September 27, 2020

India INX to launch Gold Quanto, Silver Quanto futures contracts on Aug 31

NEW DELHI: BSE‘s India Worldwide Alternate (India INX) has obtained regulatory approval for launching Gold Quanto and Silver Quanto futures contracts. “Buying and selling in these Quanto futures contracts at India INX will begin from Monday, August 31, 2020,” a launch stated on Wednesday.

The underlying property for Gold Quanto futures is Indian Gold spot purity 995 and for Silver Quanto futures is Indian Silver spot purity 999.

In keeping with the discharge, buying and selling hours for these contracts could be from 4.30 am to five pm (session 1) and from 5 pm to 2.30 am (Session 2). It could be from Monday to Friday.

“The out there contracts for each Quanto futures contracts is twelve (12) serial month-to-month contracts. Each Quanto futures contracts will probably be settled in money in US Greenback,” it added.

India INX MD and CEO V Balasubramaniam stated these merchandise will appeal to market members on the lookout for overseas commodity publicity however with out the accompanied change fee danger.

“These Quanto futures contracts will present these market members an efficient hedge towards change fee fluctuations. It is going to additional improve India INX’s place as a global change the place you get all merchandise at one place, seamlessly,” he stated.

India INX is positioned within the GIFT IFSC (Worldwide Monetary Companies Centre).