Mock trading in currency futures to commence today

Mock trading in currency futures to commence today


Mumbai: MCX Stock Exchange (MCX-SE) will begin mock trading in currency futures from today.

Within three days of its launch, MCX-SE has received an expression of interest from over 300 members, including banks, commodity brokers, exporters, importers, stock-brokers and forex dealers, according to an exchange release issued Sunday.

The clearing banks have been appointed and more than 12 banks have expressed their willingness to participate in trading on the exchange.

MCX-SE is a subsidiary of the Multi Commodity Exchange of India (MCX). It received an in-principle approval from market regulator SEBI for the launch of the currency derivative segment on 25August.

MCX-SE is offering membership as Trading Member (TM), Trading-cum-Clearing member (TCM) and Professional Clearing Member (PCM).

Commenting on the development, MCX managing director and CEO Joseph Massey, said “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 eco-system."

“With MCX foray in the currency derivatives space, it aims to lend its expertise of running a successful exchange to its new venture - MCX-SE," Massey added.