ASEL subsidiary to launch NSE F&O trading from 9 April.
After having set the stage for starting NSE Futures and Options (F&O) trading, ASE Capital Markets Ltd (ACML), a subsidiary company of Ahmedabad Stock Exchange Ltd (ASEL), is planning to launch currency futures from next month. ACML is commencing NSE F&O trading from 9 April 2009.
ACML has already obtained necessary aprovals from National Stock Exchange of India (NSE) and Multi- Commodity Exchange of India (MCX) for rolling out currency derivative products. "Initially, we will start currency futures of NSE", said HH Khetani, chairman, ACML while announcing the launch of NSE F&O trading by the company. "Weintends to start currency futures from next month", he added.
Gujarat has numerous export oriented business houses and there is a need for a full fledged currency hedging platform. In order to provide new and innovative securties markets products to the investors, ACML is starting NSE F&O trading.
Currently, the company has 87,650 registered clients and 27,335 depository participants in all the major centers in the state. ACML at present has Rs. 80 crore daily turnover in cash segment. "With the commencement of F&O segment, we will get additional turnover of Rs 100 crore per day. The company aims to achieve Rs. 200 crore turnover per day in both cash and F&O segments", Khetani said.
So far, F&O trading was available at only three regional centers including Bangalore and Ludhiana.
Apart from, ACML, subsidiaries of Vadodara Stock Exchnage and Saurashtra-Kutch Stock Exchange have also received approval for starting F&O trading.
