Still for the future

Opening up futures trading in commodities to banks, which may well be a precursor to similar access for other financial institutions, seems a measure whose time has not yet come. Futures trading, reintroduced in 2002 after a nearly four-decade hiatus, is still in its infancy in India. The Forward Markets Commission (FMC), the commodity trade regulator, is weak and toothless; it finds it difficult to ensure fair and distortion-free trading through commodity exchanges even at current volumes. 

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