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-Monthly Market Review

March 2018
March 2018 CONTENTS
S. No. Particulars Page No.

1. Key Highlights of the Report 1

2. Global Regulatory Scanner 1

3. lobal News 2

4. Key circular issued by SEBI in March 2018 2

5. Market Development and Issues 3

6. Performance of Global Indices 4

7. Primary Market Statistics 4

a. Capital Raised 4

b. New Listings 4

8. Equity & Equity Derivatives 5

a. Index Watch 5

b. Trade Statistics & Growth 6

c. Instrument wise Turnover 7

d. Participant wise Turnover 7

e. Participant wise Open Interest 8

f. Internet Based Trading Turnover 9

9. NIFTY Futures Spreads 9

10. Indices Correlation Matrix 9

11. Most Active Securities based on Turnover 10

a. Top 5 Stocks in Cash Market 10

b. Top 5 Contracts in Stock Futures 10

c. Top 5 Contracts in Stock Options 10

12. Index Derivatives 10

13. Currency Derivatives 11

a. Turnover & Open Interest 11

b. Spread between Reference Rate & Exchange Rate 11

14. NSE Bond Futures II 12

15. INDIA VIX 12

16. Record Statistics 12

17. Global Perspective 13

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1. Key Highlights of the Report

1. The benchmark index NIFTY 50 depreciated by 3.61% in the current month and closed at 10113.7 experiencing a

high of 10525.5 and a low of 9951.9

2. During the month the volatility index India VIX appreciated by 14.14% and closed at 15.76 experiencing a high of

16.46 and a low of 11.30

3. The average equity volume was seen at Rs 31308Cr vs Rs 25284 Cr; up by 23.8% on YoY basis.

4. The average equity derivative volume was seen at Rs 94527 Cr vs Rs 69675 Cr; up by 35.7% on YoY basis.

2. Global Regulatory Scanner

US Federal Reserve releases paper on ‘US Monetary Policy and International Bond Markets’
Among financially interconnected economies, unanticipated changes in the stance of monetary policy in one country
can quickly “spill over” to other countries. The 2008–09 global financial crisis and its aftermath--a period during
which the Federal Reserve and many other central banks implemented new and unconventional forms of monetary
stimulus has sparked intense interest in international monetary policy spillovers. One such spillover is called the
financial spillover channel. In general, monetary policy easing lowers domestic longer-term interest rates and raises
the price of risky financial assets in the home country. With highly integrated global financial markets, investor
portfolio rebalancing efforts will lead to capital flows to foreign countries, exerting downward pressure on foreign
longer-term yields (buying will increase bond prices and lower yields) and upward pressure on foreign asset prices.
In a paper by US Federal Reserve that attempted to analyze this international spillover channel, the sample period
used is from January 2, 1992, to May 30, 2014, which is divided into two distinct policy regimes:: (1) a conventional
monetary policy regime, a period in which the primary policy instrument was the federal funds rate; and (2) an
unconventional monetary policy regime, during which the funds rate has been stuck at the effective lower bound.
During the unconventional monetary policy regime (assumed to have begun on November 25, 2008), the Federal
Reserve implemented different forms of forward guidance regarding the future path of the federal funds rate. They
also implemented a number of Large-Scale Asset Purchase programs (LSAPs), the primary goal of which was to
influence longer-term yields on US Treasury and agency MBS securities through direct purchases of those assets.
The authors rely on the intraday changes in the two-year US Treasury yield within a narrow window surrounding
Federal Open Market Committee (FOMC) and other policy announcements to identify unanticipated US policy
actions.
The authors find that conventional US monetary policy is transmitted very effectively to both shorter- and longer-term
bond yields of advanced foreign economies. In comparison, US unconventional monetary policy operates primarily
through the long-end of the yield curve. In other words, there is virtually no passthrough of unconventional monetary
policy to yields on shorter-term government bonds issued by the advanced foreign economies. However, the degree
of passthrough is, on balance, roughly similar to that estimated for the conventional policy regime. US unconventional
monetary policy had large effects on longer-term interest rates in emerging markets, a finding consistent with that
for advanced foreign economies. To summarize, US unconventional monetary policy measures induced a significant
portfolio reallocation among investors and led to a notable repricing of risk in global financial markets.
For more details see :
https://www.federalreserve.gov/econres/feds/files/2018014pap.pdf

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3. Global News

US GDP growth increases in 2017. (BEA: March 28, 2018)


