New Delhi:Multi Commodity Exchange of India Ltd (MCX), country’s top commodity exchange has been named ‘Exchange of the Year’ by Assocham in recognisation of the MCX’s excellence in offering diverse product suite, providing a robust and efficient platform for price discovery and risk management, and its pioneering efforts at inclusion and market development.
The Exchange of the Year award was presented the union minister of state for consumer affairs, food and public distribution, CR Chaudhary, to the MCX MD & CEO, Mrugank Paranjape, at Assocham’s 15th Commodity Futures Market Summit & Excellence Awards, held at New Delhi, last week.
MCX offers a diverse portfolio of risk management products and has seen strong growth across its products in the base metals, bullion, energy and agri segments. During the year 2016, Multi Commodity Exchange of India Ltd (MCX) witnessed a period of growth and development, despite the numerous challenges faced by the Exchange arising from international and domestic factors. The total turnover of MCX during the year 2016 was Rs.61.12 lakh crore, an increase of more than 10 percent from 2015. MCX’s market share increased from 84% to 90% over the same period. This feat was achieved despite a prolonged strike by jewellers, cancellation of the ‘legal tender’ status of high-denomination currency, continued depressed prices of crude oil and such challenges. In the process, the Exchange could maintain its undisputed leadership position in the Indian commodity market space.