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BSE gets SEBI nod to launch cross-currency derivatives

BSE on Wednesday said regulator SEBI has given approval to the stock exchange to launch cross-currency derivatives and has also allowed trading in such contracts for a longer period between 9:00 AM and 7:30 PM.

The exchange will introduce cross-currency derivatives (future and options) on pairs such as Euro (EUR)-US Dollar (USD), Pound Sterling (GBP)-USD and USD-Japanese Yen (JPY), BSE said in a statement here.

The exchange has also received permission to introduce option on EUR-INR. GBP-INR and JPY-INR in addition to existing USD-INR Options.

The trading in such contracts would be available between 9:00 AM and 7:30 PM.

“The introduction of new products will allow entities like corporates, foreign portfolio investors and non-resident Indians to participate and take positions in the exchange traded currency derivatives markets,” BSE Managing Director and CEO Ashishkumar Chauhan said.

“Besides, a longer trading session will enable market participants to capture key global events in pricing which they otherwise lose out,” he added.

In March 2016, SEBI had allowed stock exchanges to introduce cross-currency futures and exchange traded cross-currency option contracts in multiple currency pairs.

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