MCX – SX - India’s New Stock Exchange has expanded its reach and forged alliances with leading commodity trade associations of Rajasthan today. This will empower SMEs, Corporates, Exporters & Importers and the members of the trade bodies to participate in the modern trade mechanisms enabled by the MCX – SX platform.
The agreement was signed between Mr. U. Venkatarman, CEO, MCX – SX and eminent dignitaries of the below mentioned organizations:- Sitapura Industries Association, Mr. S. N. Kabra
- Electrical Technology Park of India , Mr. Shreepal Choudhary
- Viswakarma Industries Association, Mr. Prem Poddar and Mr. Ghanshyam Kanoongo
- Garment Exporters Association of Rajasthan (GEAR), Mr. G.P. Mittal and Mr. Raja Ram Kandoi
- TIE, Mr. Mahavir Sharma and Mr. Atul Kapoor
- UCORI (United Council of Rajasthan Industry), Mr. Tarachand Choudhary and Mr. Subhadra Papriwal
This alliance will enable MCX – SX and other associations 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 associations about the currency futures markets and its benefits.
Highlighting the significance of these strategic alliances, Mr. U. Venkataraman, CEO, MCX-SX said, “These tie-ups clearly establish our leadership as a market leader and demonstrate the “preferred partner status” enjoyed by MCX – SX when it comes to currency exchanges in the country. The alliances reinforce the tremendous faith reposed by various associations in our operations and capabilities at regional level too.”
In a joint statement the presidents of all the organizations said, “MCX – SX with its deep domain expertise will address the market need of price discovery and a national level platform to hedge risk from volatile currency prices on MCX – SX, thereby reducing currency risks substantially.”
MCX-SX now has over 51% 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:- MoU with FIEO (Federation of Indian Exporters Organisation, set up by Ministry of Commerce, Government of India) to reach to more than 11,000 exporters across India and spread awareness of currency futures to protect against fluctuating currency prices.
- MCX-SX launched India’s first website in Hindi and Gujarati languages on currency futures. This will be followed by a roll out of 9 other regional languages during 2009 for educating SMEs on currency futures in their own language.
Innovation: Pioneering price updates on currency futures via SMS across all service providers
Education: Over 65 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)
Research: MCX-SX released India’s 1st handbook on currency futures. This would be the first and only reference point available for currency futures in India.
