BSE to launch Sensex futures on US Futures Exchange
03 Apr 2008
Mumbai: The Bombay Stock Exchange will launch Sensex-based futures trading on the US Futures Exchange in Chicago tomorrow.
"It is indeed a proud moment for us to put the Indian markets on the global map by providing a platform for investors across geographies to invest in the promising India growth story. We are confident of the fact that this exclusive arrangement with USFE will be a success and will be a milestone in the history of the Indian capital market," Rajnikant Patel, managing director and CEO of BSE, said in a release.
The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago, BSE said in a release.
The contract will be dollar-denominated cash-settled, with facility for round-the-clock (23 hours a day) trading to capture different time zones.
Monthly settlements will be consistent with corresponding value of Sensex Futures contract and the availability of arbitrage opportunity will enable exposure to Indian markets to overseas investors.
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