The value of derivatives trading in all the commodities has increased from Rs. 68,276 crore
in 2002-03, to Rs. 1,30,214 crore in 2003-04, and it reached Rs. 5,00,000 crore in 2004-05. In tune
with the liberalisation of the commodity markets in India, all the operational exchanges have been
persuaded to implement various reforms such as online trading, time stamping, trade guarantee and
settlement mechanism, one-third independent board representation, and back-office automation.
Except online trading, most of these reforms have been implemented by many of the exchanges. In
order to increase the volume of trading, the Forward Markets Commission (FMC) is signing
Memorandum of Understanding with the Exchanges setting benchmark targets.
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