India is an increasingly popular market with Forex brokers – Alpari and XTB are one of the most active there – and it seems that local players want a cut of the action as well. Officially for now you can only trade the Rupee against the USD, GBP, EUR and JPY on the national exchange, however retail forex brokers offer all pairs. I suppose more pairs will be added to the exchange soon enough.
Indian arm of global currency brokerage firm MRC Group, MRC India today said it has launched a currency trading platform on the National Stock Exchange which will focus on retail and corporate segment.
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“The currency segment is at a very nascent stage and through this initiative we will take it to next stage. Through our educational programme we will involve more retail and corporate clients,” MRC India Director Vivek Dave told reporters here.
In India, the firm’s main focus will be to penetrate the retail and the corporate clients, which will be achieved through a series of educational workshops, he said. MRC India also launched the first edition of its educational book ‘An introduction to currency markets’, which will be updated in the next editions with more information. Globally, he said the currency market is popular and MRC India will strive towards making it grow in India and added that the minimum benchmark for trading is Rs 1,500.
“Globally the currency market is very volatile and transparent with a daily turnover of USD 4 trillion. In terms of trading volume, currency markets constitutes of 60 per cent followed by the commodity markets and then the equity market,” he said. Talking about the expansion plans of the company, Dave said, “Initially we will be present in Maharashtra and Gujarat and slowly expand to the South, East and then to the North.” MRC India plans to increase the currency futures and options contracts to 10,000 per day by March 2011 from the present 1,000 contracts a day, he said.