MCX-SX to charge for currency trade

MCX Stock Exchange (SX) will impose transaction charges in the currency futures segment from Monday, the same day rival National Stock Exchange (NSE) has proposed to start levying a cost on transactions.

Transaction charges will be in three slabs, the highest being Rs 110 on every Rs 1 crore of transaction. NSE had decided to impose up to Rs 110 on every Rs 1 crore of trade. While the difference of transaction charges between MCX SX and NSE will be marginal, USE is expected to charge a lower fee, said market players.

USE, which has a market share of 20-25 per cent, is likely to charge up to Rs 100 on every transaction of Rs 1 crore. The USE board will meet at the end of this month to take a call on fixing the charges. “After the competition commission order against NSE, there was not much levy for any of the exchanges to charge a lower transaction fee below the cost of operation,” said a top official from one of the exchanges.