Aimed to educate Traders, importers, exporters, SME's across Maharashtra.
MCX-SX (MCX Stock Exchange), India's new stock exchange, today formally launched its 5th regional website in Marathi (http://marathi.mcx-sx.com). Dr. A. M. Pedgaonkar, CGM-in-Charge, Department of Information and Technology, RBI was the Chief Guest of Honor and unveiled the website. Maharashtra is an industrial state and is hub for traders, exporters and other business participants. This new initiative will provide the benefits of the currency futures markets in local language to a segment deprived of using the futures market due to language barrier.
At the launch of the website, Dr. A M Pedgaonkar, CGM-in-Charge, Department of Information and Technology, RBI said, "I congratulate MCX-SX for launching website firstly in national language and now in Marathi. This innovation will help the traders, brokers and corporate at regional level to understand the market and hedge their funds."
Mr. U. Venkataraman, CEO, MCX-SX said, "The website is aimed at overcoming the language barrier and spreading benefits of markets to mini metros and towns across Maharashtra. We are committed to empower the SME & Corporate Houses by educating them about how currency futures can help insure against volatile currency rates and protect their bottomline.”
The new websites features a frequently asked questions (FAQs) section, currency futures price ticker, real-time rendering of charts (i.e., without refreshing entire page), online charts with magnification facility, and market and membership-related data at a single location. The websites also offers information updates on price movements; volumes transacted, and contract details.
The exchange has taken several initiatives that are aimed to benefit SME's, Corporate houses, Banks, Importers and Exporters across India. These are in line with exchange's philosophy of developing markets by innovation, information, education and research.
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Information: i) MoU with FIEO (Federation of Indian Exporters Organisation, set up by Ministry of Commerce, Government of India) to reach more than 11,000 exporters across India and spread awareness of currency futures to protect against fluctuating currency prices. In addition to this, MoU with 6 other trade associations signed in Rajasthan last month.
ii) First ever websites in Hindi, Gujarati, Tamil and Malayalam on currency futures launched.
Innovation: Pioneering price updates on currency futures via SMS across all service providers
Education: More than 120 training and awareness programmes across India in association with FEDAI (Foreign Exchange Dealers Association of India), ICAI (Institute of Chartered Accountants of India), CCRT (Center of Corporate Research and Training) under ICSI (Institute of Company Secretary of India) and others.
Research: Released country's 1st handbook on currency futures
About MCX Stock Exchange (MCX–SX)
MCX Stock Exchange (MCX-SX) is a stock exchange recognised by the SEBI and RBI and has been allowed to operationalize exchange-traded currency derivatives.
The exchange will enable 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 its 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) Ltd (FTIL).
The MCX–SX currency futures trading platform brings a new dynamism and innovation to the foreign exchange market. MCX–SX believes in “systematic development of financial markets in India through education and research” and, accordingly, has taken various measures to ensure that this important financial instrument is used by market participants more effectively.