SOPA-COMEX

INTRODUCION

Market based economies need Commodity Exchanges since trade would like to invest through hedging. In agro-based commodities, where fortune of lakhs of small farmers is involved, market forces should be allowed to play a positive and cohesive role. This makes role of a regulator a pre-requisite.

In a fast changing environment, what is required is the safety mechanism that needs to be provided to the market participants which in the past 5 to 10 years of futures trading in few permitted commodities has not been achieved.

The thriving of the illegal trading in edible oilseeds and oils in Mumbai, various parts of Gujarat, Punjab and Delhi among other places despite the existence of formal futures exchanges is a clear case of failure of futures trading mechanism. However, importance of futures market suggests that an effective management can make it success.

Even, the trading in pepper futures has not taken off to the expected levels despite in vogue for over five years, and above all, the warring Comexes have failed to come on a common platform to emerge as a single futures entity despite FMC's efforts to do so since the past two years.

Under such a situation, it is important that the economy has to be offered the benefit of reliable and foolproof hedging mechanism. For the overall benefit to the economy, it is the survival of the FUTURES TRADING which is of importance and not that of few smaller Comexes. In this process there may some relocation of activities.

The existing Comexes have a clear advantage over the proposed NCE and therefore, should view it as opportunity to change their outlook to meet the challenges and not consider the emergence of NCE as a threat. Recently, more than 5 corporate entities including foreign commodity trading entities kicked off the world's first trading in RBD palmolein futures at Bombay Oilseeds and Oils Exchange. This brings BOOE a complimentary exchange to Commodity & Monetary Exchange of Malaysia where edible oils are traded.

In the country, a number of regional Comexes has been operating with varying success. Among these, SOPA has done remarkably well in Soybean and has commenced trading in mustard/rapeseed. It has emerged better than most others. It has used management tools in order to achieve results in soybean, hence it success in others crops is only a matter of time. It would like to continue perusing its policies best suited to the interest of farmers.

In keeping with apparent economic trend in the country, SOPA Board of Trade would like to take up Futures Trading in Chana (Bengal Gram) in order to provide best market impetus to the interest of farming community.

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