EXCHANGE TRADED CURRENCY DERIVATIVES

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....ort, which was submitted on May 29, 2008, is also available on the SEBI website www.sebi.gov.in. The Report lays down the framework for the launch of Exchange Traded Currency Futures in terms of the eligibility norms for existing and new Exchanges and their Clearing Corporations/Houses, eligibility criteria for members of such Exchanges/Clearing Corporations/Houses, product design, risk management measures, surveillance mechanism and other related issues. I. EXCHANGE TRADED CURRENCY DERIVATIVES For trading in Exchange Traded Currency Derivatives, Recognized Stock Exchanges and their Clearing Corporations / Clearing Houses, Clearing Members and Trading Members have to comply with the following: 1. Exchange: A Recognized Stock Exc....

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....o SEBI for grant of approval for undertaking clearing and settlement related to trades in Currency Derivatives. The Clearing Corporation / Clearing house shall comply with the risk management measures detailed under Chapter 3 of the Report. 3. After obtaining SEBI's approval, the Recognized Stock Exchange and its Clearing Corporation / Clearing House shall make an application to RBI to obtain permission under FEMA for trading, clearing and settlement of Currency Derivatives. 4. Clearing Member and Trading Member: A person desirous of becoming a Clearing Member and / or a Trading Member and fulfilling the conditions detailed under paras 6.2 and 6.3 of the Report may apply to SEBI for registration under SEBI (Stock Brokers and Sub-Broke....