MCX-SX, India's newest stock exchange announced that they now provide price update on currency futures via SMS across all service providers.
MCX-SX is India’s first exchange to launch this service. The exchange spokesperson mentioned that this development is in line with the philosophy of systematic development of financial markets by sharing information, education and research. Earlier this month the exchange also launched the 1st handbook on currency futures.
The price update through SMS is in form of an auto-reply messaging service, which allows a mobile phone user to obtain price information on the currency futures being traded on MCX–SX. Users have to send SMS to a short code number (58888), and they will automatically receive the relevant rates.
‘This service will benefit users of the currency futures platform and the entire currency ecosystem by way of updates at all times and all places. SME's, corporate houses, banks and forex dealers need information about currency rates and this service will assist them in their decisions related to currency rates.’ said MCX-SX spokesperson.
Users can avail information on the Last Traded Price (LTP) of all USD/INR futures traded on the exchange as well as LTP of a specific month contract. A user has to send MCX-SX USDINR to 58888. Since there are two month contract being traded on the exchange, a reply will automatically be sent as MCXSX USDINR oct 08 LTP 47.8975, nov 08 LTP 48.1000. In order to get information on a specific month, say October, a user has to SMS MCX-SX USDINROCT to 58888. An auto-reply MCXSX USDINR 27-OCT-08 Buy Price-47.8600, Sell Price-47.8975, LTP-47.8975, High Price-48.6850, Low Price-47.8400 will appear on the mobile phone.
About MCX Stock Exchange (MCX – SX)
MCX Stock Exchange (MCX-SX) is a stock exchange recognised by the SEBI and has been allowed to launch trading in currency derivatives.
The exchange will allow 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 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) Limited (FTIL)
The MCX – SX, currency futures trading platform brings a new dynamism and innovation to the forex market. MCX – SX believes in Systematic development of financial markets in India through Education and Research and accordingly it has taken various measures to ensure that this important financial instrument is used by users more effectively.
