Standard Chartered reports completion of interest rate futures transaction.
Global Banking News - 31 August 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
UK-based Standard Chartered (LSE: STAN) has announced that it has completed one of India's first interest rate futures transactions in the new form with the National Stock Exchange.
The bank traded one contract at INR94.50 for a notional amount of INR0.2m.
An interest rate future is a contract to buy or sell a debt instrument (10-year government bond) at a price decided in advance for delivery at a future date. Since the price is locked, the contract helps eliminate interest rate risk.
The bank's Financial Markets India and South Asia regional head, Hemant Mishra, said, 'The addition of interest rate futures enhances Standard Chartered Bank's suite of risk management products and services, which are customised to suit our proprietary business requirements and risk management capabilities.'
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