An exchange with philosophy of developing markets by innovation, information, education and research
As part of its continued efforts to reach out and connect to the regional language speaking population, MCX-SX (MCX Stock Exchange), India's new stock exchange, today announced the formal launch of regional website in Punjabi and Assamese (http://punjabi.mcx-sx.com and http://assamese.mcx-sx.com). Punjab is one of the largest exporters of wheat in India and ranks high in export of rice, cotton, sugarcane, millet, maize, barley and fruit. Assam has some large industries related to Tea and Petroleum sector and is the largest economy in the North East. Now exporters, importers, banks, corporate houses and SMEs across both the states will be able to understand benefits of currency futures market more clearly in their native language.
Unveiling the website, Mr. U. Venkataraman, CEO, MCX-SX said, "Since inception, we believed in development of the Currency Futures Market at MCX-SX purely through information dissemination, knowledge sharing, diffusion of research outcomes and training in market participation. This philosophy has led to inclusive and efficient development of the market helping us achieving the current unenviable position of the leader in the currency futures segment despite being the late entrant. Websites in regional language is an initiative to break the language barrier in reaching out to the MSME, SMEs, Exporters, Importers, located across Punjab, Assam and surrounding areas. They will now be able to understand the concept of currency futures and effectively insure against volatile currency rates that affect their business.”
In line with the above stated objectives, these new regional language websites would feature frequently asked questions (FAQs) section, currency futures price ticker, real-time rendering of charts (i.e., built-in auto page refresh facility), online charts with magnification facility, market and membership-related information in their mother tongue to the users from region as it exists in benchmark English website. Additionally, the websites also offers information updates on price movements, volumes, and contract details.
The exchange has taken several initiatives that are aimed to benefit SME's, Corporate houses, Banks, Importers and Exporters across India in line with the true spirit behind the launch of the currency futures markets by SEBI and RBI.
Information: i) MoU with FIEO (Federation of Indian Exporters Organization, set up by Ministry of Commerce, Government of India) to reach more than 11,000 exporters across India and spread awareness about currency futures to protect against fluctuating currency prices. In addition to this, signed MoU with 6 other trade associations in Rajasthan and signed MoU with U.P. Sarafa Trade Association.
ii) First ever websites in Hindi, Gujarati, Tamil, Malayalam, Marathi, Telegu, Kannada, Bengali and Oriya on currency futures are already in operation.
Innovation: Pioneering price reach via SMS across all service providers regarding the currency rates.
Education: More than 175 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, corporate, 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.
