Vishnu Pandey / New Delhi/ Kanpur May 26, 2009, 00:38 IST
Currency futures trading platform, MCX-SX, is planning to rope in regional stock exchanges including the Kanpur-based Uttar Pradesh Stock Exchange (UPSE) to expand its customer base.
The exchange has already tied up with the Ludhiana Stock Exchange and is in talks with the Bangalore Stock Exchange and the UPSE.
MCX-SX chief executive officer U Venkataraman told Business Standard that the exchange planned to rope in as many leading regional stock exchanges as possible with a view to providing and publicising the need and benefits of currency hedging to traders across the country.
“We are also making the existing commodity exchanges and various trade associations our members by empowering them to conduct currency business on their own. This would be the first of its kind initiative in the country,” he said. MCX-SX already has over 51 per cent market share in the currency hedging market.
The move would enable exporters and importers in UP to update their knowledge regarding benefits of currency hedging.
MCX-SX has also tied up with various trade organisations like the Uttar Pradesh Jewellers Association, Tannery Association and plastic and handicrafts entrepreneurs. “We are not outsourcing the expansion work to our new found partners but working on a comprehensive and collaborative market strategy and high-class service,” said Venkataraman.
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