No Indian summer

Asia Risk FX Review & Outlook 2009 - Regulation

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India's derivatives market is in the spotlight again, after currency movements left some small and medium-sized companies with mark-to-market (MtM) losses big enough to threaten them with bankruptcy. Around 15 of the worst-hit organisations have now filed lawsuits alleging mis-selling, in the hope that judges can be persuaded to declare the contracts void.It is the first time that derivatives in India have reached the courtroom - and lawyers warn that the initial wave of cases is being monit