The growth has been aided by increase in turnover in both currency futures contracts
as well as currency options contracts.
Currency futures contracts
imply "a meteoric rise of the U.S.
The Johannesburg Stock Exchange (JSE) has launched the first currency futures which track the exchange rate between the Rand and select African currencies, listing three new currency futures contracts
which track the exchange rate between the Rand (ZAR and the Zambian Kwacha (ZMK), Kenyan Shilling (KES) and Nigerian Naira (NGN).
USD/MUR and rand/USD currency futures contracts
are traded on the Bourse Africa platform; USD/rand and pula/rand are traded on the JSE; while kwacha/ USD is traded on BADEX.
The DGCX's total trading volume has reached 8.6mn contracts, mostly currency futures contracts
. The bourse's copper futures contract, launched in April, is also gaining traction, Shah said.
All DGCX currency futures contracts
except US Dollar/Canadian Dollar registered substantial month-on-month increases.
The RBI also said the bourses are permitted, with immediate effect, to offer currency futures contracts
in the three currencies in addition to the US dollarrupee contracts.
The bank said that the indices offer investors with easier access to interest rate and currency futures contracts
Since the start of 2009, 147,000 currency futures contracts
have traded on DGCX, valued at $9.4 billion (Dh34.5 billion).
In addition, currency futures contracts
worth $172,000 were settled in the week ending on March 20, 2009, demonstrating the growing significance of the exchange in meeting end user's foreign Aacurrency requirements.
the gain from foreign currency futures contracts
entered into to hedge
Similarly, volatility of currency trading during the 1970s and 1980s(48) caused evolutionary developments in the currency markets such as the trading of foreign currency futures on regulated and OTC markets.(49) In 1982, options on these currency futures contracts
were introduced into the United States.(50)