Saturday, Apr 23, 2005
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By enrolling as a TCM, UCEL members will also have the advantage of participating in futures trading in all the plantation commodities.
COIMBATORE: The plan of the United Planters' Association of Southern India Commodities Exchange Ltd (UCEL) to have a tie-up with the Multi Commodity Exchange of India Ltd (MCX) for futures trading in tea has reached the level of discussions on technological co-operation. In a release, the Chairman of UCEL, N. Dharmaraj, said `the initiative' was taking shape. "Once this synergy becomes operational, UPASI's vision of starting the first futures trading in tea in the world would become a reality." Explaining the modus operandi, he said UCEL would be a trading-cum-clearing member (TCM) that could provide the MCX the right to trade and settle transaction for its members. By enrolling as a TCM, UCEL members will also have the advantage of participating in futures trading in all the plantation commodities such as pepper, rubber, cardamom and coffee at a later stage so that they can hedge their risk in the highly competitive commodity market. The discussions with MCX on the technological front were in progress, he said. UCEL was also trying to identify how best it could utilise the existing tea portal of the Tea Board to synergise the tea futures exchange in the existing e-auction network. "If this materialises, the convergence of having the spot market and futures market in a single network would be a reality." Mr. Dharmaraj explained that the intention was to have a `cost effective' Internet-based online trading system through wide area network (WAN) to facilitate members to trade sitting at their office using a user ID. The synergy with the tea portal and by using the infrastructure available at the auction centres in the country would eventually result in the tea auction centres becoming the trading hubs for both spot and futures trading in tea.
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