a demutualized ownership system are known as countywide national exchanges.

There are now

three such exchanges: MCX (Multi Commodity Exchange), NMCE (National Multi
Commodity Exchange), and NCDEX (National Commodity Exchange) (National
Commodities and Derivatives Exchange).

MCX has grown to become the country's largest exchange. MCX began operations on
November 10, 2003, and now has over 120000 registered members operating through over
100,000 trader work stations across India, with a market share of over 80% of the Indian
commodities futures market. In terms of the volume of contracts traded in 2009, the exchange
was the sixth largest and one of the fastest growing commodity futures exchanges in the world.
On its platform, MCX provides over 40 commodities in diverse divisions, including bullion,
ferrous and non-ferrous metals, and a variety of Agri-commodities. With respect to the number
of futures contracts traded, the Exchange is the world's largest in silver, the second largest in
gold, copper, and natural gas, and the third largest in crude oil futures.

Even as reform attempts take shape, the Indian commodities futures market has seen a massive
surge in turnover. In recent years, the overall value of transactions in the Commodity Futures
Market has increased significantly (Table 1). From 2006 to 2020, MCX had the biggest value
of trading turnover, followed by NCDEX and NMCE.

On its platform, MCX has been accredited to three ISO contracts. ISO 9001:2008 Quality
Management System and ISO 14001:2004 Environmental Management NCDEX are among
the standards. The Exchange's headquarters are in Mumbai, and it provides services to its
members through sites spread throughout India. Contracts were available in 34 commodities
on February 9, 2012, including 23 agricultural commodities, 6 precious metals, 2 energy, 1
polymer, and 2 other metals. Soya oil, Gaur Seed, Chana, RM NCDEX seed, and Guar gum
were the top five commodities traded at the Exchange in terms of volume. Since the NCDEX
placed 32nd in 2010 and the Futures Industry Association's global ranking of top 53 derivatives
exchanges evaluated by volume, the country's second biggest commodity derivatives exchange
has been listing contracts, rising to become India's TOP National Multi-commodity Exchange
in 2011. (NMCE). The following are commodity exchanges: ACE, ACE, ACE, ACE, ACE,
ACE, ICEX stands for Indian Commodity Exchange. Exchange of Multiple Commodities
(MCX). Derivatives and Commodity Exchange ACE.

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