The Securities and Exchange Board of India (SEBI) has granted the 'qualifying central counter party' (QCCP) status to Multi Commodity Exchange of India’s (MCX) wholly owned subsidiary -- Multi Commodity Exchange Clearing Corporation (MCXCCL).
A QCCP member is subjected to lower capital requirements and charges under the Basel III framework introduced by the Basel Committee on Banking Supervision.
MCX, the leading commodity bourse, largely offers futures trading in non-agricultural commodities. The exchange contributes maximum business to the total turnover of the commodity futures market.
