Rama Krishna Vadlamudi January 30, 2010
www.scribd.com/vrk100 vrk_100@yahoo.co.in
National Stock Exchange of India and MCX Stock Exchange will be launching futures trading in three additional currency pairs, namely, Euro-Indian Rupee, Pound Sterling-INR and Japanese Yen-INR, with effect from February 1, 2010. RBI and SEBI had on January 19, 2010, permitted the recognised stock exchanges to launch futures trading in these three additional currency pairs, in addition to US dollar-INR which was introduced in August 2008.
Some important details for all these additional currency pairs, as given by NSE circular dated January 29, 2010, are:
1. Contract trading cycle
EURINR, GBPINR and JPYINR futures contracts will have a 12 month trading cycle. A new contract will be introduced after 12 noon on the last trading day of the near month contract.
2. Expiry day & time
EURINR, GBPINR and JPYINR futures contracts shall expire at 12 noon, two working days prior to the last business day of the expiry month.
3. Contracts available for trading
Futures contracts having the following expiries shall be available for trading on EURINR, GBPINR and JPYINR. On the expiry of a near month contract, a new contract shall be made available so that at any point in time there shall be at least 12 monthly contracts available for trading.
4. Order quotation:
EURINR Quotation for 1 EUR in Indian rupees
GBPINR Quotation for 1 GBP in Indian rupees
JPYINR Quotation for 100 JPY in Indian rupees
5. Permitted lot size
Currency pair Permitted lot size per contract
EURINR 1,000 Euros
GBPINR 1,000 British Pounds
JPYINR 1,00,000 Japanese Yen
(since quotation is for 100 Japanese Yen; lot size on trading system shall be 1,000 Japanese Yen
6. Order placement
Members shall place orders in terms of number of lots.
If you want to know the full details of contract specifications and the margin requirements, JUST CLICK:
www.scribd.com/doc/21686968
or,
http://ramakrishnavadlamudi.blogspot.com/2010/01/currency-futures-market-in-india.html
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