Question: Which amongst the following world’s first diamond derivatives exchange has successfully completed its first diamond futures contracts settlement?
(a) National Commodity and Derivatives Exchange (NCDEX)
(b) Indian Commodity Exchange Ltd. (ICEX)
(c) Ace Derivatives and Commodity Exchange Ltd.
( d) National Multi-Commodity Exchange (NMCEX)
Answer: (b)
Related Facts:
- On November 8th, 2017, first diamond futures contracts settlement has successfully completed.
- This was done by Indian Commodity Exchange (ICEX), the world’s first diamond derivatives exchange.
- At present, around 40 carats of diamonds are lying in the exchange vaults and Total 1,440 clients participated in the delivery process and 26.27 carats of diamonds worth 83 lakh.
- ICEX had commenced operations on August 28 with the launch of three monthly diamond futures contracts — of November 2017, December 2017 and January 2018 expiry, respectively.
- In future Market expiry date is known as the date of settlement.
- Since the contract launch, the total business volume in November expiry is 5382.08 carat, which is worth 173.32 crores.
- During the expiry, a complete convergence of spot and futures price has been seen.
- Futures are settled in future by the traders on the promise of settling the deal.
- The fidada market has a turnover (trade) in derivatives or commodities Metals, Gold and Crude etc.
- The result of open interest of people about November expiry of the contract resulted in November delivery.
- Percentage of delivery against the total traded quantity (5,382.08 carats) has been 0.53 per cent.
- Open Interest means the number of contracts whose position has not been zero.
Reference:
http://www.thehindubusinessline.com/markets/icex-completes-first-diamond-futures-contract-of-rs-17332-cr/article9948856.ece
http://indiatoday.intoday.in/story/icex-completes-first-diamond-futures-contract-of-rs-173.32-cr/1/1085092.html