MCX-SX ties up with UP body

After capturing a lion’s share of the currency derivatives market, Mumbai-based MCX Stock Exchange (MCX-SX) is hoping to further strengthen its market presence within the next six months. It has entered into an agreement with the Uttar Pradesh Jewellers Association (UPJA) to provide the latter's members free consultancy, market information, updates and trading opportunities.

MCX-SX Chief Executive Officer U Venkatraman told Business Standard that owing to lack of awareness about the currency market and the abstruse nature of technicalities, the target customer remained devoid of benefits.

“We have chalked out an aggressive strategy to expand our reach by tying up with leading traders across the country. After this pact with UPJA, we have our eyes set on exporters in textile, tannery, engineering goods and plastic industry of Kanpur,” he informed.

It has already tied up with leading export groups like Federation of Indian Exporters Organisation (FIEO), Foreign Exchange Dealers Association of India (FEDAI), Centre of Corporate Research and Training (CCRT) and Institute of Chartered Accountants of India (ICAI), reaching out to over 30,000 international traders.

Apart from big trading houses, the exchange is eying Small and Medium Enterprises (SMEs), which account for a major chunk of Indian exports. “We provide equal benefits to all our clients, as the exchange regulations are monitored by the Reserve Bank of India and the Securities and Exchange Board of India...,” explained Venkataraman.