NCDEX awarded as the Most Promising Exchange of the year at IIBS

Mumbai, October 7, 2014: NCDEX, the leading commodity exchange in India, has won the Best Promising Exchange Award of the year at the recently held India International Bullion Summit organized by Indian Bullion & Jeweler’s Association (IBJA) in Mumbai. NCDEX was given this award for its innovative launch of Gold Hedge & Silver Hedge futures contracts.   Prior to this, in June 2014 at the 3rd International Convention of CPAI, NCDEX was honored the Best Exchange for Innovative Product launch for the same contracts.

These recognitions reflect the Exchange’s commitment towards developing the Non – Agri portfolio and the commodity futures market.  NCDEX GOLD HEDGE & SILVER HEDGE contracts have emerged as innovative contracts representing the true price of Gold & Silver. It mirrors international price movement, providing the most transparent price of Gold & Silver in rupees irrespective of fluctuating and opaque gold market premiums, whose knowledge only a few large players have.

On January 16, 2014 NCDEX launched its Gold Hedge Futures contract, since then it has grown leaps & bounds across the bullion fraternity with a healthy q-o-q growth, reaching an Open Interest of 1400 Kgs i.e. 8% market share within a very short span of 8 months. Replicating its innovative strategy NCDEX had also launched the SILVER HEDGE contract which has shown encouraging performance with an OI of 31,245 Kgs i.e. 6% market share.

Samir Shah, Managing Director and Chief Executive Officer, NCDEX on this occasion said, “We are glad that our efforts have been recognized and this honour motivates us to take our level of innovation to  newer heights. We would like  to thank every stakeholder in the Industry for believing in NCDEX and making the contract successful.”

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