The Forward Markets Commission (FMC) has removed four commodities, including maize, from the ambit of evening trade and reduced trade timings for the remaining six on the futures platform of commodity bourses.
The revised trade timings and the new list of commodities allowed for trading in the evening hours will be applicable from July 13, it said in its latest circular. In March last year, the regulator had allowed evening trade in 10 agricultural commodities that are linked globally.
"The Commission has decided to remove the illiquid contracts -- RBD palmolein, cottonseed, maize and cotton seed oilcake -- from the purview of the evening trade," FMC said.
Accordingly, the facility of the evening trade will be available only for the remaining six internationally-linked agricultural commodities: soya oil, soyameal, crude palm oil, cotton, kapas and sugar. The Commission added that trade timings are reduced from 11-11.35 pm to 9-9.30 pm during US daylight saving period.
On expiry date, contracts expiring on that day will not be available for trading after 5 pm. The decision to reduce the number of commodities and trading hours has been taken on the basis of feedback received from exchanges. The issue was discussed at a meeting of MDs/CEOs held last month, where exchanges said illiquid contracts such as RBD palmolein, cottonseed, maize and cotton seed oilcake may be kept out of the purview of the evening trade.
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