MCX-SX to inaugurate trading infrastructure on Nov 18
MCX-SX Friday said it will inaugurate its trading infrastructure for launch of equity and other segments on November 18 and conduct connectivity test for member brokers next day during Diwali period, after which "live" trade can begin any day.
New Delhi: MCX-SX Friday said it will inaugurate its trading infrastructure for launch of equity and other segments on November 18 and conduct connectivity test for member brokers next day during Diwali period, after which "live" trade can begin any day.
In a statement, the country's newest stock exchange said it would inaugurate technology infrastructure on Labh Pancham (November 18), which is celebrated on the fifth day after Diwali.
It said it would conduct the connectivity test for member brokers on "Chhat" festival, which falls this year on November 19.
MCX-SX said its board has decided that live trading for equity and other segments would commence on any date after November 18 as soon as the critical mass of 350 members is achieved.
As per media reports, BSE commenced operations in 1875 with 318 members and NSE had 140 member when they started in November, 1994.
The bourse said inspection of MCX-SX by the market regulator SEBI (Securities and Exchange Board of India) has been completed and the bourse is now in full state of readiness to support trading in additional segments.
"After the record breaking response of over 700 new membership applications, we are fully geared up to fulfill the expectations of market participants for an alternative new generation exchange with cutting edge technology," the exchange MD and CEO Joseph Massey said.
"We are in complete state of readiness and shall go live any time after November 18, 2012, as soon as we reach the critical mass of 350 members," he added.
Last month, exchange had announced that it received over 700 applications for new membership for all segments.
MCX-SX had announced the launch of its membership drive on September 5, 2012, following an approval from the SEBI to deal in stocks, equity futures and options, interest rate derivatives and wholesale debt markets.