Nifty set to trade in US from today
The wait is now over for the US investors, who want to bet on the Indian stock markets, with the Chicago Mercantile Exchange starting the trade in Nifty Futures from today.business Updated: Jul 19, 2010 01:46 IST
The wait is now over for the US investors, who want to bet on the Indian stock markets, with the Chicago Mercantile Exchange starting the trade in Nifty Futures from Monday.
The Chicago Mercantile Exchange (CME) is introducing two new contracts — E-mini and E-micro S&P CNX Nifty (Nifty 50) Futures — designed to access the Indian market opportunities.
The 50-share Nifty is the benchmark index of the National Stock Exchange, the largest stock exchange in the country. The index accounts for 22 sectors of the economy.
Investors would be able to trade for nearly 23 hours on the CME Globex. These hours include the market hours in India (except the last one hour before the Indian market opens).
"The introduction of these two new contracts will make the Nifty 50 available to a much larger community of traders and investors across various exchanges and time zones," NSE managing director and CEO Ravi Narain had said.
Under the agreement, inked in March this year, the S&P Nifty has been made available to the CME for the creation and listing of the dollar-denominated futures contracts for trading on CME.
Under the deal, the Dow Jones Industrial Average and S&P 500 — the two leading US indices — would be traded on the NSE platform in India.
The CME owns the rights to S&P and DJIA and has given the licence to NSE for trade in futures contracts on indices.