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Home Economy

NRIs to lead INDIAINx trading

Fiinews by Fiinews
January 1, 2017
in Economy, Investment
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NRIs to lead INDIAINx tradingdgcx

Non-resident Indians (NRIs) will lead trading on the #Indian International Exchange (INDIAINx), which will be launched by #Prime Minister Narendra Modi on January 9, 2017 at the #Gujarat International Finance-Tec (GIFT) City.

INDIAINx, a subsidiary of #Bombay Stock Exchange, will offer derivative exchange in rupee-dollar contracts, products on gold, silver, copper and crude oil both the West Texas Intermediate (WTI) and Brent contracts.

Supporting the trade, with its global NRI network, will be the #Dubai Gold and Commodity Exchange (DGCX), which has the largest pool in the Indian Rupee-US dollar futures in the world.

“A lot of arbitrage will happen, as the market expand and more and more participation will take place,” said DGCX Chief Executive Officer Gaurang Desai.

DGCX is already trading 10 Indian and five US stock futures contracts, added Desai, supporting the INDIAINx plans .

“A lot of arbitrage will happen, as the market expand and more and more participation will take place,” said DGCX Chief Executive Officer Gaurang Desai.

“We are now going to look at much bigger ambition in trading from INDIAINx,” he said in an interview with fii-news.com.

“We are today the largest pool in the Indian Rupee-US dollar (#INR-USD) futures in the world. We are also the largest open interest holder globally. Major product is INR-USD futures, we were the pioneer globally in this product,” Desai said.

NRIs, restricted to participate in the Indian derivatives market, will be able to trade on INDIAINx from GIFT city, a first international financial service centre deemed as a foreign territory.

Meanwhile, DGCX and Bombay Stock Exchange, already in a long-term trading links, will be jointly developing new products and carry out business development.

DGCX is now the largest #Rupee Dollar futures market, averagely trading US$2 billion a day with option. We also have largest open interest globally, about US$8 billion, four times of our daily volume, he said. fii-news.com

Tags: Bombay Stock ExchangeDubai Gold and Commodity ExchangeIndian International ExchangeINR-USDPrime Minister Narendra Modi
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