This implies that the ICC trading which was to commence from October 29 or 31, 1998 would be further postponed.

According to Foretell, there has been an overwhelming response from prospective members and on an average about 20 prospective members attend the mock trading sessions daily.

The infrastructure in terms of trading amenities, electronic display board, software and supporting staff is being set up at the Cotton Exchange at Sewri. The membership drive is on and the Union Bank of India has evinced interest to be the institutional member of the Exchange.

"Foretell is of the opinion that enthusiasm of participant is an excellent beginning and would lead to making the futures contract a highly successful and effective hedge instrument. The mock trading during the nexttwo weeks would now include various aspects related to the delivery and the trading rules would be explained to all the participants besides conducting mock trading.

Foretell is offering consultancy to EICA in preparing comprehensive input for training; assisting in conducting mock trading; marketing the ICC to the Indian industry, banks and financial institution; assisting EICA in finalising the software systems, market structure and trading systems.

The mock trading was started with an objective of introducing prospective members to various aspects pertinent to futures trading such as initiating, closing and carrying forward positions, margining systems, settlement differences, membership categories and entitlements, trading rules and delivery. It also would encourage members to become active participants of ICC. prepare prospective member for live trading in cotton futures and evaluate various provisions of the By-laws.

The mock trading session which starts at 11.30 am extends for 2-3 hours. It takesfeedback on transactions of the previous day; explains procedures for trading and clearing a transaction including the process of open outcry and filling the transaction slips; conduct mock trading inside the trading ring; illustrate the concepts of margins, settlement differences through examples and solicit suggestions and respond to the suggestions.