Key highlights of the report:
• The real GDP increased 2.3% in 2017 as compared to 1.5% in 2016. The current-dollar GDP increased 4.1% in 2017
compared to 2.8% in 2016.
• The increase in real GDP reflected positive contributions from personal consumption expenditure, non-residential
fixed investment, exports, residential fixed investment, state and local government spending, and federal government
spending. These contributions were partly offset by negative contribution from private inventory investment.
• The price index for gross domestic purchases increased 1.8% in 2017, compared with an increase of 1% in 2016.
The PCE price index increased 1% in 2017, compared with an increase of 1.2% in 2016. Excluding food and energy
prices, the PCE price index increased 1.5% in 2017, compared with an increase of 1.8 percent in 2016.
• Profits from current production (corporate profits with inventory valuation adjustment and capital consumption
adjustment) increased $91.2 billion in 2017, in contrast to a decrease of $44.0 billion in 2016. Profits of domestic
financial corporations increased $15.7 billion, in contrast to a decrease of $2.0 billion. Profits of domestic nonfinancial
corporations increased $37.4 billion, in contrast to a decrease of $51.7 billion. The rest-of-the-world component of
profits increased $38.0 billion, compared with an increase of $9.8 billion.
For more details see:
https://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

4. Key circular issued by SEBI in March 2018

Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs) (SEBI: March 8, 2018)
Reserve Bank of India, in its Statement on Developmental and Regulatory Policies, released on August 02, 2017,
proposed to allocate a separate limit of Rs. 50bn to Foreign Portfolio Investors (FPIs) for taking long position in
Interest Rate Futures (IRFs) in order to facilitate further market development and to ensure that FPIs’ access to bond
futures remains uninterrupted during the phase when FPI limits on Government securities are under auction. The
limits prescribed for investment by FPIs in Government Securities (currently Rs. 3015bn) are exclusively available for
investment in Govt. Securities only.
The limit of Rs. 50bn separately allocated to FPIs for taking long position in IRFs would be calculated as follows:
a. For each interest rate futures instrument, position of FPIs with a net long position will be aggregated. FPIs with a
net short position in the instrument will not be reckoned.
b. No FPI can acquire net long position in excess of Rs.18bn at any point of time

For monitoring the limit, Stock Exchanges, after consulting amongst themselves, have to adhere to the following
mechanism:
a. Put in place necessary mechanism for monitoring and enforcing limits of FPIs in IRFs.
b. Aggregate net long position in IRF of all FPIs taken together at end of the day and shall jointly publish/ disseminate
the same on their website on daily basis
c. Once 90% of the limit is utilized, Stock Exchanges shall put in place necessary mechanism to get alerts and

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publish on their websites the available limit, on a daily basis
d. In case, there is any breach of the threshold limit, the FPI/s whose investment caused the breach shall square off
their excess position/s within five trading days or by expiry of contract, whichever is earlier.

This circular comes into effect immediately.


For more details see:
https://www.sebi.gov.in/web/?file=../../../sebi_data/attachdocs/mar-2018/1520510261718.pdf#page=2&zoom=auto,-23,625

5. Market Development and Issues

Trading in derivatives becomes expensive


• SEBI has taken steps to link the applicable exposure margin requirements to MWPL utilization. Thus, as the MWPL
utilization rises, the applicable exposure margin requirement will rise. (see Table below).
• Put simply, when the open interest in a particular stock goes up, it becomes increasingly more expensive for an investor
to have an open position in that stock. Those unable to provide these high margins will have to unwind their respective
positions and the OI (open interest) will come down.
• The change in exposure margin shall be applicable from next trading day and shall be applicable till the open interest
in the security reduces to below 70% of MWPL at end of the day.
• This policy shall be effective from the day after the expiry of February 2018 contracts.
To understand this development, it is necessary to understand what is MWPL and what was the margin requirement prior
to this development.
Table

Combined MWPL utilization at End Applicable Exposure margin of the security


of Day across Exchanges
70% No additional Margins

70% to less than 75% To be increased by 50% of the normal applicable Exposure margin from next
trading day
75% to less than 80% To be increased by 100% of the normal applicable Exposure margin from next
trading day
80% to less than 85% To be increased by 150% of the normal applicable Exposure margin from next
trading day
85% to less than 90% To be increased by 200% of the normal applicable Exposure margin from next
trading day
90% to less than 95% To be increased by 300% of the normal applicable Exposure margin from next
trading day

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6. Performance of Global Indices

