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India International Exchange, a subsidiary of the BSE operating out of GIFT IFSC, will launch futures trading in Gold Quanto and Silver Quanto from Monday.
The underlying assets for Gold Quanto futures is Indian Gold spot purity 995 and for Silver Quanto futures is Indian Silver spot purity 999.
The quotation for Gold Quanto futures, quoted in US dollar, will be Indian gold price quoted per 10 grams and for Silver Quanto, Indian silver price quoted per kg.
Both Quanto futures contracts will be settled in cash in US dollar. In terms of final settlement price, both contracts will be settled at IBJA PM Fix on the expiry day rounded off to the nearest tick. Trading will be from Monday to Friday, from 4.30 am to 5 pm (session 1) and from 5 pm to 2.30 am (session 2).
V Balasubramaniam, Managing Director, India INX, said the newly launched bullion futures contracts will attract market participants looking for foreign commodity exposure but without the accompanied exchange rate risk.
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