Currency futures trading from Friday

Trading in currency futures is set to kick off on the National Stock Exchange on August 29 with over 300 members registering their names for participation.

Official sources today said besides 300 members, 10 banks also would go live on the currency future platform on the same day.

Trading will be inaugurated by Finance Minister P Chidambaram on Friday at the NSE premises.

There are many applications in the pipeline indicating enthusiasm about the new product among the member broker community, sources said.

It was not immediately known as to how many ordinary investors have enrolled themselves with their member-brokers for trading. However, sources said each member will have more than one user and thus there will be many people who will be participating on day one of the trading.

Hope Govt lifts ban on futures trading in 4 commodities: FMC

Commodity markets regulator, the Forward Markets Commission (FMC), hopes the Government may lift the ban on futures trading on four commodities next month, a top Government official said.

"I hope that trade in the recently suspended agricultural commodities can be revived," FMC's Chairman, B C Khatua, said in Bangalore at a meeting today.

In May, the Government, under pressure to control soaring inflation, suspended futures trading in soyoil, potato, rubber and chickpea for four months.

FMC had convened a meeting of representatives of Trade and Manufacturers Associations, Chambers of Commerce and Industry, Marketing Federations and Co-operatives, at Bangalore today.

Khatua, in his inaugural address, highlighted the growth of the commodity futures market in India and the various initiatives taken by the FMC for the development and regulation of the market.

He, however, stated that in the recent past, trading in agriculture commodities had slowed down. This trend could be revised through greater participation by hedgers, processors, importers, exporters and entities engaged in value-addition of agricultural commodities.

Khatua said the Indian commodity futures market, though of nascent origin in its current format, had stabilised and in some areas even surpassed markets such as the US.