The Hindu Business Line : Provide ‘infrastructure status’ to financial markets

As our economy braces itself to launch into the high growth trajectory again during 2009-10, it is critical that stakeholders are appropriately supported by strong financial markets.

Nurturing their growth would not only help minimise risks in the economy but would also help in taking the government’s stated objective of ‘financial inclusion’ to the next level.

Nations across the globe are looking at strengthening the exchange-based trading and organised clearing platforms to tone-up the process of risk management and improve transparency in the markets taking a lesson from the current global financial meltdown and the role of OTC products.

Hence, it is time that our financial markets are given ‘infrastructure status’ to enable them get appropriate fiscal and monetary treatment, helping them strengthen into being ‘price setters’ in asset classes that we deserve to be, from being ‘price takers’ as history taught us to be. This will ensure that the financial market can provide multiple forms of capital with varying degree of risk and maturity in a most cost-effective manner.

Joseph Massey, Managing Director

& CEO,

MCX Stock Exchange

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