Marvel Comics once created an all-powerful character, the Hulk.

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At first glance they both look unremarkable and their steel and glass enclosed environs on the 6th floor of the towering building in a plush Mumbai suburb does not look out of ordinary at all. But this is the very place from where both Jayesh Shah and M. Ramalingam, honchos of market operations at Multi-Commodity Exchange (MCX), India’s leading commodity bourse, oversee transactions running into a mind-numbing Rs.180 to Rs.200 billion per day. The set-up, housing close to 50 operations, technical and surveillance staff at any given time of the exchange’s long drawn working hours (10am to 11:30pm if you please), is the nerve centre of MCX – the place where futures contracts are converted into currency, hedgers are permitted to enter and leave the market depending on their sentiment, and wild speculators are tracked and promptly thrown off the market course.

Shah and Ramalingam ensure that markets at MCX function smoothly to bring best returns to all its stakeholders - hedgers, traders, corporates, brokers, farmers, as also to MCX. Their supervision, combined with the now-legendary vision and technical prowess of MCX founder, Jignesh Shah (38); and the risk management and business development appetite of co-founders Joseph Massey (47) and Anjani Sinha (42), respectively; have catapulted MCX to the position of India’s numero uno commodity futures market, cornering over 75% of the total volumes traded in Indian commodity exchanges, amounting to an average daily turnover of a staggering Rs.200 billion. Closest competitor, National Commodity & Derivatives Exchange (NCDEX) trails with an average daily turnover of a mere Rs.18-20 billion, making MCX look the evergreen Hulk in the space.

Top honchos at MCX are also kicked about the impending IPO that they hope will net the commodity exchange a cool Rs.5-6 billion to fund its future expansion plans. They are not revealing the exact timing of the IPO though, given the volatility of the Indian equity markets, as also the pressure created due to the recent government ban on futures trading in four agri commodities and levying of a higher commdity transaction tax. For the record, after the IPO, promoter firm Financial Technologies India Limited’s (FTIL’s) stake in MCX will come down by another 5.5%. Since January this year, when government allowed foreign equity players to pick up stake in comex’s, MCX’s latent potential has prompted a host of global players to climb on to the MCX bandwagon, including NYSE Euronext, Citigroup and Merrill Lynch & Co.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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