Empowers thousands of Exporters, Importers, Jewelers, SME’s and Corporate in U.P.
MCX – SX (MCX Stock Exchange), India’s New Stock Exchange has expanded its reach and forged alliance with leading trade association of U.P. in Kanpur today i.e. U.P. Sarafa Association. This will enable thousands of members of the association to participate in the modern trade mechanisms enabled by the MCX – SX currency platform. The agreement was signed between Mr. Mahesh Chandra Jain, President, U.P. Sarafa Association and Mr. U. Venkatarman, CEO, MCX – SX. Recently, MCX – SX has also signed MoU with 6 trade associations of Rajasthan.
The alliance will enable MCX – SX and the association to ensure that advantage of an efficient currency futures market reaches to all spectrums of users. Various joint seminars and programmes will be organized to educate the members of association about the currency futures market and its benefits.
Highlighting the significance of these strategic alliances, Mr. U. Venkataraman, CEO, MCX-SX said, “Our ideology is focused on creating synergies by forging strategic alliances for the benefit of the currency markets and its ecosystem. This alliance reinforces the tremendous faith reposed by various associations in our operations and capabilities at regional level too. We are confident that this movement will help the various market participants including jewelers, exporters, importers and traders at regional level also to hedge their risk on the currency platform.”
On this development Mr. Mahesh Chandra Jain, President, U.P. Sarafa Association said, “We are happy to have this alliance with MCX – SX, India’s new stock exchange, as the importers, exporters, jewelers and traders will have access to the transparent online currency trading platform at MCX – SX. This will help them to manage their business better as currency fluctuation now plays very important role in the price of bullion. The sharing of information would be of great benefit to the members.”
MCX-SX has over 50% of the market share of the currency futures market. Since inception, the exchange has taken several initiatives which are the first of its kind in the industry. These initiatives are line with the exchange’s philosophy of developing market by Information, Innovation, Education and Research. These are aimed to benefit SME’s, Corporate houses, Banks, Importers and Exporters across India.
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.
ii) First ever websites in Hindi, Gujarati, Marathi, Tamil, Malayalam, Kannada and Telugu 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.
