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National Stock Exchange gets nod for currency futures |
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Commodity Online
MUMBAI: Currency futures trading is getting momentum in India. The country's stock market regulator SEBI on Wednesday approved the currency futures plan submitted by the National Stock Exchange.
Besides NSE, India's largest commodities exchange the Multi Commodity Exchange and the oldest stock exchange the Bombay Stock Exchange have also applied for approvals for currency futures trading. But SEBI is yet to clear these applications.
SEBI has asked MCX to float a subsidiary to get currency futures trading license. SEBI officials said the BSE application is in the processing stage.
Currency futures is a forex derivative contract to buy or sell one currency against another on a specified future date, at a price decided in the contract.
Over the past one year, the Indian rupee has seen a rise and fall of more than 10 per cent vis--vis the US dollar. Currency futures are now seen as an effective tool, specially for small and medium-size exporters and firms, to hedge their foreign exchange risks.
Apart from actual user-banks, importers and exporters, even individuals with a view on exchange rates, will be able to trade the product. |
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