Mumbai, August 28, 2020 - ICICI Securities (I-Sec), a retail-led equity house,
today announced the launch of commodity derivatives trading on the icicidirect.com
platform. With this, I-Sec's ~5 million client base will now be able to trade in
commodities futures on the Multi Commodity Exchange (MCX), India's largest commodity
exchange with a market share of more than 94%.
Commodity Derivatives is on similar lines to existing equity derivatives segment
but the underlying will be commodity instead of Stocks. Many of icicidirect.com's
popular features like the Good Till Canceled (GTC) will be available for commodities
trade too, making it more convenient for investors.
"With this launch, we are happy to have fulfilled a key need gap of our customers,
who were demanding a familiar interface for their commodity trading too. We have
moved a step closer to becoming our customer's one-stop digital shop for meeting
all their financial lifecycle requirement, be it investment, protection, or borrowing.
We will be building further capabilities in this space to offer best in class features
and trading experience for our customers. We have expertise and experienced commodities
research team who will bring well researched periodic as well as thematic macro
reports on all the major commodities," said Mr. Vijay Chandok, MD & CEO, ICICI
Commodity trading is gaining popularity as it allows for greater portfolio diversification,
is a hedge against price fluctuation, and has longer trading hours - MCX is open
from 9:00 am to 11:30pm / 11.55 pm -- allowing investors to be in the market longer
and capturing international benchmark prices. Trading is available in Bullion (Gold
and Silver), Energy (Crude Oil and Natural Gas), Metals (Aluminum, Copper, Lead,
Nickel and Zinc) and Agri (Cotton and CPO). All these commodities traded on MCX
have international linkage for greater trade participation.
Existing icicidirect.com 3-in-1 account holders can begin trading post a simple
online commodities registration process with competitive brokerage of Rs 20 per
order and only Rs 2 per lot.
Click for details on
order placement flow and
FAQs, or visit www.icicidirect.com.
About ICICI Securities
ICICI Securities Limited (I-Sec) is a subsidiary of ICICI Bank Ltd. The company
began its operation in May 1995 and continues to grow its operation through expanding
its client base and providing different type of services.
I-Sec operates www.icicidirect.com, a virtual
financial supermarket, meeting the three need sets of its clients - investments,
protection, and borrowing. Through its three lines of businesses -- broking, distribution
of financial products, and investment banking-- I-Sec serves customers ranging from
the retail and institutional investors to corporates to high net-worth individuals
I-Sec is listed on National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
For details, visit: www.icicisecurities.com
Brokerage will not exceed the Exchange prescribed limit. Except for the historical
information contained herein, statements in this release which contain words or
phrases such as 'will', `expected to', etc., and similar expressions or variations
of such expressions may constitute 'forward-looking statements'. These forward-looking
statements involve a number of risks, uncertainties and other factors that could
cause actual results, opportunities and growth potential to differ materially from
those suggested by the forward-looking statements. These risks and uncertainties
include, but are not limited to, the actual growth in broking business and other
financial services in the countries that we operate or where a material number of
our customers reside, our ability to successfully implement our strategy, including
our use of the Internet and other technology our exploration of merger and acquisition
opportunities, our ability to integrate mergers or acquisitions into our operations
and manage the risks associated with such acquisitions to achieve our strategic
and financial objectives, our growth and expansion in domestic and overseas markets,
technological changes, our ability to market new products, the outcome of any legal,
tax or regulatory proceedings in India and in other jurisdictions we are or become
a party to, the future impact of new accounting standards, our ability to implement
our dividend policy, the impact of changes in insurance regulations and other regulatory
changes in India and other jurisdictions on us. ICICI Securities Limited undertakes
no obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.
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