FX Commission Fees 'On Sale' as Indian Exchanges Battle for Volumes
Saturday,07/02/2015|09:33GMTby
Adil Siddiqui
India's leading derivatives exchanges continue to play the price war in commission charges for FX and equity options. NSE responds with a two-month extention on its discounted rate.
India's two-horse battle between rivals, Bombay Stock Exchange and the National Stock Exchange, saw the NSE extend its discount on commission fees. The move highlights the growing interest in rupee derivatives as participants expect stability in the Indian rupee under the new government.
The multi-asset trading venue introduced discounted rates in November 2014 for the two financial instruments. These were applicable from December 1 and continue till January 31, 2015.
Indian authorities sanctioned currency futures in 2008 as part of the country's plan to liberalise its currency and support corporates in managing their currency risk.
The billion plus nation has been a magnet for Forex providers looking to capture the market. India plays well as an emerging market destination due to its vast internet connectivity, local established financial trading environment, with over 20 million registered share investors and strong command of the English language. Since Alpari exited the Indian market no single provider has been able to dominate the market.
Saumya Basu, CEO of MC Broking, explained to Forex Magnates: "The entrance of BSE to the Forex Trading space bought a lot of confidence to the marketplace, as one of the oldest and most liquid exchanges a lot of its equities only traders are diversifying into FX."
The Indian rupee was under fire in 2013 as the Fed's QE programme put EM currencies under pressure, however, under the new government all signs lead to India as the next economic powerhouse. Timely reforms under the RBI governor have created a layer of stability, coupled with the a boost of confidence under Prime Minister Modi that India is no longer in the danger zone, as EM faces round two of a potential beating as the dollar strengthens and investors reemerge as depositors in the world's largest economy.
Shiv Kumar of TNC Markets added: "The rupee is expected to strengthen around the 57-58 mark by mid-March, Indian domestic markets have been hitting a 5-year high and the IMF's forecast that the South Asian, BRICS nation would become the world’s fastest-growing major economy by 2017, surpassing its rival China is expected to further bolster the economy and consequently the rupee."
India's two-horse battle between rivals, Bombay Stock Exchange and the National Stock Exchange, saw the NSE extend its discount on commission fees. The move highlights the growing interest in rupee derivatives as participants expect stability in the Indian rupee under the new government.
The multi-asset trading venue introduced discounted rates in November 2014 for the two financial instruments. These were applicable from December 1 and continue till January 31, 2015.
Indian authorities sanctioned currency futures in 2008 as part of the country's plan to liberalise its currency and support corporates in managing their currency risk.
The billion plus nation has been a magnet for Forex providers looking to capture the market. India plays well as an emerging market destination due to its vast internet connectivity, local established financial trading environment, with over 20 million registered share investors and strong command of the English language. Since Alpari exited the Indian market no single provider has been able to dominate the market.
Saumya Basu, CEO of MC Broking, explained to Forex Magnates: "The entrance of BSE to the Forex Trading space bought a lot of confidence to the marketplace, as one of the oldest and most liquid exchanges a lot of its equities only traders are diversifying into FX."
The Indian rupee was under fire in 2013 as the Fed's QE programme put EM currencies under pressure, however, under the new government all signs lead to India as the next economic powerhouse. Timely reforms under the RBI governor have created a layer of stability, coupled with the a boost of confidence under Prime Minister Modi that India is no longer in the danger zone, as EM faces round two of a potential beating as the dollar strengthens and investors reemerge as depositors in the world's largest economy.
Shiv Kumar of TNC Markets added: "The rupee is expected to strengthen around the 57-58 mark by mid-March, Indian domestic markets have been hitting a 5-year high and the IMF's forecast that the South Asian, BRICS nation would become the world’s fastest-growing major economy by 2017, surpassing its rival China is expected to further bolster the economy and consequently the rupee."
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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