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ICSE to introduce forward trades, derivatives

The Inter-Connected Stock Exchange of India Limited will introduce computer-based revised carry forward trades, derivatives and debt intruments within a year of its commencement of commercial trading scheduled to start from August.

According to ICSE Director V Sankar, about 80 to 90 per cent of the work related to computer networking, regulatory approval and infrastructure facilities have been completed and the exchange will have its trial run from next month among its 15 stock exchange members.

The Madras Stock Exchange recently announced its decision to join the ICSE. Three other leading stock exchanges, including Calcutta and Delhi, have expressed their willingness to join the ICSE.

The ICSE, which is being set up at the Vashi railway station complex in New Bombay, has shown a live demonstration of its trading practices before Maharashtra Chief Minister Manohar Joshi who visited the exchange on Sunday.

ICSE Managing Director Joseph Massey said the exchange was receiving overwhelming response from various sections of the market and its membership including institutional members, is expected to touch 1,000 within the first year of its operation. The daily turnover. he said, would be around Rs 3 billion by the end of the first year.

UNI