MCX introduces new category of membership
Multi Commodity Exchange (MCX) has introduced a new category of membership called trading member (TM), taking its types of membership to four.
By PTI |
MUMBAI: Multi Commodity Exchange (MCX) has introduced a new category of membership called trading member (TM), taking its types of membership to four.
Entities which can apply for TM include a sole proprietor, a partnership firm, a joint Hindu undivided family, a co-op society, public sector organisation, statutory organisation or any other government or non-government entity, a press release issued here today said.
With the inclusion of trading member, MCX now offers four types of membership. The other three are Trading-cum-clearing-members (TCM), institutional trading-cum-clearing members (ITCM) and professional clearing members (PCM).
MCX's Deputy Managing Director Joseph Massey said: "MCX has introduced trading membership to enable primarily physical market users and professional first generation members to access MCX in a more secured manner without worrying about managing clearing services."
"Introduction of TM will attract greater participation of members from smaller cities," Massey added.
The member will have rights to trade on his own account as well as on account of his clients but will have no right to clear and settle such trades himself.
All trading members will clear their trades through ITCM or PCM having clearing rights of the exchange.
PCMs and ITCMs will suitably collect deposits from trading members for the exposure required, the exchange said.
Entities which can apply for TM include a sole proprietor, a partnership firm, a joint Hindu undivided family, a co-op society, public sector organisation, statutory organisation or any other government or non-government entity, a press release issued here today said.
With the inclusion of trading member, MCX now offers four types of membership. The other three are Trading-cum-clearing-members (TCM), institutional trading-cum-clearing members (ITCM) and professional clearing members (PCM).
MCX's Deputy Managing Director Joseph Massey said: "MCX has introduced trading membership to enable primarily physical market users and professional first generation members to access MCX in a more secured manner without worrying about managing clearing services."
"Introduction of TM will attract greater participation of members from smaller cities," Massey added.
The member will have rights to trade on his own account as well as on account of his clients but will have no right to clear and settle such trades himself.
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All trading members will clear their trades through ITCM or PCM having clearing rights of the exchange.
PCMs and ITCMs will suitably collect deposits from trading members for the exposure required, the exchange said.
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