Clocks turnover of Rs. 287.49 crores
Mumbai, Maharashtra, India, October 8, 2008 (PRESSbooth.ORG) -- After inauguration of India ’s newest exchange for currency derivatives, MCX Stock Exchange (MCX-SX) went LIVE today. On the first day, 59,952 contracts each valuing $ 1,000 were traded. The total value of the contracts valued at Rs. 287.49 crores. The open interest was 17,296 contracts. Banks and hedgers participated on the exchange in a big way both in terms of turnover and also in terms of open interest. MCX – SX was launched yesterday at the hands of Chief Guest Shri C. B. Bhave, Chairman, SEBI. Smt. Shyamala Gopinath, Deputy Governor, RBI was Guest of Honour at the event. MCX – SX has received 870+ membership including 22 banks from private sector, public sector and foreign banks.
The first trade was done by Jaypee Capitals Services Ltd. and East India Securities Ltd. Amongst the bankers HDFC bank did the first trade. Union Bank of India , SBI, Indus Ind and other banks also participated.
MCX – SX spokesperson said, “We are happy looking at the trade response from the stakeholders. The participation was seen across India . The currency market, also known as “Foreign Exchange” (FOREX) market, will facilitate wider group of constituents to participate in the newly launched structured futures platform. The strong, dynamic and transparent price signals from the exchange will encourage market participants to use this mechanism to minimize their risk.”
The launch of MCX–SX opens a new opportunity and provides a timely tool to the market participants who have direct and indirect exposure to currency risks.
About MCX Stock Exchange (MCX-SX):
MCX Stock Exchange (MCX-SX) is a stock exchange recognised by the SEBI & RBI and has been allowed to operationalize the exchange traded currency derivatives.
The exchange will allow importers, exporters, investors, corporations and banks to hedge their currency risks with greater transparency and safety. With a large number of banks, corporates, brokerage houses and actual users as trading members, MCX-SX will provide the desired liquidity and depth for all categories of users. Further, MCX-SX will guarantee settlement of all transactions which will enhance safety by eliminating counterparty risk. Besides large users, MCX-SX will also benefit small and medium enterprises (SMEs) who hitherto did not have easy access to the currency markets. MCX – SX has been promoted by Multi Commodity Exchange of India Ltd. (MCX) and Financial Technologies ( India ) Limited (FTIL)
The MCX – SX, currency futures trading platform brings a new dynamism and innovation to the forex market. MCX – SX believes in Systematic development of financial markets in India through Education and Research and accordingly it has taken various measures to ensure that this important financial instrument is used by users more effectively.
Contact:
Akshay Jain,
Sr. Manager,
Corporate Communications,
Mobile : 09967575636,
Phone No.: +91-22-67318888
Mr. Rajesh Chaturvedi,
Adfactors PR Pvt. Ltd.,
+ 91-22-98200 69038
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