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National Commodity Exchange Is Now Pakistan Mercantile Exchange Limited

Date 09/03/2011

Pakistan’s National Commodity Exchange Limited has changed its name and will now be called the Pakistan Mercantile Exchange Limited. The announcement was made today by Mr. Samir Ahmed, CEO, after its approval by the Securities and Exchange Commission of Pakistan recently.

“This name change has been decided with a view to communicating more accurately our mandate as a nation wide commodities and futures exchange. The new name also reflects more accurately the wide variety of our current and planned business lines and products,” said Mr. Samir Ahmed.  Pakistan Mercantile Exchange, as the country’s first and only commodities and futures exchange, offers a platform where growers, producers, processors, traders, exporters, importers and investors can trade with ease. By providing a transparent and regulated market, it enables proper price discovery and enables participants to invest and hedge themselves against the price volatility of agriculture and non-agriculture commodities.

Currently, the exchange lists and trades contracts in Gold, Silver, Crude Oil, Rice, Palm Olein, as well as KIBOR Interest Rate Futures. During 2011, it expects to add on contracts in Currencies as well as the major domestic agricultural commodities i.e. Sugar, Wheat and Cotton. The product range is expected to grow further in future years.   

Pakistan Mercantile Exchange Limited started its operations in May 2007 as a fully electronic exchange with nation-wide reach.  It is a demutualized exchange with 100% institutional shareholding. It is licensed and regulated by the Securities and Exchange Commission of Pakistan, the apex regulator for all financial markets in the country.