(formerly National Commodity Exchange Limited)
Pakistan Mercantile Exchange-PMEX (formerly National Commodity Exchange Limited) is the first and only technology driven, de-mutualized, on-line commodity futures exchange in Pakistan. PMEX 's shareholders are National Bank of Pakistan, Karachi Stock Exchange, Lahore Stock Exchange, Islamabad Stock Exchange, Pak Kuwait Investment Company (Pvt.) Limited, and Zarai Taraqiati Bank Ltd and it is regulated by Securities and Exchange Commission of Pakistan.
The Membership of Pakistan Mercantile Exchange is open to all. Currently there are more than 300 members registered on the Exchange and the number is growing every month. The members include brokerage houses, individuals and industry specialists ranging from traders to exporters and importers and commodity specialists.
Pakistan Mercantile Exchange was formed in 2002 and it formally became operational in May 2007 by launching the first product of Gold Futures Contract. This listing was followed by the first gold physical delivery in August of 2007. Additional Products were subsequently launched – IRRI -6 rice in March 2008 Palm Olien futures in June 2008 and KIBOR futures in Jan 2009. Crude Oil and Silver contracts were listed in Nov 2009.
Recently in April 2011, Pakistan Mercantile Exchange overtook the combined volumes of the Stock Exchanges. PMEX observed a record trading volume of Rs.68 billon in comparison to stock exchanges’ combined monthly trading volume of Rs.66 billion. The same trend continued in May 2011 whereby the PMEX posted a volume of RS. 73 billion trading in various listed commodities.
The Exchange recently increased its timings and now operates 21 hours. The increase in trading hours is important at this time as the international market is ticking very fast and investors in Pakistan also get the opportunity to be part of the global activity from a regulated platform whereby they benefit from the commodity price trends and have the ability to hedge their trades.