Boom of the year in world futures has to be the dollar-rupee contracts at two leading Indian exchanges, which are beginning to chase the Kospi Option in trading volume. With a third exchange just about to join in the fun, Colin Packham examines the causes of this market’s astonishingly rapid success. He discovers that, despite some obstacles ahead, further growth is likely – proof that sometimes, there is huge pent-up demand to trade futures.
If the outstanding success story of 2009 in global listed derivatives was the Steel Rebar Futures at Shanghai Futures Exchange, this year’s wunderkind has been in India. And there are two of them.
The US dollar/Indian rupee futures at Multi Commodity Exchange Stock Exchange and the National Stock Exchange of India have soared to become the two most actively traded currency derivatives on any exchange in the world, by number of contracts....