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Mumbai, July 6 (PTI) Commodity markets regulator Forward Markets Commission (FMC) is expected to take a decision on giving an in-principle approval to Universal Commodity Exchange (UCX) shortly, a top FMC official said. "The proposal is under process and we may take a decision on an in-principle approval to the Universal Commodity Exchange soon," FMC chairman B C Khatua told PTI here today. The UCX, a newly-promoted commodity exchange, has approached the Forward Markets Commission (FMC) for setting up a national-level commodity exchange. The Mumbai-based UCX is a pioneering initiative in the field of commodity exchange business in the country. UCX would be a full-fledged bullion and commodity Exchange for futures and derivatives markets. It aims to become one of the largest physical commodity futures exchanges, ensuring price transparency and a robust risk management-cum-surveillance system for facilitating online trading and clearing operations across the country. It is also in the process of entering into strategic alliances and partnerships with banks, financial institutions and warehousing companies in markets across the country. PTI AP JJ.
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