MCX-SX cuts transaction fees up to 50%

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Agencies: Mumbai, Sep 10 2012, 21:41 IST

In a bid to woo the probable broker-members to its bourse, Financial Technologies-promoted MCX Stock Exchange (MCX-SX) today announced lower transaction charges to the tune of 50 percent of those charged by other exchanges for its exchange platform slated to start around Diwali.

"Our transaction charges for members are around 50 percent less than the other exchanges," chairman and CEO of Financial Technologies Jignesh Shah told reporters today while kicking off nationwide road-shows for membership drive here.

Justifying the lower fee structure, Shah said, "the optimisation in transaction charges, along with optimal membership structure will lower the entry barriers to capital markets, thereby fostering inclusive growth."

After a near-two year wait, Sebi gave its nod to MCX-SX to launch an equity trading platform last month.

The MCX-SX will charge Rs 2 per Rs 1 lakh trading in the equity cash segment if the total traded value in a month is under Rs 1,000 crore while it will be Rs 1.75 per Rs 1 lakh if the monthly volume is over Rs 1,000 crore and under Rs 5,000 crore, Shah said, adding if the volume is over Rs 5,000 crore, then the transaction fee will be Rs 1.50 per Rs 1 lakh.

On the equity futures segment, it the total traded value in a month is under Rs 2,000 crore, the charge will be Rs 1.20 per Rs 1 lakh, and if it is over Rs 2,000 crore and under Rs 10,000 crore, it will be Rs 1.10 per Rs 1 lakh. But if the volume

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