Global Board of Trade, the first international multi-asset bourse from Mauritius has announced the successful launch of the GBOT USD/MUR weekly delivery based contract on Friday, 22nd March 2013.
The GBOT USD/MUR weekly contract offers a convenient trading unit of as small as 1000 US Dollars with weekly delivery. This small sized and flexible USD/MUR contract on GBOT will equip banks, exporters, importers and even individuals to manage currency risk and take delivery of US Dollars and Mauritian Rupees at competitive rates.
Mr. Rinsy Ansalam, MD & CEO of GBOT, said: “With the launch of the weekly USD/MUR contract we will come closer to the currency risk management and transaction requirements of foreign investors, local exporters, importers, individuals and organizations having exposure in US Dollars against Mauritian Rupees. We expect this contract to bring down the cost of servicing smaller clients for banks when it comes to USD/MUR conversions as banks will have only GBOT as its counterpart for effecting payments and receipts.”
The specifications of delivery based weekly USD/MUR are as follows:
- Contract size: 1000 USD
- Trading Hours: 1030hrs to 2030 hrs, Monday to Friday (Mauritius time)
- Delivery and settlement logic: Compulsory delivery
Sharing his perspective on the product, Mr. A.J. Smiles, Deputy Chief Executive of BankOne said, “As a GBOT broker, we look forward to benefit from this product by trading ourselves and also enabling our clients to trade on this customized USD/MUR contract introduced by GBOT. We congratulate GBOT on this initiative that will allow banks to eliminate overnight open position risk efficiently.”
“The new USD/MUR contract being introduced by GBOT exchange is one of the finest hedging products that will enable Mauritian corporate entities to not only save money on spreads but also reduce business tax liability, thereby enhancing profits. It will help small, individual investors to unlock savings and channelize them into short-term, better yielding investments.” said Mr. Rajesh Desai, Director of APAC Services. He further added that, “As a broker on GBOT, we appreciate the innovation brought by the exchange to create yet another opportunity for its brokers”
Market participants may view live GBOT USD/MUR weekly contract rates at www.gbot.mu
