MCX-SX to launch when 350 members get connected

A stock broker looks at a terminal while trading at a stock brokerage firm in Mumbai November 17, 2008.

MUMBAI (Reuters) - MCX-SX, India's new stock exchange, will formally launch trading in equity, equity futures and options and other segments once it gets 350 trading members connected to its systems, according to a statement issued on Friday.

The bourse said the inauguration of its technology infrastructure would be held on November 18, and it would launch operations once the 350-member criteria is met.

It did not specify a target date for the launch. It has received over 700 membership applications, but did not mention how many members it had approved or connected to its trading systems.

"The board has decided that it is very important to have the critical mass of members on the first day of going live," MCX-SX said.

MCX-SX will compete with dominant players National Stock Exchange and Bombay Stock Exchange, Asia's oldest stock market.

The exchange said it was "in full state of readiness to support trading in additional segments," while saying an inspection from market regulator Securities and Exchange Board of India had been completed.

MCX-SX's main stakeholders are the Multi-Commodity Exchange of India (MCEI.NS), India's biggest commodity bourse, and Financial Technologies (FITE.NS), which provides trading platforms and other related technology.

(Reporting by Rafael Nam; Editing by Subhranshu Sahu)