Change
Indices Mar-18 Feb-18 Mar-17
MOM YOY
NIFTY 10113.70 10492.85 9173.75 -3.61% 10.25%
DJIA 24103.11 25029.20 20663.22 -3.70% 16.65%
NIKKEI 21454.30 22068.24 18909.26 -2.78% 13.46%
HANGSENG 30093.38 30844.72 24111.59 -2.44% 24.81%
NASDAQ 7063.45 7273.01 5911.738 -2.88% 19.48%

Performance of select global indices vis-a-vis Nifty50


(Rebased to 100 -- March 31, 2017)

140

130

120

110

100

90
Jul-17

Nov-17
Apr-17

Jun-17

Sep-17

Dec-17

Feb-18
Mar-17

May-17

Oct-17

Jan-18

Mar-18
Aug-17

Nifty50 DJIA NIKKEI HANG SENG NASDAQ

7. Primary Market Statistics

a. Capital Raised

Capital Raised in the Month Rs Mn USD Mn


Newly issued shares (IPOs)- 101935.72 1567.18
FPOs 0.00 0.00
Public issue of NCDs 8284.02 127.36
Further Issues (FIs) 268585.85 4129.29
Total 3,78,805.59 5823.83

b. New Listings
Sr. No. Symbol Name of the Company Series Date of Listing
1 GMMPFAUDLR GMM Pfaudler Limited EQ 05-Mar-2018
2 CKPLEISURE CKP Leisure Limited SM 06-Mar-2018
3 HGINFRA H.G. Infra Engineering Limited EQ 09-Mar-2018
4 HINDCON Hindcon Chemicals Limited SM 09-Mar-2018
5 SARVESHWAR Sarveshwar Foods Limited SM 15-Mar-2018
6 UNIINFO Uniinfo Telecom Services Limited SM 15-Mar-2018
7 MACPOWER Macpower CNC Machines Limited SM 22-Mar-2018
8 BDL Bharat Dynamics Limited EQ 23-Mar-2018
9 MDL Marvel Decor Limited SM 23-Mar-2018
10 TARACHAND Tara Chand Logistic Solutions Limited SM 23-Mar-2018
11 SUNDARMHLD Sundaram Finance Holdings Limited EQ 26-Mar-2018
12 ERFLNCDI Edelweiss Retail Finance Limited N1 26-Mar-2018
13 BANDHANBNK Bandhan Bank Limited EQ 27-Mar-2018
14 HAL Hindustan Aeronautics Limited EQ 28-Mar-2018
15 URAVI Uravi T and Wedge Lamps Limited SM 28-Mar-2018

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8. Equity & Equity Derivatives
a. Index Watch

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b. Trade Statistics & Growth

Cash Market

Turnover (INR Crore) NIFTY50 Index

50000 10500
45000
10400
40000
Turnover (INR Crore)

35000
10300
Rs. 31308 Crore

NIFTY50 Index
30000
25000 10200
20000 Average Daily Turnover
10100
15000 for Mar 2018
10000
10000
5000
0 9900

Instrument Feb-18 Feb-17 YOY Change Instrument Feb-18 Jan-18 MOM Change
Daily Average T/O Rs Cr. 31308 25284 23.8% Daily Average T/O Rs Cr. 31308 33668 -7.0%

Equity Derivatives Market

NM Futures Turnover in Lacs NIFTY50 Index Nifty Near Month


2000000 10500

1800000
10400
1600000
Turnover Rs lacs

Index value

1400000
10300

Rs. 94527 Crore


1200000

1000000 10200

800000
10100
Average Daily Turnover
600000

400000
for Mar 2018
10000
200000

0 9900

Daily Average Turnover Rs. Crs Daily Average Turnover Rs. Crs
Instrument Instrument
Mar-18 Mar-17 % Change Mar-18 Feb-18 % Change
Index Futures 28021 15818 77.1% Index Futures 28021 29277 -4.3%
Stock Futures 62985 52188 20.7% Stock Futures 62985 71271 -11.6%
Index Options Premium 2958 1253 136.2% Index Options Premium 2958 3026 -2.2%
Stock Options Premium 562 417 34.8% Stock Options Premium 562 725 -22.5%
Total 94527 69675 35.7% Total 94527 104299 -9.4%

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c. Instrument wise Turnover

STK OPT
0.6%

IDX OPT
3.1%

IDX FUT
29.6%
Index derivatives contributed
STK FUT
32.77% of total
66.6%
equity derivatives turnover.

