History of foreign exchange markets
Major currency pairs
Overview of international currency markets
Basics and Peculiarities of currency markets in India
Settlement or value date
Over-the-Counter (OTC) forward market
Exchange rate arithmetic- cross rate
Impact of market economics on currency prices
Economic indicators
Evolution of derivatives
Derivative products and features
Growth drivers of derivatives
Market players in the foreign exchange market
Key economic functions of derivatives
Exchange-Traded Vs. OTC derivatives
Currency futures
Spot price
Futures price
Contract cycle
Value date/Final settlement date
Expiry date
Contract size
Initial margin
Marking-to-market
Rationale behind currency futures
Standard items in a futures contract
Introduction of currency futures in India
Futures and forward contracts
Advantages of futures contracts
Limitations of futures contracts
Interest rate parity and pricing of currency futures
Role of speculation in futures markets
Long position in futures
Short position in futures
Hedging using currency futures
Types of hedgers
Size of the hedging position
Trading spreads using currency futures
Concept of arbitrage
Use of arbitrage in currency futures markets
Arbitrage opportunities under various conditions
Contract specification for currency futures
Trading parameters
Tenors of futures contract
Settlement price
Entities in the trading system
Types of orders
Concept of Mark-to-Market (MTM)
Position limits
Allowable open position limits for members trading in currency futures
Monitoring and enforcement of position limits in the currency futures market
Surveillance systems and procedures of exchanges
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