Business Daily from THE HINDU group of publications
Wednesday, Dec 03, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Wednesday, Dec 03, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Derivatives Markets Currency derivatives daily turnover at $225 m Jayanta Mallick Kolkata, Dec. 2 Exchange traded currency derivatives volumes are taking off. The National Stock Exchange has now been clocking a daily turnover of around $ 225 million in the past fortnight. NSE launched currency derivatives trading in October and got a headstart over the BSE and MCX, which have also received permission for hosting currency derivatives. Ms Huzan Mistry, consultant to NSE on currency derivatives, told Business Line here that though this could not be compared with the over-the-counter market turnover for currency derivatives, things are fast picking up for the first exchange-traded currency derivatives trading. The country’s active OTC market churns out a daily turnover of around $34 billion. What was heartening was the fact that the average trade size was increasing, Ms Mistry said. There were now about 430 trading and clearing members registered with the NSE currently, she said. The participation mix was evenly distributed among retail investors, corporates, as also equity and commodity brokerages. “Trading activity towards the end of October was little dull. We recorded a daily average in October at around $150 million. A marked rise in activity has been noticed since the middle of last month,” she said. Ms Mistry was on a roadshow organised jointly by NSE and the Confederation of Indian Industry. Awareness about exchange currency derivatives as opposed to OTC market or inter-bank currency markets and exotic tailor-made leveraged derivatives products was still minimal, she felt. In the recent months, many corporates have posted substantial losses in currency derivatives trading, particularly in euro, yen and Swiss franc. More Stories on : Derivatives Markets | Forex
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