JAKARTA: The government's seriousness in promoting the progress of commodity futures trading industry one of them by giving tax relief a major factor in whether or not advanced futures exchanges in a country.
CEO of Multi Commodity Exchange (MCX) Lamon Rutten said, in Indian country, the government strongly supports the development of futures trading industry, with various forms of support.
With serious support from the government, continued Rutten, India now has 70 commodity futures exchange with five of them national and some are included in the top 10 futures exchanges in the world.
"Support the government of India including the form of tax free deposits," says Rutten to Business in Jakarta, yesterday.
He added that other forms of support that is related to the contract approval process easier, and related ministries are ready to become lobbyists among other ministries, including the company's red plate to give my full support.
Rutten said that MCX has become the largest commodity exchanges in India and the sixth largest in the world. Transaction volume in MCX during 2009 amounted to 161.2 million contracts or uphill lot 70.9% from the position 2008. MCX even more superior position compared with the London Metal Exchange (LME), which occupies the position of the 7th world with a volume of 106.5 million lots in 2009.
MCX currently mentransaksikan futures contracts, among others, WTI crude oil, copper, silver, gold, nickel and natural gas. For silver contract transactions, MCX was in a position to claim the first world, for gold, copper and natural gas positioned the second highest and third position of crude oil in the world.
Rutten adds in addition to government support, the progress of the stock futures can not be separated from several contributing factors, including socialization. Stock management together with the related government must be diligent about the existence of socialization and its products.
"The market should not hesitate to spend socializing, other than that the government should also support the dissemination of this," he said.
Deputy Trade Minister Mahendra Siregar said the futures exchange in the country need to learn from the experience of India. India managed to develop a commodities futures exchange, so some of them could be a top 10 futures exchanges in the world.
"Indonesia needs to learn from the experience of futures exchanges in India to develop a futures exchange in the country," said Mahendra.
Wamendag said that Indonesia and India have the same culture that is an agricultural country. The country has managed futures advanced.
Source : bisnis.com, 8 November 2010