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Indian investors can now trade in futures on the BRICS indices in local currency.
The joint initiative of the exchanges of BRICS nations known as ‘BRICSMART,’ was launched on Friday. It gives investors easier access to the benchmark equity index derivatives.
The initiative brings together the Brazilian BM&FBOVESPA, the Russian MICX-RTS, the Hong Kong Exchanges and Clearing Ltd (HKEx), the Johannesburg Stock Exchange (JSE) from South Africa and the BSE.
The BRICSMART products are cross-listed on the exchanges involved.
The index futures contract shall be marked-to-market on a daily basis and settled in cash on ‘T+1 day.’
“The overlapping time zones will be an added advantage for investors. For the first six months, we will be concentrating on volumes and there will be no charge on trade. After that the charge will be shared on a 50-50 basis,” said Mr Ashishkumar Chauhan, Deputy CEO, BSE.
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