ICICI Direct launches commodity derivatives trading

Domestic brokerage firm ICICI Securities (I-Sec) on August 28 announced the launch of commodity derivatives trading on the icicidirect.com platform.

The brokerage said this will enable its nearly 50 lakh client base to trade in commodities futures on the Multi Commodity Exchange (MCX).

MCX is India's largest commodity exchange with a market share of more than 94 percent.

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, the brokerage said.

Existing icicidirect.com 3-in-1 account holders can begin trading post a simple online commodities registration process with a competitive brokerage of Rs 20 per order and only Rs 2 per lot, said the brokerage.

“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 an investment, protection, or borrowing," said Vijay Chandok, MD & CEO, ICICI Securities.

Chandok said the service will include researched periodic as well as thematic macro reports on all the major commodities.