Slow and steady

Although India's financial regulators are keeping the brakes on as they move down the road to fully liberalised derivatives markets, local bankers tell Joseph Radford that rupee interest rate options should be just around the bend

'Slow and steady wins the race' could probably be adopted as the motto of the Reserve Bank of India (RBI). The Mumbai-based financial regulator has been taking a gradual approach to economic liberalisation over the past few years and, in particular, has been extremely cautious about giving permission for new derivatives instruments.

However, two years on from the introduction of rupee currency options, some market participants say the stage is now set for the RBI to give the go-ahead on rupee

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