India’s fourth currency futures exchange to start operations in three months
16 Oct 2009
India's fourth currency futures exchange promoted by state-run trading firm MMTC and public sector banks is likely to start its operations within the next three months.
State-run MMTC and public sector banks promoted currency futures exchange is likely to start operations in the next three months. This will be India's fourth currency exchange.
MMTC chairman and managing director Sanjiv Batra said that the exchange may start in about three months.
To set up the exchange MMTC has joined hands with 20 public sector banks, Tata Consultancy Services and Jaypee Capital. The lenders including Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Canara Bank and Indian Overseas Bank will help the exchange kickstart its operations.
The currency exchange is expected to play a vital role in hedging risks associated with currency fluctuations delivering services to customers engaged in foreign trade transactions as the country's financial sector grows apace with foreign trade.
Currency futures trading is already being transacted at National Stock Exchange, the Bombay Stock Exchange and he MCX-SX , a unit of the Multi-Commodity Exchange of India.
MMTC with a Rs36,000 crore turnover in 2008-09 is also setting up a commodities exchange in partnership with Indiabulls scheduled to start operations from next month.
MMTC is India's largest international trading company with operations in minerals, precious metals, fertilisers, coal and power.
