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Non-Tech : ICICI Ltd - (Nyse: IC)
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To: Mohan Marette who wrote (147)2/14/2000 9:28:00 PM
From: Mohan Marette  Read Replies (1) of 494
 
ICICI to offer equity derivatives trading through net if necessary.

Financial Intermediary ICICI Ltd has firmed up plans to trade in equity derivatives and will not just use the product for hedging its cash market risks but will also take positions in the markets.

ICICI's treasury head, Nachiket Mor said that the institution will pitching in to be a clearing bank as well Mor who has personal experience of working for a US-based hedge fund for three years dealing in currency and commodity futures, will be heading the ICICI initiative in equity derivatives, which are set for an early launch.

"Derivatives is an area where if you know what you are doing there is immense benefit. There are enough risk containment provisions but then if you do not know what you are doing then you can be in trouble. We know the Indian markets well enough and have been one of the first players in other futures products. We will look at equity derivatives not just as a medium to hedge our risk in the cash market but will be open to taking positions in the futures markets. We have been fairly active in equity trading in the cash market but with a sound futures product our activity may increase," said Mor.

"Whether we would become clearing members ourselves or go through our broking joint venture are issues which are not clear yet, but what is certain is that we are foraying into equity derivatives," said Mor.

"We see derivatives as a product which will initially only catch the fascination of institutional players but if our retail investors seek a derivatives product we will not hesitate to give them the product and if the opportunity arises even offer it through the Internet," he added. Index based futures is set to commence in the country with now only a government notification required. The National Stock Exchange has already commenced the enrollment of both new and existing members to the derivatives segment.


Source : MI
Feb 14, 2000

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