Shri. P. Chidambaram Hon'ble Union Finance Minister inaugurated trading in currency futures on NSE at 9 a.m. today and the first day saw very lively trading with nearly 70,000 contracts being traded. The bid-ask spread remained very tight throughout the day at 0.25 paise (1 tick) which was tighter than usual higher spreads of around 1 paise or higher seen in the forward market.
The first trade on the Exchange was by East India Securities Ltd. Amongst the Bank participants HDFC Bank carried out the first trade. The largest trade was by Standard Chartered Bank constituting 15000 contracts. Banks contributed 40% of the total gross volume. 12 serial month contracts were available for trading i.e., September 2008 to August 2009.
The most active contract was September 2008 expiry with around 43000 contracts being traded. The near month contract traded at a premium of 0.40% to the spot price.
Around 300 trading members including 11 Banks were registered in this segment. Trading took place from across major centres of the country. -- www.nseindia.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
