MCX Stock Exchange
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|Headquarters||Exchange Square, Suren Road, Andheri (East), Mumbai, India- PIN: 400093|
Thomas Mathew T (Chairman) Ashima Goyal (Vice Chairman)Saurabh Sarkar (MD & CEO)
|Products||Currency futures contracts (USD-INR, EUR-INR, GBP-INR, JPY-INR)|
MCX Stock Exchange Limited (MCX-SX) is an Indian stock exchange. It commenced operations in the Currency Derivatives (CD) segment on October 7, 2008 under the regulatory framework of Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI). The Exchange is recognised by SEBI under Section 4 of Securities Contracts (Regulation) Act, 1956. In line with global best practices and regulatory requirements, clearing and settlement is conducted through a separate clearing corporation, MCX-SX Clearing Corporation Ltd. (MCX-SXCCL).
At the end of June 2012, MCX-SX had 750 members and saw participation from 707 towns and cities across India.
The Exchange received permissions to deal in Interest Rate Derivatives, Equity, Futures & Options on Equity and Wholesale Debt Segment, vide SEBI’s letter dated July 10, 2012. MCX-SX was granted the status of a “recognized stock exchange” by the Ministry of Corporate Affairs (MCA),Government of India on December 21, 2012. It received “commencement certificate” from market regulator SEBI for trading in new segments such as Equity, Futures and Options on Equity, Interest Rate Derivatives and Wholesale Debt Market on December 19, 2012.
SX40 is the flagship Index of MCX-SX. A free float based index of 40 large cap - liquid stocks representing diversified sectors of the economy. It is designed to be a performance benchmark and to provide for efficient investment and risk management instrument. It would also help in structuring passive investment vehicles.
MCX-SX currently Rupee (EURINR), Pound Sterling-Indian Rupee (GBPINR) and Japanese Yen-Indian Rupee (JPYINR). The currency futures contracts on MCX-SX enable Indian Importers, Exporters, Corporates, Banks and other participants to effectively hedge their risks arising out of volatile currency prices. These contracts also offer a better fexibility than the currency contracts traded on over-the-counter (OTC) market as the structure and pricing of an exchange-traded contract is more transparent.
Specifications of the MCX-SX USDINR contract are as stipulated by RBI and Securities SEBI, and are as follows:
|Unit of trading||1 (1 unit denotes 1000 USD)|
|Underlying||The exchange rate in Indian Rupees for a US Dollar|
|Tick size||Tick size Rs.0.25 paise or INR 0.0025|
|Trading hours||Monday to Friday 9.00 a.m. to 5.00 p.m.|
|Contract trading cycle||12 month trading cycle.|
|Last trading day||Two working days prior to the last business day of the expiry month at 12.15 p.m.|
|Final settlement day||Last working day (excluding Saturdays) of the expiry month.
The last working day will be the same as that for Interbank Settlements in Mumbai.