The United Commodity Exchange (UCX) is getting ready to enter the crowded space of the Indian commodity futures market. The exchange is in the final round of discussions with domestic and foreign private sector investors to sell a nine per cent stake for which it expects a premium — despite the fact that it is yet to start operations. This is not an unreasonable expectation given that Oman Investment Fund paid Rs 27.5 per share (face value Rs 10) for its five per cent stake. UCX is also in the process of selling five per cent more to a public sector unit.