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Online trading of cotton, oilseeds futures soon

Dhimant Bhatt

MUMBAI, July 27

FOR the first time, India's two premier exchanges --the East India Cotton Association (EICA) and the Bombay Commodity Exchange (BCE) -- are going to kick off online futures trading in cotton and oilseeds very shortly. The exchanges are in the process of commencing mock trading next month.

EICA has promoted a exclusive Web site for online trading namely www.eicaexchange.com, apart from its regular Web site, www.eicaindia.org.

Similarly, BCE has also promoted a separate Web site namely www.bceindia.com. BCE's regular Web site, www.booe.org, will subsequently merged into these sites.

Currently, the two exchanges are conducting futures trading in their respective commodities on ``outcry'' basis in Mumbai and Navi Mumbai.

The exchanges are set to introduce online commodity futures trading in line with the international commodity exchanges such as the Chicago Board of Trade (CBOT).

These exchanges have already installed the required systems for online futures trading in cotton and oils-oilseeds. Two Indian software companies -- SSI Technologies Ltd and Robocom Business Systems (Pvt) Ltd -- has developed the trading tools and Web te chnology for BCE and EICA Web sites respectively.

``Mock trading in cotton online futures is already begin and we are intending to start actual online trading in Mid-August 2001,'' Mr Ramakant Chokani, officer-in-charge, futures trading section at EICA, told Business Line.

EICA's online trading Web site will facilitate its members with the four major online section such as information, order, account and utility. It will enable them to do trading online alongwith the online information related to price, order and individua l accounts. The exchange will give member user Id and password to its members by permitting online trading facilities.

``We have been receiving good response for oilseed online futures trading from local as well as upcountry traders. The exchange will notify date for online mock trading next week,'' Mr Anjani Sinha, Chief Executive Officer of BCE, said.

BCE's Web site for online futures trading is devoted exclusively for commodity trade and industry in Mumbai. The exchange will provide online trading facilities its members under four major categories namely, trading cum clearing member, institutional cl earing member sub-broker and client.

The oil exchange Web site will also have the four major sections namely; live price quotes, contract details, public order book and market depth.

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