Mumbai bourse launches currency futures tradingOctober 1st, 2008 - 7:51 pm ICT by IANS
Mumbai, Oct 1 (IANS) The Bombay Stock Exchange (BSE) Wednesday launched a currency derivatives segment (BSE-CDX) on the dollar-rupee platform.”Exchange traded currency derivatives market will provide excellent opportunity to hedge currency risk for different participants,” BSE chief operating officer M.L. Soneji said.
Currency derivatives are used mostly by small and medium enterprises engaged in international trade to hedge their risks against fluctuations in currency values.
Previously, these participants had to depend on over-the-counter (OTC) products such as forwards, swaps and options to hedge their currency risks.
“In today’s business environment, many entities irrespective of the nature of its business are impacted by currency risk either directly or indirectly,” Soneji said.
Earlier in August, the National Stock Exchange (NSE) had started with exchange-traded currency futures for the first time in the country. Leading commodity bourse Multi Commodity Exchange of India (MCX) is also expected to initiate the facility in future.
The contracts will have a minimum size of $1,000 and in same multiples thereafter. They will be available for trading between 9 a.m. and 5 p.m.
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Tags: bombay stock exchange, currency derivatives, currency futures, currency risk, currency risks, derivatives market, multi commodity exchange, mumbai bourse, national stock exchange, small and medium enterprises