Financial Daily from THE HINDU group of publications
Thursday, Feb 14, 2002
Financial Daily from THE HINDU group of publications Thursday, Feb 14, 2002 |
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Agri-Biz & Commodities
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Commodity Exchanges Online pepper futures trading hits roadblock G. K. Nair
KOCHI, Feb. 13 A MAJORITY of the members of the India Pepper and Spice Trade Association (IPSTA), the promoters of the International Commodity Exchange (ICE), have turned down the proposal to begin online trading in pepper futures. About 102 members of the 180 members are against the proposal to have online trading at the exchange, said IPSTA sources. According to them, about 15 members, who had the highest turnover at the exchange, "misguided'' others arguing that the creation of online facilities involving huge investment would raise the cost of trading. However, an ICE online committee member had rejected the argument saying that it would make the entire trading operations broad and faster besides increasing the volume of trading. But the members continued to object to the proposition citing the fate of the Coffee exchange which had gone online and then reverted to `open-cry system' recently, the sources said. Because of this continuing feud, even after 18 months a service provider has not been finalised. Meanwhile, the sources said a decision on sending a delegation to South-East Asian pepper-producing countries would be taken in April. By that time, IPSTA would muster finance for launching ICE propaganda campaign, they said.
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