FX Volumes in India Spike on the Back of Positive News – BSE Takes Lion Share of Activity
by
Adil Siddiqui
India’s most recent entrant into the growing currency derivatives segment has defied its peers by seeing volumes surge. The Bombay Stock Exchange reported record daily volumes in its FX products, crossing $3.6 billion.
Traders in one of Asia’s leading economies, India, favoured news that overseas investment was going to be pumped into the BRICS nation and support economic growth and stability, thus impacting the domestic currency. Data issued by the country’s three exchanges show that volumes spiked in its currency segment on the 9th of January, with the BSE seeing an all-time high in daily volumes.
The rupee traded at a four-week high with news of investment re-entering the county. The BSE saw an average of $3.6 billion in FX volumes, taking over 50% of market share. The rival, the NSE, saw volumes reach $3.2 billion with troubled player, MCX, only taking $300 million with 5% share.
A statement from the BSE reported: “This is the highest currency derivatives turnover recorded by any Exchange in the country so far.
The success in the currency derivatives segment can be attributed to the new trading technology at BSE which offers a response time of 200 microseconds.”
The BSE has been outperforming its peers with technological advancements and its historic presence as one of Asia’s most established exchanges gives it precedence as India’s FX trading environment witnesses a two-horse battle with the BSE and NSE. Former giant, MCX, has been suffering on the back of dilemmas and scandals and traders have been shying away from the once vibrant and vocal venue.
India introduced currency futures in 2008 with the NSE and MCX offering the product. In early 2014, after the emergence of the BSE, four exchanges offered traders access to the rupee.
Trading volumes in currency derivatives peaked at $5-6 billion in average daily volumes during the plight of the post-recession period. A recent economic slump saw the rupee hit a record low against the greenback and thus impacting trading volumes dropping below $2 billion a day across the board.
The BSE has been enhancing its technology to cater to the growing number of automated and algorithmic traders in India; it went live with BOLT PLUS, a low latency specific platform offered by German trading venue, Deutsch Boerse. The new platform enables the BSE to handle 500,000 order messages per second.
Traders in one of Asia’s leading economies, India, favoured news that overseas investment was going to be pumped into the BRICS nation and support economic growth and stability, thus impacting the domestic currency. Data issued by the country’s three exchanges show that volumes spiked in its currency segment on the 9th of January, with the BSE seeing an all-time high in daily volumes.
The rupee traded at a four-week high with news of investment re-entering the county. The BSE saw an average of $3.6 billion in FX volumes, taking over 50% of market share. The rival, the NSE, saw volumes reach $3.2 billion with troubled player, MCX, only taking $300 million with 5% share.
A statement from the BSE reported: “This is the highest currency derivatives turnover recorded by any Exchange in the country so far.
The success in the currency derivatives segment can be attributed to the new trading technology at BSE which offers a response time of 200 microseconds.”
The BSE has been outperforming its peers with technological advancements and its historic presence as one of Asia’s most established exchanges gives it precedence as India’s FX trading environment witnesses a two-horse battle with the BSE and NSE. Former giant, MCX, has been suffering on the back of dilemmas and scandals and traders have been shying away from the once vibrant and vocal venue.
India introduced currency futures in 2008 with the NSE and MCX offering the product. In early 2014, after the emergence of the BSE, four exchanges offered traders access to the rupee.
Trading volumes in currency derivatives peaked at $5-6 billion in average daily volumes during the plight of the post-recession period. A recent economic slump saw the rupee hit a record low against the greenback and thus impacting trading volumes dropping below $2 billion a day across the board.
The BSE has been enhancing its technology to cater to the growing number of automated and algorithmic traders in India; it went live with BOLT PLUS, a low latency specific platform offered by German trading venue, Deutsch Boerse. The new platform enables the BSE to handle 500,000 order messages per second.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Don't miss out on this 5-second invite packed with energy and urgency!
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From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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