d. Participant wise Turnover

Cash Markets
Cash Market Equity Derivatives
EQUITY DERIVATIVES
DII
RETAIL 4.15%
42.84%
RETAIL
Proprietary Client FII
PRO Client DII 37.05%
26.75% 73.25% 17.95%
18.73% 81.27% 11.43%
CORPORATES
9.68% FII CORPORATES
17.32%
14.11%

IndexFUTIDX
Futures StockFUTSTK
Futures

DII
5.5%
RETAIL
Client 43.3% RETAIL
Proprietary DII Proprietary Client
70.8% 34.6% FII
29.2% 1.7% 24.8% 75.23%
20.4%

CORPORATES, FII CORPORATES


13.0% 12.7% 14.8%

Index Options
OPTIDX DII Stock Options
0.1% OPTSTK

DII
0.0%

Proprietary RETAIL
Client 31.1% FII Client FII
43.1% Proprietary RETAIL
56.9% 15.4% 60.26% 35.6% 11.9%
39.7%

CORPORATES,
10.4% CORPORATES
12.8%

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Currency Derivatives
CURRENCY DERIVATIVES
FII
DII 3.33%
1.03%
PRO Client
CORPORATES
69.00% 31.00% RETAIL
9.87%
16.77%

e. Participant wise Open interest - as on Mar 27, 2018, i.e. one day prior to equity derivatives expiry

Participant wise OI - Index Futures Participant wise OI - Stock Futures


70.0% 60.0%
63.4% 54.2%
60.0% 47.4%
50.0%
50.0% 47.2%
40.0% 34.7%
38.2%
40.0%
30.0% 26.2%
30.0% 24.3% 20.2%
20.0%
20.0%
9.8% 9.3%
10.0% 6.6% 4.7% 5.8% 10.0% 6.1%
1.8%
0.0% 0.0%
Client DII FII Pro Client DII FII Pro

Future Index Long Future Index Short Future Stock Long Future Stock Short

Participant wise OI - Index Calls Participant wise OI - Index Puts


70.0%
80.0%
69.5%
60.0% 70.0%
60.0% 54.7%
60.0%
50.0% 52.2%
50.0%
40.0%
30.2% 40.0%
30.0% 28.0%
19.0% 30.0%
20.0% 16.1% 21.2%
15.1%
20.0% 14.3%
10.0% 4.9% 9.3%
10.0% 5.5%
0.0% 0.0%
0.0%
0.0%
Client DII FII Pro
Client DII FII Pro
Option Index Call Long Option Index Call Short
Option Index Put Long Option Index Put Short

Participant wise OI - Stock Calls Participant wise OI - Stock Puts


90.0% 80.0%
78.4% 69.5%
80.0% 70.0%

70.0% 60.0%
59.4% 52.2%
60.0% 50.0%
50.0% 40.0%
40.0% 28.0%
31.1% 30.0%
21.2%
30.0% 20.0% 14.3%
20.0% 14.1% 9.3%
9.4% 10.0% 5.5%
7.4% 0.0%
10.0%
0.1% 0.0% 0.0%
0.0% Client DII FII Pro
Client DII FII Pro
Option Index Put Long Option Index Put Short
Option Stock Call Long Option Stock Call Short

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f. Internet Based Trading Turnover

Cash Market Equity Derivatives


2000000 610000
Number of Trades Traded Value (INR Cr)
4500000 11000 1800000
Number of Trades Traded Value (INR Cr)
4000000 510000
10500 1600000
3500000 1400000
410000

Number of Trades
10000

Traded value (INR Cr)


3000000 1200000

Traded Value (INR Cr)


9500
Number of Trades

2500000 1000000 310000


2000000 9000 800000
210000
1500000 600000
8500
1000000 400000
110000
8000 200000
500000
0 7500 0 10000

Peak Turnover (Rs Cr.) 10821.00 Peak Turnover (Rs Cr.) 516340.00
Average Traded value (Rs Cr.) 9407.16 Average Traded Value (Rs Cr.) 274797.11

9. NIFTY Futures Spreads

NIFTY Futures spread in points NIFTY Futures spread in %


120
Spread Spot Vs NM Spread NM Vs MM Spread NM Vs FM
100 1.5%

80
1.0%
Spread Points

% Futures Spread Vs Spot

60
0.5%
40

20 0.0%

0 FEB MAR APR


-0.5%

-20

10. Indices Correlation Matrix

INDEX NIFTY50 NIFTY BANK NIFTY IT NIFTY INFRA NIFTY PSE NIFTY MIDCAP 50 INDIA VIX
NIFTY50 100% 90% 39% 95% 76% 84% -59%
NIFTY BANK 90% 100% 22% 84% 57% 89% -49%
NIFTY IT 39% 22% 100% 37% 20% 30% -16%
NIFTY INFRA 95% 84% 37% 100% 72% 83% -55%
NIFTY PSE 76% 57% 20% 72% 100% 68% -43%
NIFTY MIDCAP 50 84% 89% 30% 83% 68% 100% -45%
INDIA VIX -59% -49% -16% -55% -43% -45% 100%

