India gives launch go-ahead to forex and interest rate futures
15 Aug 2008
India’s long wait for interest rate and foreign exchange futures last week neared an end as the Reserve Bank of India approved in principle the introduction of the products, while the regulator, the Securities and Exchange Board of India, gave the first approvals to exchanges to list FX contracts.
No date has been set for trading to start. However, three of the country’s exchanges are racing to get FX products up and running, so the uptake is expected to be rapid — significantly ahead of an earlier optimistic target launch of early 2009, says one analyst.
The Reserve Bank said its August 6 approval of the products was effective immediately.
The Securities and Exchange Board of India has...
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