There are not many futures markets around the world where several exchanges compete directly with equivalent products in the same country. India’s new currency derivatives market is one of them – and so far, it’s a great advertisement for competition, at least as far as volume is concerned.
Yet despite the heavy trading already racked up by the Multi Commodity Exchange Stock Exchange and the National Stock Exchange of India, a new start-up exchange is about to try and break in.
The United Stock Exchange of India is set to go live within weeks, and its chief executive TS Narayanasami is confident of success.
Launch was originally set for August 30, but is now expected “at the end of September”, the CEO says. Like its rivals, USE will offer all four FX futures permitted by law: pairs...