The MCX Stock Exchange (MCX-SX) conducted a mock session of its new capital market segment last week to help familiarise participants with its new trading platform.
The mock testing session was held from 17:00 to 19:00 on 19 November. Earlier this year, MCX-SX, known for its derivatives markets, won a landmark battle with the country's two incumbent bourses, the Bombay Stock Exchange and the National Stock Exchange, which allowed it to finally offer a third domestic venue for trading Indian equities.
The test coincided with the ‘Chhat’ puja festivals during the Diwali period, which has a great significance among traders and businessmen as it stands for prosperity and well-being.
“We have committed ourselves to bring about a meaningful change in India’s financial markets and enhancing efficiencies to cater to the diverse needs of Indian investors and the industry," said Joseph Massey, CEO of MCX-SX. "We will work continuously to realise the regulators and government’s vision of financial inclusion and 360-degree development of our markets.”
Massey said MCX-SX was in "a complete state of readiness to go live" and the exchange would commence operations in equity trading "as soon as it reaches the critical mass of registering 350 members".
A total of 135 members participated in the test session with a trading turnover of Rs 225.5 crore. Over 100 equities were available for mock testing.
The exchange has already received over 700 applications for new membership during a membership drive which commenced on 5 September 2012. The membership drive was launched following an approval from the Securities Exchange Board of India to offer equities, futures and options on equities, interest rate derivatives and a wholesale debt market.