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MCX gets Sebi’s nod for currency futures trading

MCX gets Sebi’s nod for currency futures trading
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First Published: Mon, Aug 25 2008. 02 33 PM IST
Updated: Mon, Aug 25 2008. 02 33 PM IST
PTI
New Delhi: Country’s largest commodity bourse the Multi Commodity Exchange (MCX) has received ‘in-principal´ approval from market regulator Securities and Exchange Board of India (Sebi) for currency futures trading.
“MCX has received Sebi’s in-principal approval for its subsidiary — MCX Stock Exchange Ltd, which had applied for currency derivatives,” MCX promoter Financial Technologies India Ltd (FTIL) informed Bombay Stock Exchange.
“MCX Stock Exchange will commence membership enrollment from 26 August,” FTIL said, adding that it has already conducted seven road shows in which over 1,000 representatives from commodity brokers, banks, exporters, stock brokers and corporates have shown interest to become its member.
MCX would be the second exchange after the National Stock Exchange to launch exchange traded currency derivatives.
Recently, on 7 August, joint panel of RBI and Sebi had decided to introduce currency futures in stock exchangs, to manage volatility in the value of rupee.
Currency futures is a forex derivative contract to buy or sell one currency against other on a specified future date, at a price decided in the contract.
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First Published: Mon, Aug 25 2008. 02 33 PM IST