slab fee structure based on the turnover.

As an inaugural offer, trading and clearing member are charged a concession membership fee of 2.5 lakh against 5 lakh Rupees while a trading member have to shell out 1 lakh Rupees against regular charge of 1.5 lakh. The exchange will also be available on the commonly used ODIN trading platform. It has already got ready delivery centres for metals and agriculture commodities in major markets.

The key benefits which are given to members consist of multi segment product offering, optimal fees and deposits, zero blockage of excess risk capital, simplified and quick on-boarding of members, independent and professional management with a strong promoter consortium and customer centric approach.

What is Universal Commodity Exchange?

Universal Commodity Exchange limited is the next generation national level commodity exchange for derivatives market across all commodity segments.

It aims to be one of the largest commodity derivatives exchange ensuring price transparency and a robust risk management & surveillance system for facilitating online trading, clearing & settlement operations for the market across the country. UCX is headquartered in the financial capital of India, Mumbai.