National spot exchange:
Trading in all contracts, except e-series contracts, stands suspended.
The day after commodity exchange National Spot Exchange Ltd suspended trading of all one-day forward contracts without assigning a clear reason, the government asked for the rationale behind the action; rumours about a possible default swirled in Mumbai’s trading circles; finance companies that engage in trading on behalf of clients or themselves rushed to issue statements claiming they had marginal or no exposure on the exchange; and shares of the exchange’s parent company crashed.
By the end of the day, there was still no clarity on the rationale, nor the reason why commodity traders wanted to distance themselves from the happenings on the exchange.
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