NSE (National Stock Exchange of India) has witnessed healthy growth in the turnover and open interest positions during its first completed month of currency futures trading in India. NSE commenced currency futures trading in India on 29th August.
CDX (Currency Derivative Exchange), currency derivative segment of BSE (Bombay Stock Exchange) commenced currency futures trading from 1st October. BSE on its very first day of trading in currency futures clocked a turn over of about 65,000 contracts, which is approximately Rs. 300 Crores.
With ever-growing global financial crisis, exchange rates are fluctuating widely. INR exchange rate has touched 47 against USD. Currency futures trading in India has generated huge interest among Indian retail investors and traders. There is a strong demand for information gathering about the intricacies of currency futures from small investors and enterprises.
Who carries out the process of clearing and settlement?
NSCCL (National Securities Clearing Corporation Limited), a wholly owned subsidiary of NSE acts as the body responsible for carrying out the entire clearing and settlement process. NSCCL, established in August 1995, is the first clearing corporation in India.