Indische Sensex Futures an der US Futures Exchange
U.S. Futures Exchange To License Bombay Stock Exchange’s Sensex Index For U.S. Futures Listing - Exclusive Agreement With BSE Provides For U.S. Dollar-Denominated Futures Contract To Begin Trading February 22, 2008
12/11/07 - U.S. Futures Exchange (USFE) announced today that it will exclusively license Bombay Stock Exchange’s (BSE) benchmark SENSEX Index for U.S. dollar-denominated futures trading beginning February 22, 2008. USFE’s SENSEX contract will allow eligible U.S. investors to directly participate in India’s equity markets for the first time, without requiring American Depository Receipt (ADR) authorization.
The SENSEX Index is composed of 30 major Indian stocks and regarded as the country’s premier stock market index. The SENSEX’s value has risen more than 600 percent since its low in May 2003, reflecting significant growth in the Indian economy. BSE currently offers rupee-denominated SENSEX futures to qualified Indian market participants.
“Exposure to emerging markets, particularly India, is now essential for institutional portfolio management and retail investors alike,” said Kevin Davis, Chairman, USFE. “This agreement will provide the opportunity for US investors to gain exposure to India’s unprecedented economic growth, expansion and investment performance. We are excited about this opportunity and pleased that the Bombay Stock Exchange has chosen to expand the distribution and availability of its SENSEX Index exclusively with USFE.”
"SENSEX has been and continues to be the flagship index of the Indian capital market. Indeed, for millions of investors in India and overseas, it is synonymous with the Indian equity market and is viewed globally as a barometer of the performance of the economy,” said Rajnikant Patel, Managing Director & CEO of BSE.
“The launch of a futures contract based on the SENSEX will facilitate overseas investors in taking exposure to the Indian equities. I am confident the listing of the dollar denominated SENSEX contract on USFE will elicit a very positive response from the international investing community," Mr. Patel added.
USFE’s U.S. dollar-denominated SENSEX futures contract will trade 23 hours per day and settle monthly to the corresponding value of BSE’s futures contract. The contract will have a notional value of 40,000 and a tick size of $5. Expected market participants include hedge funds and institutions, international mutual funds, and individuals seeking investments in Indian markets.
“The SENSEX futures product is an ideal fit for USFE’s global distribution model and commitment to innovation,” said Satish Nandapurkar, CEO of USFE. “USFE’s listing of the SENSEX Index will provide U.S. market participants with direct access to pure Indian equities exposure through existing futures accounts.”
Indian Economy Facts
* The SENSEX’s value has risen more than 600 percent since its low in May 2003 (SENSEX data via Bloomberg).
* The SENSEX’s value has risen about 39 percent since May 2007 and closed above 20,000 for the first time on Oct. 29 (Bloomberg, Oct. 29, 2007).
* According to Indian Finance Minister Palaniappan Chidambaram, India’s economy will expand by more than 9 percent the fiscal year ending March 31, 2008, and has grown an average 8.6 percent since 2004 (Bloomberg, Nov. 5, 2007).
* The rupee is the best performer among Asia’s ten most actively traded currencies this year, gaining 12.7 percent (Bloomberg, Nov 5, 2007).
Sensex futures set to launch in the US
By Nick Ferguson
Finance.asia.com (27.03.08) - The Chicago-based US Futures Exchange is going live with Sensex contracts in April.
The US Futures Exchange (USFE) is ready to launch futures contracts on the Sensex, India's benchmark equity index, on April 4.
Officials from the Bombay Stock Exchange (BSE) approached counterparts at the US bourse last year to discuss the possibility of creating US dollar-denominated futures contracts and, in November, the two parties signed a licensing agreement. That deal paved the way for US investors to take part in the booming Indian equity market without the need for American depositary receipt authorisation.
Since then the US exchange, which is making its first foray into Asia, has been busy developing the product for clients in the US – mostly hedge funds, institutional investors and mutual funds. "We've undertaken a massive sales campaign to end users," says John Spiegel, the deputy chief executive of USFE. "In some ways it's been an easier sell than we'd expected because of the strength of the Indian economy, and Asia in general."
The Sensex rose 47% in 2007, compared to a meagre 6.5% on the Dow, and is up more than 600% since its low in May 2003 – although the performance this year has been less compelling, with the Sensex giving up 20% compared to 5% on the Dow.
Even so, the subprime turmoil in the US has also spurred interest in Asian equities markets, says Spiegel, and the uncertainty has caused volumes in the futures markets to spike as investors try to hedge their positions against further share price volatility.
Spiegel says this opportunity with the BSE was something of a one-off, but does not rule out the possibility of further tie-ups in other Asian markets. "We have no existing plan to reach out to other exchanges but are always interested in developing other products that allow our clients to offload risk," he says.
The USFE is based in Chicago and was formed in 2006 as a result of Man Group's investment in the former Eurex US. The Sensex futures contracts will trade 23 hours a day, with a notional value of 40,000 index units and the minimum price change is $10.
(Quelle: http://www.financeasia.com/article.aspx?CIaNID=72692)