EXCHANGE TRADED CURRENCY DERIVATIVES

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..... ittee ("Committee") was constituted to evolve norms and oversee implementation of Exchange Traded Currency and Interest Rate Derivatives. To begin with, the Committee has looked at Exchange Traded Currency Derivatives and submitted a Report on Exchange Traded Currency Futures ("Report"). The Report, which was submitted on May 29, 2008, is also available on the SEBI website www.sebi.gov.in. The Re .....

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..... es. The application shall be accompanied by the details pertaining to the derivatives product proposed to be introduced (mentioned under para 7.2 of the Report), the proposed Bye-laws of the Exchange/ Clearing Corporation / Clearing House and the model documents for Currency Derivatives Segment (in accordance with para 7.1 of Report). Further, a Recognized Stock Exchange shall ensure that; a. C .....

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..... ion / Clearing House fulfilling the conditions mentioned under paras 5.3 and 5.4 of the Report may apply to SEBI for grant of approval for undertaking clearing and settlement related to trades in Currency Derivatives. The Clearing Corporation / Clearing house shall comply with the risk management measures detailed under Chapter 3 of the Report. 3. After obtaining SEBI's approval, the Recognized S .....

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..... ized by RBI for this purpose, i. is eligible to become Clearing Member and / or Trading Member of the Currency Derivatives Segment of an Exchange, on the recommendation of the governing body of the Exchange. ii. such bank can act as member for their proprietary dealings, to act on their own account, in the Currency Derivatives Segment of the Exchange. iii. such bank can also act as member or .....

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..... ch is a bank, across all contracts, shall not exceed 15% of the total open interest or 100 million USD, whichever is higher. This circular is being issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to .....

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