ACE Derivatives and Commodity Exchange
| ACE Derivatives and Commodity Exchange | |
| Founded | October 26, 2010 |
|---|---|
| Headquarters | Mumbai |
| Key People | Dilip Bhatia - Chief Executive Officer |
| Products | commodities: agriculture, spices, metals, energies, softs |
| Website | http://www.aceindia.com/ |
Ahmedabad Commodity Exchange, also known as ACE Derivatives and Commodity Exchange is India's fifth national commodities exchange, was launched on October 26, 2010. The exchange opened, offering contracts on soybeans, soy oil, rape mustard seed, castor seed and chickpeas with plans to offer other contracts such as energies, metals and spices.[1][2]. ACE's launch was the first time a regional Indian market was upgraded to a national market.[3]
The all-electronic market is 51 percent owned by Kotak Mahindra Group, an Indian banking and financial services firm. Other investors include The Haryana State Cooperative Supply & Marketing Federation Ltd. (HAFED), a state cooperative service and marketing organization. Other investors include: Bank of Baroda, Corporation Bank and Union Bank.[4][5]The exchange opened with 230 registered members.
The exchange joins other Indian commodity exchanges: National Multi-Commodity Exchange (NMCE), National Commodity and Derivatives Exchange (NCDEX), Multi Commodity Exchange of India (MCX), and Indian Commodity Exchange (ICEX). [6]
Background
Products and Services
The exchange lists a host of commodity products, some of which are offered, others which are planned for launch.
ACE's agriculture contracts include: castor seed, mustard seed, soybeans, refined soy oil, rape mustard seed and chickpeas or chana and sugar. It also lists tumeric, a staple spice used in India. [7]
Among the non-agricultural contracts announced by the exchange are: gold, silver, copper, zinc, nickel, crude oil and natural gas.[8]
Key People
- Dilip Bhatia - Chief Executive Officer
- Selven Rodrigo - Head of Business Development
- Tapan Mishra - Head of Products and Research
- Suresh Pai - Head of Business Operations
- Shailesh Patni - Head of IT Infrastructure Division
- Ashish Naik - Head of IT Applications Division
- Yash Kotak - Head of Finance
- Manish Jain - Head of Legal and Compliance
References
- ↑ India's Futures Rush. Wall Street Journal.
- ↑ Key Shareholders. ACE.
- ↑ ACE goes live today, eyes 10% mkt share. Financial Express.
- ↑ Key Shareholders. ACE.
- ↑ Kotak group serves an ACE for commodity futures. Business Line.
- ↑ ACE in process to become national commodity bourse. MyDigitalFC.com.
- ↑ Products. ACE.
- ↑ Products. ACE Commodity Exchange.
