MCX-SX goes live; turnover at Rs 12.53 cr

India's third national level equity and equity derivatives exchange MCX Stock Exchange rolled out on Monday. Volumes were meagre on the first day with a business of Rs 12.53 crore but no one was expecting the numbers to swell immediately.

Joseph Massey, MD & CEO of the exchange said, "A stock exchange is a market infrastructure institution which requires a long-term approach like a marathon and not like a sprint race. We would focus on systems, process and compliances and volumes should build up steadily."

Indian equity markets have been dominated by the NSE, set up in the wake of the stock market scam a year earlier in 1994, and the more than century old BSE.

Motilal Oswal, CMD, Motilal Oswal Financial Services said, "The entry of MCX will be beneficial for the markets and investors because competition will bring in more innovation and improve market efficiency." The exchange has a long way to go. Just the leading indices at the NSE's S&P CNX Nifty's turnover stood at Rs 5,506.41 crore on Monday, while that of the BSE Sensex was Rs 366.23 crore.

NYSE plans to sell stake in MCX

New Delhi: NYSE Euronext is planning to sell its 4.79 per cent stake, in full or part, in India's leading commodity bourse MCX, the global exchange major has said.

"...to optimise the business portfolio with ... the planned sale of all or part of our MCX stake," NYSE Euronext CFO Michael S Geltzeiler said. PTI

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