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of <h1>RBI Issues Guidelines for Trading New Cross-Currency Futures and Options; Includes EUR-USD, GBP-USD, USD-JPY Pairs.</h1> The circular issued on December 10, 2015, by the Reserve Bank of India (RBI) introduces guidelines for trading cross-currency futures and exchange-traded currency options in recognized stock exchanges. It permits trading in new currency pairs such as EUR-USD, GBP-USD, and USD-JPY, alongside existing pairs like USD-INR. Market participants, including residents and foreign portfolio investors, can trade these contracts without establishing underlying exposure, subject to specified position limits. The circular maintains existing position limits and hedging procedures, and authorized dealer banks are instructed to comply with these guidelines within their Net Open Position Limit. The directions are issued under the RBI Act and the Foreign Exchange Management Act.
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