Geojit Comtrade has become the first broking firm to launch commodity futures trading on a mobile trading platform. Geojit is also the first commodities broking house to receive permission from the National Multi Commodity Exchange and the National Commodities and Derivatives Exchange to start mobile trading.
Commodities trading can be done through Geojit's mobile trading platform, FLIP ME, on mobile telephones. Prof K.V. Thomas, Union Minister of State for Consumer Affairs, Food and Public Distribution, inaugurated the trading platform at a function here, Ms Sheela Thomas, Chairperson of Rubber Board, executed the first order. Mr C.J. George, Managing Director of Geojit, said that transactions in commodity futures have soared to Rs 50,000 crore and India has become a price fixer for a large number of commodities in the global futures market.
With India being a major producer, consumer and trader of a large number of commodities, the trends in the domestic economy has been guiding the prices of these commodities across global markets. Geojit has developed the market friendly mobile trading platform, FLIP ME, over which the customer can execute orders with the commodity exchange, assess the market depth, position with the ledger balance, order book, trade book, chart, research calls, commodities index, payout requests and snap quote.
Commenting on the launch Mr C.P. Krishnan, Director of Geojit Comtrade, said: “The Mobile Trading Platform compliments our existing range of offerings giving our clients a new channel of delivery. With the penetration of mobile phones we are seeing greater potential for commodity trading in future.”
Mr A, Balakrishnan, Managing Director of Geojit Technologies, said that the service will be available on over 2,000 varieties of handsets ranging from simple Java enabled mobiles to advanced smart ones with GPRS, EDGE, WiFi or 3G connectivity.