Correlation based on daily closing returns of the respective index

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11. Most Active Securities based on Turnover

a. Top 5 stocks in Cash market

Sr. No. Symbol Gross Traded Quantity (Lacs) Gross Traded Value (Cr) % Contribution
1 TCS 727 20984 3.53%
2 TATASTEEL 2137 12942 2.18%
3 SBIN 4911 12350 2.08%
4 RELIANCE 1328 12055 2.03%
5 HDFC 598 10845 1.83%

b. Top 5 Contracts in Stock Futures

Sr. No. Symbol No of Contracts Turnover (Rs Cr) % Contribution


1 SBIN 461519 34869 2.91%
2 RELIANCE 365527 33205 2.77%
3 TATASTEEL 480038 30921 2.58%
4 ICICIBANK 347853 27939 2.33%
5 HDFCBANK 258448 24146 2.02%

c. Top 5 Contracts in Stock Options

Sr. No. Symbol No of Contracts Premium Turnover (Rs Cr) % Contribution


1 SBIN 579290 556 6.22%
2 MARUTI 573501 268 5.28%
3 RELIANCE 414580 407 5.27%
4 TATASTEEL 481249 459 4.37%
5 TCS 368923 239 3.79%

12. Index Derivatives NIFTYIT


0.1%
Index Futures Index Options

NIFTY
BANKNIFTY 38.6%
35.8%
NIFTY BANKNIFTY
64.1% 61.4%

NIFTY FUTURE - EXPIRY WISE VOLUME NIFTY OPTIONS - EXPIRY WISE VOLUME
NIFTY Futures expiry
(NUMBER wise trading
OF CONTRACTS ) volume NIFTY Options expiry
(NUMBER wise trading
OF CONTRACTS ) volume
May Others
Apr
Apr 2.21% 0.25%
7.45%
14.83%
May
0.30%

Mar Mar
82.96% 92.00%

* No. of contracts traded


between 23 Feb 2018 to 26 Mar 2018

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13. Currency Derivatives

a) Turnover & Open Interest

Currency Options Turnover vs OI


Currency Futures Turnover vs OI 60 Premium Turnover in Rs Crs Open Interest (Contracts lacs) 35

30

Notional Turnovwer Rs Cr.


20,000
Premium Turnover in Rs Crs Open Interest (Contracts lacs)
40 50
Notional Turnover Rs Cr

18,000 25

OI Contracts lacs
16,000 32 40

OI contracts Lacs
14,000 20
12,000 24 30
15
10,000
8,000 16
20
10
6,000
4,000 8
10 5
2,000
0 0
- -

Daily Average Turnover Rs. Crs Daily Average Notional Turnover Rs. Crs
Instrument Instrument
Mar-18 Mar-17 YOY Change Mar-18 Mar-17 YOY Change
11191.48 9497.14 17.84% 25.48 34.64 -26.43%
Currency Currency Op-
Mar-18 Feb-18 MOM Change Mar-18 Feb-18 MOM Change
Futures tions
11,191.48 15772.48 -29.04% 25.48 39.29 -35.14%

Currency pair wise Open Interest Currency pair wise Turnover


Currency pair wise open interest Currency pair wise turnover (Rs. Crs)
(NUMBER OF CONTRACTS )
USDJPY
USDINR
USDJPY 0.15%
77.34%
0.03%
USDINR EURINR EURINR
91.06% 4.74% 6.68%

EURUSD
0.41% EURUSD
2.83%
GBPINR
2.55% GBPINR
JPYINR GBPUSD 8.48%
JPYINR GBPUSD
2.21% 2.29%
0.91% 0.30%

b) Spread between Reference Rate & Exchange Rate


USDINR Rate Movement GBPINR Rate Movement
65.5 0.40 1.0
65.4 0.35 92.5 0.8
65.3 0.30
65.2 0.25 0.6
91.5
0.20
GBPINR
USDINR RATE

