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NSE plans derivative contracts linked to European indices

“We hope to launch the European indices in the same lines as we did with S&P 500 and DJIA,” NSE senior vice-president R Sundararaman informed the media

New Delhi: The National Stock Exchange (NSE) is looking to launch derivative contracts linked to European indices, which will help domestic investors to have exposure to European equity market, reports PTI.

The bourse last month launched derivative contracts linked to the American equity indices—Dow Jones Industrial Average (DJIA) and S&P 500.

NSE senior vice-president R Sundararaman said the bourse is in discussions (with various players) to start derivative contracts on European indices.

“We hope to launch the European indices in the same lines as we did with S&P 500 and DJIA,” Mr Sundararaman told PTI.

Key European indices include the UK’s FTSE 100, Germany’s Dax and France’s CAC 40.

In July last year, NSE had entered into a pact with the London Stock Exchange (LSE) to evaluate options of cross-listing of their key indices on each other’s platforms.

As per the agreement, the two exchanges would explore the feasibility of FTSE Group licensing the FTSE 100 index to the NSE and the Indian bourse licensing its benchmark Nifty-50 to LSEG for trading purposes.

The derivative contracts on DJIA and S&P 500 were the first that such contracts on global indices were launched in India. The new contracts include futures on both the indices and options on the S&P 500.

Since their launch on 29th August, the derivative contracts on DJIA and S&P 500 have been seeing daily average of about 4,000 contracts, according to the NSE.

These rupee-denominated derivative contracts would help Indian investors to have exposure to the American equity market.

NSE is the fourth largest exchange in the world and also the second largest derivatives exchange in Asia.

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COMMENTS

Craig

5 years ago

MF Global had quite a few of the smartest men in the financial industry managing their assets. They also had access to the ultimate insider info, because their CEO, Jon Corzine, was a Federal Reserve Bankster insider. So, how could so many of the nation's brightest make such boneheaded decisions?

Once again I want to emphasize that for every loser in the financial derivatives market, there is an equal and opposite winner, making tons of cash.

Since 70% of the 1500 trillion dollar derivatives market is bets against interest rates going up or down, one would think that the former Chairman of Goldman Sachs would have some kind of clue on what the banksters were doing with interest rates. Some would argue that the loss of $40 billion dollars was a huge mistake. I would argue that there are no mistakes when it comes to the Satanic Psychopaths!

ONGC’s FPO postponed by 15 days

ONGC’s FPO was originally planned in the 2010-11 fiscal, but the launch was later deferred to 5th April as the company did not have adequate number of independent directors on its board to meet SEBI’s listing norms

New Delhi: The government has postponed the proposed Rs12,000-crore share sale in state-owned Oil and Natural Gas Corporation (ONGC) by 15 days to early October, reports PTI.

A group of ministers headed by finance minister Pranab Mukherjee was to meet on Friday to decide on the price band of ONGC’s follow-on-public (FPO) but the meeting has been postponed, sources said.

The Department of Disinvestment (DOD) sent out a letter saying the meeting has been postponed, but did not offer either a new date or the reason for the deferment.

The FPO was to open on 20th September and going by the 15-day postponement, it may now hit the market on 5th October.

Earlier this month, ONGC had filed a red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI) for the FPO.

The government plans to sell 5%, or 427.77 million shares, through the offer.

After the FPO, the government’s stake in ONGC will come down to 69.14% from the current 74.14%.

The FPO was originally planned in the 2010-11 fiscal, but the launch was later deferred to 5th April as the company did not have adequate number of independent directors on its board to meet SEBI’s listing norms.

It was then rescheduled for 5th July, but was again deferred due to adverse market conditions.

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