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Pakistan's first Electronic Commodity Exchange, National Commodity Exchange Limited (NCEL)

The much-awaited country's first electronic commodity exchange, National Commodity Exchange Limited (NCEL) is likely to go in operation next month as the securities' watchdog has given final consent to the exchange for raising all three bourses' representation by five percent, sources in NCEL told Business Recorder on Monday.

"The bone of contention among the three stock exchanges of the country has been removed completely," they said. They said that that the Securities and Exchange Commission of Pakistan (SECP) has finally approved the shareholding issue of the three stock exchanges ie Karachi, Lahore and Islamabad stock exchanges, raising an aggregate shareholding from 30 percent to 35 percent.

"The securities' regulator has given the biggest chunk to Karachi Stock Exchange with 17.5 percent shareholding while Lahore and Islamabad bourses would get 10 percent and 7.5 percent, respectively," sources said.


Since the shareholding issue, which was the main impediment in launching formal trading of the country's first electronic commodity exchange has been resolved, the NCEL is likely to start trading in the first week of May this year.

"The latest development on the NCEL front is that the names of the Board of Directors (BoD) have also been sent to SECP for approval," sources said. They said that the NCEL has put forward two names from KSE, and one each from LSE, ISE, Pak-Kuwait Investment Company and Zarai Taraqiati Bank Ltd, to fill the nominated directors' slots. "NCEL will have 12 directors on its board with, obviously, one managing director," sources said.

Earlier, more than three times, the NCEL management had announced to commence its trading operations but always it had been delayed due to the dispute on share holding the operation.

After clearing all issues, now there is no hurdle to start operation of commodity exchange, sources said. NCEL is the country's first commodity exchange, with paid up capital of Rs 50 million and has 283 members. SECP had issued the licence in 2002 and later gave permission for futures trading in gold to NCEL management to commence its formal operations.via Business Recorder, 2007

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Blogger bizzwhizz said...

National Commodity Exchange Limited (NCEL) is the first technology driven, de-mutualized, on-line commodity futures exchange in Pakistan. NCEL’s shareholders are Karachi Stock Exchange, Lahore Stock Exchange, Islamabad Stock Exchange, Pak Kuwait Investment Company (Pvt.) Limited, and Zarai Taraqiati Bank Ltd and it is regulated by Securities and Exchange Commission of Pakistan.

NCEL is committed to provide a world-class commodity futures trading platform for market participants to trade in a wide spectrum of commodity derivatives, driven by best global practices, professionalism and transparency. Initially, NCEL will provide trading facilitates in Gold, Cotton Yarn, Sugar, Rice and Wheat. . In the second phase, NCEL will also list financial futures contracts.

Access to NCEL trading platform will be available through the internet for up to the client level. It will be the first Exchange in Pakistan to employ modern risk management techniques based on Value-at-Risk with a pre-trade risk check in real time. The Exchange will act as a central counterparty to both buyers and sellers through a novation process and provide clearing & settlement on a T+0 basis using on-line bank transfer mechanism.

10:48 PM  

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