Currency Derivatives

Currency Derivatives

Currency derivatives can be described as contracts between the sellers and buyers, whose values are to be derived from the underlying assets i.e. the currency amount. World’s largest market – Driven by fundamentals. The Currency trading market attracts about $5.2 trillion in daily volume, recognized as the world’s largest market, accessible globally 24 hours a day – that is exactly what the Currency market is made up of! The advantage of small margin requirements and lower entry barriers makes it an important part of a retail investor’s portfolio. The best part about currency tradingis that you don’t need to open a new account or have different funds for this asset class. You can use the margin money and collaterals across Equity, F&O & Currencies on the same platform. No separate investment is required for Currency Trading. Currency futures and currency options are also very efficient risk management instruments offering benefits such as:

Hedges risk

  • Acts as insurance against unforeseen and unpredictable currency and interest rate movements.
  • If receivables or payments to be incurred are in multiple currencies,
  • If receivables or payments to be incurred are in multiple currencies,

Benefits to Small & Medium Enterprise(s):

SMEs do not receive support from banks readily due to higher counter party risk, lesser solvency and ability to honour its obligations. They may have to pay higher commissions making the transaction cost higher and the reducing the profit margins. Exchange traded currency derivatives will help these firms to hedge their risk with lower transaction costs. Opening up of trading in currency derivatives will give relief to small traders and SMEs.

SMIFS Limited, against the back drop of dealing in foreign affairs and clients, has developed over the years expertise in guiding corporates against their currency exposure risk.

Contract Specification & Features:

Underlying : Rate of exchange between 1 USD & INR

Pair : USD/INR, EUR/INR, GBP/INR, JPY/INR

Contract Months : The maturity of the contracts shall not exceed 12 months

Expiration date and time / Last trading day & time : At 12:30 noon, two working days prior to the last Mumbai Interbank Settlement day of the month

Min Price fluctuation / Tick size : 0.25 Paise or INR 0.0025

Settlement Daily Interim MTM settlement Final settlement: The contracts shall be quoted and settled in Indian Rupees based on daily closing price of the contract and settlement price shall be the Reserve Bank’s Reference Rate on the last trading day .

Margin required for 1 lot USD/INR : 1.75% on the first day & 1% thereafter

Market timings: 9:00 AM to 5:00 PM

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    Frequently Asked Questions ( FAQ’s)

    What are the pairs in Currencies?

    Foreign exchange or Forex is the simultaneous buying of one currency and selling of another. Currencies are traded through a broker or dealer and are executed in currency pairs. For example: the Euro and the US Dollar (EUR/USD) or the British Pound and the Japanese Yen (GBP/JPY). The Foreign Exchange Market (Forex) is the largest financial market in the world, with a daily volume of over $5.2 trillion. This is more than three times the total amount of the stocks and futures markets combined. Unlike other financial markets, the Forex spot market has neither a physical location nor a central exchange. It operates through an electronic network of banks, corporations, and individuals trading one currency for another. The lack of a physical exchange enables the Forex market to operate on a 24-hour basis, spanning from one time zone to another across the major financial centers. This fact – that there is no centralized exchange – is important to keep in mind as it spreads throughout all aspects of the Forex experience.

    What are the lot sizes?

    USD-INR – 1000 Dollars, EUR-INR – 1000 Euros, GBP-INR 1000 GBP, JPY-INR – 1,00,000 JPY

    Can I take delivery in Currencies?

    No

    What are the market timings?

    9-5pm

    When is the contract expiry in Currencies?

    2 working days prior to the last business day of the month

    Do I need to open Demat account for Currencies?

    No

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