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India INX launches gold kilogram futures

Press Trust of India  |  Mumbai 

international Exchange (INX), an arm of the top bourse BSE, today started trading in gold kilogram futures.

Besides, the exchange has begun trading in 53 additional single stock and futures contracts, taking the total number of such derivatives offerings to 107 on its platform.

Last week, the exchange had commenced trading in 33 new single stock derivatives.

"Apart from the existing gold contracts on the INX, which are already established and clocking daily average turnover of USD 30 million, we seized the opportunity to further entrench our position in this market by launching the gold KG contract," said India INX Managing Director and Chief Executive Officer V Balasubramaniam.

He said the contract will provide a hedging mechanism to the market participants exposed to changes in gold landed prices, which mirrors the Indian spot market.

"Our exchange is nothing but a financial supermarket where you get all products at one place, seamlessly," he added.

India INX, a wholly-owned subsidiary of the BSE, commenced its trading activities on January 16, 2017 and it operates out of the Gujarat International Financial Services Centre (IFSC) GIFT City, Gandhinagar.

It is the country's first international exchange to be set up at GIFT City.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 08 2017. 20:28 IST