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Trading Volumes of Indian Currency Markets May Overtake Indian Equity Markets by 2012 - Says ALPARI
- Alpari, one of the fastest growing providers of online foreign exchange ("FOREX", "FX") trading services, believes that Currency Derivatives trading will lead the Indian Financial Markets in the days to come. The global FOREX market is on a fast growth trajectory and as per the industry estimates the daily turnover figures have surged from USD 500 billion in 1988 to USD 4.0 trillion today. Currency trading globally constitutes over 60% of trading volumes and is the largest market in the world followed by commodities market and then by the equity market.
After RBI permitted trading in the currency derivatives segment through the exchanges in India, the average daily trading volumes in Indian currency market (only exchange traded currency derivatives and excluding the OTC market operated only by the banks in India) have been constantly growing. Within its first year of operation, the daily turnover of exchange traded currency derivatives has already reached around Rs 30,000 crore.
Mr. Pramit Brahmbhatt, CEO, Alpari India says, "India is on a threshold of a spectacular growth as far as its financial markets are concerned. Interestingly, it is a fact that Commodity markets in India took more than 5 years to reach this volume and the way currency market is growing, it won't be surprising if it overtakes the equity market in India by 2012. In the days to come trading in currencies will dominate commodities and equities in India also as the case is in major developed economies abroad. It was just about a year and a half when trading in currency futures of Dollar-INR was started and on the last trading day of February 2010, the daily turnover of exchange traded currency derivatives was more than Rs. 36,000 Crores, and even exceeded the Daily turnover of Commodity market."
Indian equity market today occupies No. 1 slot when it comes to the 'stock futures market' when compared to its peers across the world. It is also interesting to note that Indian Commodity exchange ranks No.1 among the global exchanges for Silver, No.2 in Gold and No. 3 in Crude Oil, Copper, Zinc and Natural Gas etc.
As far as the exchange-traded currency derivatives market is concerned, there was a 30% jump in trading in less than a month's time after introduction of three new currency futures. Showing the signs of opening up RBI had earlier permitted for extending the exchange traded currency pairs from a single pair of USD-INR to the 3 additional currency pairs of non-dollar contracts. On the day one, the three new currency futures (viz. EURO-INR, GBP-INR and JPY-INR) close to Rs. 4,000 Crores of turnover on the above exchanges. Also noteworthy would be the rapid growth in the average daily turnover of the exchange-traded currency derivatives that remains about 30,000 Crores.
Globally, Alpari delivers online Foreign Exchange Trading services to retail and institutional clients through innovative low cost trading technology and optimum access to liquidity. With comprehensive market research and educational tools, Alpari aims to help its clients make informed and responsible decisions. Alpari India is a part of Alpari group of companies with 26 offices in 8 countries - London, New York, Shanghai, Dubai, Moscow, Kiev, Almaty & Frankfurt - which serve more than 150 countries. With over 400 employees worldwide, more than 160,000 live accounts and monthly Forex trading volumes in excess of USD 150 billion (equivalent to USD 6.8 Billion daily), the group has experienced a tremendous growth during 2008: Alpari (UK)'s live accounts alone grew by 897 per cent.
Source : indiaprwire.com
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