Economic instability fears slow India derivatives market reform
As China rushes ahead with liberalisation programme, India takes more conservative stance
Encouraging greater use of onshore derivatives is an important component of India's economic reform agenda, but liberalisation of the markets has been slow and most rupee hedging – particularly with a duration out beyond five years – is still done through the offshore non-deliverable forward (NDF) market.
According to the Bank for International Settlements' latest Triennial Central Bank Survey, the average daily turnover of the offshore NDF market for rupee trading is $19 billion, compared with
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