India's largest commodity bourse -- the Multi-Commodity Exchange -- has emerged as the world's third largest bullion exchange after NYMEX and TOCOM.

MCX Vice President, Product Knowledge Management Sameer Patil said on the sidelines of a seminar on bullion trading here that the exchange is now the third largest bullion exchange after New York Metal Exchange and Tokyo Commodity Exchange.

"Total average daily bullion trading in MCX now is between Rs 5,000 (Rs 50 billion) and Rs 5,500 crore (Rs 55 billion)," Patil said.

Daily average gold trading was around Rs 3,000 crore (Rs 30 billion), while trading size for silver was between Rs 2000 (Rs 20 billion) and Rs 2500 crore (Rs 25 billion).

In terms of trading volume, the MCX turnover was just 10 per cent of NYMEX and around 25 per cent of TOCOM. Bullion contributed over 50 per cent of the total turnover of MCX.

MCX is the second largest exchange in silver in the world. It clocked a record turnover of Rs Rs 22,93,723.7 crore (Rs 22937.23 billion) during the financial year 2006-07

MCX has already tied up exclusively with some of the largest players in the commodities eco-system namely, Bombay Bullion Association, Bombay Metal Exchange, Solvent Extractors' Association of India, Pulses Importers Association, Shetkari Sanghatana, United Planters Association of India and India Pepper & Spice Trade Association. MCX has also established the National Gold Delivery market in partnership with World Gold Council.

The exchange has also inked various agreements global exchanges like The Tokyo Commodity Exchange; The Baltic Exchange, London; Chicago Climate Exchange; New York Mercantile Exchange, London Metal Exchange; Dubai Multi Commodities Centre; New York Board of Trade and Bursa Malaysia Derivatives, Berhad.