Trading in currency futures from August 29

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ENS Economic Bureau Posted: Aug 21, 2008 at 0131 hrs IST

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Mumbai, August 20: Retail investors with no foreign exchange exposure will be able to trade in currency futures for the first time from next week. The National Stock Exchange (NSE) has announced that it would conduct live trading in currency futures from August 29. According to the NSE, about 80 per cent of its 1,000 odd members have shown interest in offering currency futures. Besides, a large number of banks and Corporates have also shown interest in exchange-traded currency futures.

Earlier, forex trading was allowed only to banks and companies having currency exposure. Trading in currency derivatives took place in the over-the-counter market so far.

The NSE has still not figured out the possible volume of business. But the exchange is expecting large volumes. When asked whether the business done on the OTC market would shift to the exchange, an official said both would co-exist.

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