MCX-SX to launch when 350 members get connected

MUMBAI Fri Nov 2, 2012 7:18pm IST

A stock broker looks at a terminal while trading at a stock brokerage firm in Mumbai November 17, 2008. REUTERS/Arko Datta/Files

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

Credit: Reuters/Arko Datta/Files

Related Topics

Stocks

   

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)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Barack Obama in India

Reuters Showcase

Coal Mining

Coal Mining

India to open coal to commercial mining firms soon, minister says  Full Article 

RBI Loan Rules

RBI Loan Rules

RBI relaxes overseas loan recast rules   Full Article 

E-commerce Firms

E-commerce Firms

Amazon, e-commerce rivals fuel commercial property boom in India  Full Article 

Growth Forecasts

Growth Forecasts

Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll.  Full Article 

Uber is Back

Uber is Back

Uber back in Delhi; govt says must await approval.  Full Article 

Markets at Record

Markets at Record

Sensex rises to record after ECB stimulus programme.  Full Article 

Pharma Sector

Pharma Sector

Ipca Labs hit by FDA ban on plant for standard violations.  Full Article | Related Story 

Forex Reserves

Forex Reserves

India FX reserves at record high as RBI fortifies defences  Full Article 

QE for Euro Zone

QE for Euro Zone

ECB launches 1 trillion euro rescue plan to revive euro economy.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage