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Introduction
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MCX-SX, India's New Stock Exchange commenced operations in October 7, 2008, under the regulatory framework of Securities & Exchange Board of India (SEBI) and Reserve Bank of India (RBI). Currently, MCX-SX offers an electronic platform for trading in currency futures contracts.

Globalization and integration of financial markets, coupled with progressive increase of cross-border flow of capital, have transformed the dynamics of Indian financial markets. This has increased the need for dynamic currency risk management. The steady rise in India's foreign trade along with liberalization in foreign exchange regime has led to large inflow of foreign currency into the system in the form of FDI and FII investments. In order to provide a liquid, transparent and vibrant market for foreign exchange rate risk management, Securities & Exchange Board of India (SEBI) and Reserve Bank of India (RBI) have allowed trading in currency futures on stock exchanges for the first time in India, initially based on the USDINR exchange rate and subsequently on three other currency pairs - EURINR, GBPINR andJPYINR.

Importers,exporters,banks,corporates can take benefits of fluctuations in currencies.Also hedgers,investors & arbitrageurs are actively participate in this market.High liquidity,lower margin,lower transaction costs & diverse opportunities are features of currency market.

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