Much of Asia's futures industry was celebrating the Lunar
New Year in style last week, buoyed by bullish regional equity
markets, generally higher futures volumes and expectations that
more growth will come in 2006.
India, Taiwan top in 2005
India led the way with a 74% volume increase at
National Stock Exchange's (NSE) equity derivatives market, and
three and nine fold increases in National Commodity and
Derivatives Exchange (NCDEX) and Multi-Commodity Exchange of
India (MCX) markets respectively.
India's stock market saw a 42% gain over 2005, helped by
record foreign investment which fed into NSE's futures and
options business. Meanwhile, explosive growth at NCDEX and MCX
were fanned by rocketing oil and gold contracts and increased
proprietary trading by securities and commodities firms and
Taiwan also fared exceptionally well, up 57% in futures and
options volumes despite the underlying stock market rising by
just 6.7%. Seven global FCMs joined the exchange in the past
year, indicating that the market is now on the international
radar screen for opportunities.
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