SPREAD

65.1 0.4
SPREAD

0.15
65.0 90.5 0.2
0.10
64.9 0.05
64.8 0.0
0.00 89.5
64.7 -0.05 -0.2
64.6 -0.10 88.5 -0.4
64.5 -0.15

DSP Ref. Rate Spread


DSP Ref. Rate Spread

EURINR Rate Movement JPYINR Rate Movement


62.5 0.3
81.5 0.5
0.2
81.0 0.4
62.0
0.3 0.1
JPYINR RATE

80.5
EURINR RATE

SPREAD

0.2
SPREAD

61.5 0.0
80.0
0.1 -0.1
79.5 61.0
0.0 -0.2
79.0 -0.1
60.5 -0.3
78.5 -0.2

DSP Ref. Rate Spread


DSP Ref. Rate Spread

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14. NSE Bond Futures II

Turnover Rs. Crs Open Interest

3500
185000
3000
Turnover Rs. Crs

165000
2500

OI Contracts
145000
2000 125000 Rs. 1211 Crore
105000
1500
85000
Average Daily Turnover
1000
65000 for mar 2018
500 45000
0 25000

15. INDIA VIX

India VIX moving average


15.50

15.25 15.34 15.35 HIGH 16.46


15.23

15.00
LOW 11.30
14.75
14.79
CLOSE 15.76
14.50
10 day 30 day 60 day 90 day

16. Record Statistics

Instrument Turnover Rs. Crs Date


Index Futures 58105.67 29, September, 2016
Stock Futures 195433.08 25, January, 2018
Index Options Premium 6443.05 04, January, 2018
Stock Options Premium 1297.90 25, October, 2017
Equity Turnover 49597.48 30, November, 2017

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17. Global Perspective

a. NSE’s Global Ranking b. Top 3 Exchanges in Stock futures Contracts

Instruments Ranking Rank Name of the Exchange No. of Contracts


Index Options 1 1 Korea Exchange 58787609
Index Futures 11 2 National Stock Exchange of India 41061692
Stock Options 9 3 Moscow Exchange 33400618
Stock Futures 2
Currency Options 2 c. Top 3 Exchanges in Index options
Currency Futures 2 Rank Name of the Exchange No. of Contracts
Equity Shares (no of trades) 3 1 National Stock Exchange of India 278130204
2 Korea Exchange 133758190
*Ranking in no. of contracts traded till YTD basis
Source:WFE data as on Feb 2018 3 Chicago Board Options Exchange 122113011

d. NSE’s contribution to Global Trade


Stock Option Stock Future
Stock Option Stock Future

EMEA
7.27%

Rest of Asia- Pacific


5.90% EMEA Asia - Pacific Rest of Asia-
Americas Asia- Pacific 55.62%
44.35% Pacific
83.49% 9.23% NSE
20.82% 34.80%
NSE
3.34%
Americas
0.03%

Index Option
Index Option Index Future
Index Future
EMEA
25.08%
EMEA
14.91% NSE
37.23% Rest of Asia- Pacific
Asia - Pacific Rest of Asia- 28.22%
Asia - Pacific
60.19% Pacific 30.51%
Americas 22.96%
24.90% Americas
44.41%

NSE
2.29%

Currency Option Currency Future


Currency Option Currency Future

NSE
EMEA
46.46%
30.90%
EMEA
Asia - Pacific
11.15% Rest of NSE Rest of Asia-
85.98% Asia - Pacific
Americas Asia- 22.77% Pacific
46.26%
2.87% Pacific 23.49%
39.51% Americas
22.84%

Disclaimer:
“The National Stock Exchange of India Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offer of its equity shares and has filed a Draft Red Herring Prospectus
dated December 28, 2016 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the websites of SEBI and the BSE Limited at www.sebi.gov.in and www.bseindia.com, respectively and of the
Managers, Citigroup Global Markets India Private Limited at http://www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, JM Financial Institutional Securities Limited at www.jmfl.com, Kotak Mahindra Capital Company Limited
at http://www.investmentbank.kotak.com, Morgan Stanley India Company Private Limited at http://www.morganstanley.com/about-us/global-offices/india/, HDFC Bank Limited at www.hdfcbank.com, ICICI Securities Limited at www.
icicisecurities.com, IDFC Bank Limited at www.idfcbank.com and IIFL Holdings Limited at www.iiflcap.com. Investors should not rely on the DRHP for making any investment decision, and should note that investment in equity shares
involves a high degree of risk, and for details see the section titled “Risk Factors” in the red herring prospectus, when available.
Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States.”

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