Disclosure:I am market making in the shares of BSE
The Bombay Stock Exchange plans to start its own commodity exchange by next fiscal year, BSE’s Chief Executive Officer and Managing Director Ashishkumar Chauhan has said.
He said that the Securities and Exchange Board of India (SEBI) has already permitted BSE’s foray into commodity trading through its own exchange. Since commodity trading in India is regulated by the Forward Markets Commission (FMC), BSE is now awaiting the Commission’s nod.
“BSE plans to set up a commodity exchange for which SEBI has already given us its permission. Now, we are awaiting FMC’s clearance as we have already applied for the licence. We are hopeful about starting the exchange by the next fiscal after getting FMC clearance,” Chauhan said during his interaction with reporters here recently.
Commenting on BSE’s future road map, Chauhan hinted at transforming the exchange into a more “society friendly” institution rather than merely focussing on making money through commissions.
He said that BSE could become irrelevant if it failed to focus on what society needed, that is, capital formation and new investment, rather than mere trading.
“Exchanges focus on trading, since they get 70 per cent to 80 per cent of their income from commissions. However, society is not interested merely in trading. Exchanges may become irrelevant if they don’t focus on what society and country needs, which is capital formation, new initial public offers (IPOs) etc,” Chauhan said. –from BS
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Linkfest:February 09,2015
Some stuff I am reading today morning:
Best stock picks for Credit Suisee for Union Budget 2015-16 (MyInvestmentIdeas)
Shares of discoms may feel the AAP heat (ET)
The Modi Index of Stocks (Outlook)
Nifty has been down 6 Consecutive Days (Capital Mind)
HDFC Sec: Sell Gujarat Pipavav Port (Dead President)
Alternative Investment Funds Industry doubles in size (Mint)
How to pay off your marriage loan (Subramoney)
Capital Requirements for an Indian Trader (Prashant)
How Twitter found its money mojo (Medium)
Jyoti Basu:Prince of darkness (Swarajya)
For a few months I had been having slight pain in my biceps near my elbows. My doctor said it was probably an injury from lifting weights. One night about four weeks ago I was sleeping soundly when I was jolted awaked by much more significant bilateral pain in both of my biceps. I immediately thought: “I am having a heart attack; I need to get to an emergency room.” I woke my wife and asked her to get dressed quickly and to get in the car. As we were driving to the hospital the painful sensations in my biceps started to go away. It was at that point that I believe I started telling myself a story about the pain in my arms not really being from a heart attack. I am sure I was subconsciously thinking: “I have a busy schedule next week. I can’t afford to have a heart attack right now. This pain is probably nothing. I probably just hurt myself in the gym. Who gets bicep pain with a heart attack and no chest pain?” I then said to my wife: “Maybe we should go home.” My wife insisted we go to the emergency room. I might have argued with her, but at that moment I reminded myself about Munger and Buffett’s approach to risk:
“Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we’re trying to do. It’s imperfect, but that’s what it’s all about.” http://beta.fool.com/danielsparks/2012/12/14/berkshire-hathaways-downside-protection/18950/
Going to the emergency room emergency room for tests on my heart function was clearly wise since the amount of possible loss was so massive even if the probability was small (which it was not given the symptoms). After thinking about this formula I no longer argued with my wife about going to the emergency room. In this case rationality (and my wife) overcame psychological denial, over-optimism and other negative decision making heuristics. It turned out that my pain was from a small heart attack and three days later I was in the operating room for a triple bypass.-from 25IQ