Date:08/10/2008 URL: http://www.thehindubusinessline.com/2008/10/08/stories/2008100851741500.htm

Back MCX begins trading in currency futures

Our Bureau

Mumbai, Oct. 7 MCX Stock Exchange (MCX-SX) has recorded a turnover of Rs 287.49 crore with 59,952 contracts valued at $1,000 traded on the first day of currency futures trading on Tuesday. The open interest was 17,296 contracts.

The first trade was done by Jaypee Capitals Services Ltd and East India Securities Ltd. Among the bankers, HDFC Bank did the first trade. Union Bank of India, State Bank of India and IndusInd also participated.

The strong, dynamic and transparent price signals from the exchange will encourage market participants to use this mechanism to minimize their risk, said an MCX-SX spokesperson.

The launch of MCX-SX opens a new opportunity and provides a timely tool to market participants who have direct and indirect exposure to currency risks.

The National Stock Exchange launched exchange-traded currency futures for the first time in the country on August 29, while Asia’s oldest bourse, the Bombay Stock Exchange, launched the facility on October 1.