Polled Price

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Spot Price Polling
Ace disseminates spot prices for commodities traded on the exchange platform on a daily basis. The Spot prices so disseminated are polled from participants, who are a part of the value chain, through a price polling process. Price polling is carried out either once or twice a day depending on the Commodity, by an independent polling agency.
Polling participants
Before the launch of a commodity, the Exchange identifies key polling participants. Exchange endeavors to include maximum participants to cover the entire value chain. The number of polling participants ranges from 30 to 50 depending upon the commodity. From this universe, 15-25 participants are polled randomly on a daily basis. The exchange takes specific care to ensure that the participants selected are those having relevance to the commodity being polled from them. These participants may be producers, manufacturers, brokers, traders or end consumers of the concerned commodity. The polling participant list is reviewed by the exchange periodically.
Polling Agency
Price polling activity is carried by an independent entity i.e. Cogencis Information Services Ltd (earlier known as Newswire 18.). Cogencis Information Services Ltd provides real-time market data and financial news and has experience of over a decade in this area.
Exchange and the Polling agency agree on a standard operating procedure to carry out the said activity and the activities of the Polling Agency are subject to periodic audit by the Exchange.
Polling Process
The polling participants are explained the contract specifications in detail and advised to give quotes of the commodity according to the contract specifications.
The contract specifications of the commodity are explained to the Polling Agency. Before launch of the contract for the first time, the Polling Agency carries out test polling of prices from all participants for few days. The feedback received from participants along with prices is shared with Exchange for review and necessary adjustments are made in the methodology, if any. After this, the live polling commences for the Commodity.
Similarly when a new participant is added to the polling list, test polling is carried out from the participant for few days and the quotes given by him are observed. Thereafter the participant’s quote is considered for spot price derivation.
Live Polling
On a daily basis, the participants are called randomly from the total polling list as per participant’s availability. These calls are made through recorded lines by Agency. The raw quotes received from the polling agency are available in read only mode and the Exchange cannot modify the data so received.
In case of movements in spot prices vis a vis earlier polled prices, Exchange may reconfirm the prices on a sample basis with the polling participants and ask Agency to re-poll the prices from the participant or poll prices from other participants who have not been approached earlier. Agency after carrying out additional polling, forwards the raw quotes to the Exchange.
The raw quotes received from Polling Agency are bootstrapped. The bootstrapping is a statistical tool which does not replace or add to the original data. The Bootstrapping process removes the outliers from the data. The polled prices are extrapolated K (say 1000) times. The mean and standard deviation of each of these K samples is obtained. The sample is then trimmed to remove the highest and/or the lowest quotes. After removing the outliers, the steps are repeated. The mean of the sampling distribution with lowest standard deviation is taken as the bootstrapped price. This process is fully automated.
Dissemination of Prices
The bootstrapped price as obtained from bootstrap application is disseminated on the Exchange Terminals and Exchange Website as spot prices.
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