|
|
OTC MARKET |
CURRENCY FUTURES |
|
CONTRACTS |
Customized |
Standard
|
|
UNDERLYING EXPOSURE |
Required |
Not Required |
|
PRICE TRANSPARENCY |
Low – bank margins are often difficult to estimate |
High, facilitated by price discovery on electronic screen |
|
ACCESS |
Subject to Credit Limits and security
|
Subject to cash Margin based on daily MTM value |
|
DAILY MTM |
Available only on request |
Available on real-time basis |
|
CURRENCY TRADING |
Not permitted to non-bank entities
|
No restrictions |
|
SETTLEMENT |
Physical Delivery or Cancellation
|
Net settled in INR |