Financial Daily from THE HINDU group of publications
Saturday, May 18, 2002
Financial Daily from THE HINDU group of publications Saturday, May 18, 2002 |
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Agri-Biz & Commodities
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Commodity Exchanges IPSTA meet to settle online trading issues G. K. Nair
KOCHI, May 17 THE India Pepper and Spice Trade Association (IPSTA) is to hold a general body meeting next month to discuss the whole issues relating to online trading which has been pending for long due to difference of opinion among its members. The total budgeting required for introducing online trading would be discussed. There is a lot of misinformation about the trading cost etc, which has led some of the members opposing the proposal and this will be cleared, according to Mr Kishor Shamji, President, IPSTA. He told Business Line on Friday that the cost per member, unit cost payable to International Commodity Exchange(ICE) etc., were expected to be decided at the meeting. He said some service providers had been short-listed and the lowest bidder would be selected. IPSTA proposed to set up 44 terminals in the exchange, which the members could use. ``We are going to implement it as it is more transparent besides being an encouraging factor to attract more members to the International Commodity Exchange,'' Mr Kishore Shamji said. According to him the present "outcry'' system was not only hazardous but also totally non-transparent. Besides, introduction of online system would lead to wider trading and would increase the turn over. All these advantages would be explained to the members against this advanced trading method, he pointed out. Some members were contending that the online trading cost would be exhorbitant. "But, that is not true'', he said. An online-Committee, set up by IPSTA Board, has been working on this for over a year but no final decision could be taken due to opposition from some members. Also the general body would discuss the importance of quality parameters on delivery. Though a fool-proof system existed, a member had defaulted recently, he said.
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