The National Commodity Exchange Limited (NCEL) has changed its name and henceforth will be called the Pakistan Mercantile Exchange Limited. The announcement was made on Friday by Samir Ahmed, Managing Director after its approval by the Securities Exchange Commission of Pakistan (SECP) recently.
"This name change has been decided with a view to communicating more accurately our mandate as a nation-wide commodities and futures exchange. The new name also reflects more accurately the wide variety of our current and planned business lines and products," said Samir Ahmed in the press communiqué.
NCEL as the country's first and only commodities and futures exchange, offers a platform where growers, producers, processors, traders, exporters, importers and investors can trade with ease. By providing a transparent and regulated market, it enables proper price discovery and enables participants to invest and hedge themselves against the price volatility of agriculture and non-agriculture commodities. NCEL is the Pakistan's first and only de-mutualised commodity futures exchange with a 100 percent institutional shareholding. The current shareholders are: National bank of Pakistan, Pak Kuwait Investment Co, Zarai Taraqqiati Bank and the three national stock exchanges.-PR
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