Oct 10, 2008, 03.36 PM IST | Source: Moneycontrol.com

USD/ INR currency futures trade goes live on MCX-SX

USD / INR Currency futures trade goes live on MCX-SX. 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.

After inauguration of Indias 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 MCXSX opens a new opportunity and provides a timely tool to the market participants who have direct and indirect exposure to currency risks.  

Sourced From: Adfactors Public Relations Pvt Ltd

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