Offers ideas to buy cheap ugg black friday large discount without coupons
The MCXSX benchmark index SX40 went live with its equity trading platform on both equities and equity derivatives today. The new bourse is a freefloat based index of largecap and liquid stocks, representing diverse sectors. The base value will be 10,000 with a base date of March 31, 2010. (More details)
MCXSX vicechairman Jignesh Shah is betting on a steady start for the index. "It will be a steady growth. Volume will go up stepbystep, over a period of time," he added in an interview to CNBCTV18.
Talking about the allimportant foreign institutional investors (FIIs) participation, Joseph Massey, MD CEO, MCXSX said that among the 700 members ugg black friday sale that came to the exchange on Day 1, most of the large ones have already taken membership. "Some large foreign broking houses which are operational in the country have already taken membership directly. As far as engaging their client is concerned, through these large institutional trading members, we have a special team that deals with institutional investors," Massey told CNBCTV18.
Below is a verbatim transcript of Jignesh Shah and Joseph Massey's interview on CNBCTV18
Q: Let me start off with what the response has been this time around, what is the member response and by when can we see the kind uggs black friday sale of member base that many of your peers enjoy?
Shah: It is a stepbystep process and a steady growth and a solid foundation. We will focus on processes, implementation of all the risk management which on Day 1 is in place guided by Securities and Exchange Board of India (Sebi) to all the three exchanges. We are not in the race for 1400 members, immediately. Our membership is a world record for any exchange to go live and have 700 members on first membership round. 405 members that have Sebi's registration are putting up their infrastructure, software, back office and the exchange will see that everything is in place before they do anything.
Almost 810 percent of members are the ones we are focusing on growth and inclusion drive, the rural as well as professional entrepreneur. That is also an encouraging step to widen the reach of capital market and is a unique step followed by MCXSX. On the volume front, we are clear that it will build gradually, we don't want to do the highest turnover on the first day and then people have to search for us. No, we will build it steady, step by step and very solid.
Q: What about capturing market share? Any volume targets and market share percent targets that you would be working with in initial stages?
Shah: It is not a one day thing but a marathon. Exchanges are institutions that go a long way. They are all virtually perpetuity or 100 year plus institution. Steady, step by step with a strong foundation and building it with research is the best way to do it. There is no target for any volume and there cannot be any target for percent share as well. We will deliver whatever has been prescribed by the regulator in the rule based framework.
When there is a sound research and right product which the investor understands and encourages delivery on a progressive basis, we will get a fair share of the market. We are also going to increase the market share because regulator is also coming with rules from the bond market side, interest rate derivatives. These are things that India needs. We will be complimentary to the other two national exchanges and there is going to be an expansion of Indian financial market and each one will have its share.
Q: Can you elaborate how lucrative the transaction cost is versus other exchanges as well as how you have targeted FII inflows given their large participation in the market?
Massey: Among the 700 members who have come here, most of the large members have already taken membership. FII have two routes one is to come as client. There are some large foreign broking houses which are operational in the country. Some of those have already taken membership directly. As far as engaging their client is concerned through these large institutional trading members, we have a special team that deals with institutional investors. They are already in touch with them for quite some time. Now we are talking to these brokers and as liquidity develops in our markets this engagement will get stronger.
At all stages in market there are opportunities to trade in all markets whether its arbitrage, whether it is new opportunity of companies available there and that will also attract these players. As far as transaction charges are concerned, our transaction charge in cash market is at Rs 2 at the higher slab versus Rs 3.10. It is significantly lower than the existing exchanges. On the derivatives as against Rs 2 our lowest slab is Rs 1.20 and highest is Re 1. The amount of cost rationalisation that we have done and at our cost, this pricing was very optimal and the industry has appreciated this gesture and I am sure they will take advantage of this.
