-- Received expression of interest from over 300 members; 12+
banks willing to participate in trading
MUMBAI, India, Sept. 2 /Xinhua-PRNewswire/ --
MCX Stock Exchange Limited (MCX-SE), subsidiary of India’s No. 1 commodity exchange, Multi Commodity Exchange of India Limited (MCX) has received unprecedented response for its membership drive within 3 days from the launch date. More than 300 members have shown expression of interest including banks, commodity brokers (MCX and NCDEX), exporters, importers, stock brokers (NSE & BSE members) and foreign exchange dealers registered through FEDAI. MCX-SE has been in technical readiness since long and considering the significant response from members, MCX-SE has decided to commence mock trading from 2nd September, 08 (i.e. tomorrow).
MCX-SE is offering membership as Trading Member (TM), Trading cum Clearing Member (TCM) and Professional Clearing Member (PCM). MCX-SE received an in-principle approval from SEBI for the launch of currency derivative segment on 25th August, 08. The clearing banks have been appointed and in total 12+ banks are expressed willingness to participate in the trading on the exchange.
Commenting on the development, Mr. Joseph Massey, MD & CEO, MCX said, "MCX Stock Exchange, the new exchange created by MCX to start the currency future trading will leapfrog Indian markets to the new orbit by enabling its users to set price risk and currency risk service from the same ecosystem. With MCX foray in the currency derivatives space, it aims to lending its expertise of running a successful exchange to its new venture - MCX-SE. The technology has been tried and tested and scalable with multiple modes of connectivity though a separate and independent MCX-SE technology platform."
MCX-SE platform would be ideal for hedgers, investors and arbitrageurs to take positions against exchange rate fluctuation. MCX-SE will be a transparent, nationwide online trading platform with counterparty guarantee, transparency and operational efficiency. The exchange will provide long-term and short-term price signals which will help the industry participants to make efficient and effective decisions to manage their currency risk.
MCX-SE is backed by MCX’s pioneering efforts in trade efficiency, robust technology platform, domain expertise and strong presence across India. MCX is amongst the top ten commodity exchange globally, in terms of number of contracts traded.
To start with, MCX-SE would be offering USD-INR futures monthly contracts for a maximum of 12 months ahead.
About MCX
Headquartered in the financial capital of India, Mumbai, MCX ( http://www.mcxindia.com ) is a demutualised nationwide electronic multi commodity futures exchange set up by Financial Technologies with permanent recognition from Government of India for facilitating online trading, clearing & settlement operations for futures market across the country. The exchange started operations in November 2003
MCX offers futures trading in 48 commodities as on June 30, 2008, defined in terms of the type of contracts offered, from various market segments including bullion, energy, ferrous and non-ferrous metals, oils and oil seeds, cereals, pulses, plantations, spices, plastics and fibres. The exchange has forged eighteen strategic alliances with Indian commodity exchanges, trade exchanges and international exchanges.
MCX Safe harbor statement:
Certain statements in this release that are not historical facts may be forward-looking in nature. Although MCX believes that expectations reflected in such forward-looking statements are based on reasonable assumptions, it has no assurance that its expectations will be attained. These statements involve risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated in such forward-looking statements. MCX does not undertake responsibility to update any forward-looking statement that may be made from time to time by or on behalf of MCX.
