Interview: PH Ravikumar, Lamon Rutten

At what stage is the development of futures markets in India?

PH Ravikumar: Progress has been gradual; it has not been a big bang like it was in the UK but we could maybe grow to ten times the size we are now. It is difficult to explain the complexities of the commodity futures market to the Indian trading community so I think it will be a while yet before these markets reach maturity. The stock exchanges here have had greater experience than us but we continue to see growth. Last year we had 51% of the notional value of the commodity futures market in India but the run on gold contracts this year on MCX has dropped that figure to around 35%. However, in terms of volume, the split between ourselves and MCX is about even. We trade around 150,000 contracts per day.

Lamon Rutten: We think that...