NSE seeks trademark for currency derivatives label

The National Stock Exchange (NSE) has applied before authorities for registration of trademark for its ‘Currency Derivatives’ label.

The exchange has approached the Trade Marks Registry for the registration of trademarks for ‘Currency Derivatives’ label under different classes, according to the details available with office of the Controller General of Patents, Designs & Trade Marks.

NSE’s currency derivatives label features signs of three currencies — the US dollar, euro and Japanese yen. As per details, NSE made its application on September 1, 2009.

Trademarks are distinctive signs, used to differentiate between identical or similar goods and services offered by different producers or services providers. Trademarks are a type of industrial property, protected by intellectual property rights.

Currency derivatives is a contract between the seller and the buyer, whose value is to be derived from the underlying asset, the currency amount.

NSE is the first stock exchange in India to launch trading in currency futures. Trading in currency futures contract started in August 2008 on the NSE.

Financial Technologies-promoted Multi Commodities Exchange is the main rival of NSE in currency derivatives.

There has been a consistent month-on-month increase in the number of contracts traded in currency futures segment at NSE. Average daily volume for the month ended December 2009, was at $1,952.59 million, as per the NSE data.

NSE has applied for registration of currency derivatives labels in different classes including class 9 and 28.

Class 9 of trademarks rules deals with computer, electric and electronic equipment for data transmission, receiving and manipulation, electronic accounting and banking equipment and others. Class 28 is about games and playthings, gymnastic and sporting articles among others.