IF_Final Money Markets

7/27/2019 IF_Final Money Markets

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Presented by:

Harshraj Aggarwal A006

Koushik Sai A014

Saurabh Jhawar A027

Randheer Jha A037

Vishal Nandwani A041Pankaj Shah A046

Vaibhav Tyagi A054


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Euro-Market Products in the Euro-Market Treasury Bills Indian Money Market

International Finance Centers LIBOR


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Euro Market


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A Eurocurrency is a freely convertible currency deposited in a baits country of origin.

For example, a deposit denominated in US dollars residing in a Japanese bank is deposit, or more specifically a Eurodollar deposit.

This deposit market supports the borrowing and lending of offscurrencies.

Banks accepting euro-currency deposits can be local banks (i.e., the financial market), or foreign banks operating in the local ma(including U.S. banks).

These banks are referred to as Eurobanks. Major Eurobanks inclDeutsche, and UBS.


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Market originated in the 1950s, when communist governments (mainUnion) needing dollars for international trade and concerned about a

freeze of their dollar accounts in US banks, shifted their deposits to Lo

The first bank in the London market accepting these dollar deposits was the Ban

pour I'Europe du Nord was also known by its cable code, EUROBANK.

In the 1970s the market received a further boost when OPEC countrietheir dollar earnings into the London markets.

Londons advantage was two fold: (1) deposits were not subject to reserve requir

unlike the U.S. at that time there were no limitations on interest which could be

deposits.

London banks recycled these deposits in the form of loans to governments and c


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The Eurocurrency market is essentially a wholesale market (asa retail market). Participants include large global banks and other large financial ins

large multinational corporations, and governments. Estimated size of market (2011): $6 trillion. Transactions tend to be large (multiples of $1,000,000). Approximately 80% of the market is interbank. The market is confined to time deposits. The market is essentiallyunregulated and deposits are not insured. The Eurocurrency market is primarily a Eurodollar market (approxim

2/3rds). Eurocurrency markets exist all over the world, but the major a

market is in London (with an estimated 20% of the total mark


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The Eurocurrency market serves two valuable funcglobal firms: Investment Market: The market allows global firms to

return on their excess (i.e., idle) funds. Can be tailored to the needs of clients as Eurocurrency time

have maturities from overnight to 12 months.

They generally offer higher rates than domestic deposits. Borrowing Market: Eurocurrency loans are an important sourcterm and intermediate term loans for global firms (generally tworking capital needs). These Eurocurrency loans generally carry lower interest rate

domestic loans.


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Eurocredits:

Medium to long-term loans denominated in euro-curryear)

Stand-by

Credit:

A commitment to lend up to a specified amount for aperiod, to be used only in a certain contingency. (com

fee paid on the unused portion of a facility)

Euro-commercial

paper:

Short-term euro notes issued by companies < 365 daysvalue of notes > $500,000, with corporate and sovereigInvestment grade rating not required. Euro notes are u

debt securities


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Eurodollars are time deposits denominated in U.S. dollabanks outside the United States, and thus are not underjurisdiction of the Federal Reserve. Consequently, such are subject to much less regulation than similar depositthe U.S., allowing for higher margins.

The term was originally coined for U.S. dollars in Europebut it expanded over the years.

Petrodollarsare Eurodollar deposits arising from the tsurpluses of OPEC nations. In turn, the Eurobanks lent tpetrodollars to developing countries


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Unsecured promissory notes, issued by corporations, that maturthan 270 days. These are alternative to bank borrowing and beterates are available

Issuers are corporations with healthy credit rating Short term

Used to meet payroll needs, operating expenses, and current assets

May not be used for fixed assets, land, buildings, or machinery

Typically 1 to 270 days with most being less than 90 without SEC regulatio Unsecured Not secured by assets but must have high credit rating

Small companies can use credit support from larger companies Rolled over at maturity Option to reinvest/reissue


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Yankee Commercial Paper Samurai Commercial Paper Eurocommercial Paper

Commercial paper issued in a different currency in internamoney markets

Different rules than US commercial paper, no SEC regulati

Longer maturities

No required banking or credit line, more risky

Secondary market more active


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A negotiable certificate of deposit (CD)is a bank-isdeposit that specifies the interest rate and the matu

CDs are bearer instruments and thus are salable in thsecondary market

Denominations range from $100,000 to $10 million; being the most common

Often purchased by money market mutual funds witfunds from individual investors


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PRODUCTS IN TH

EURO-MARKET


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A credit-linked note (CLN) is essentially a funded CDS, which transfers credit risk frissuer to the investor. The issuer receives the issue price for each CLN from the investor and invests this

collateral. If a credit event is declared, the issuer sells the collateral and keeps the difference

face value and market value of the reference entitys debt.

IssuersBank Investors

CreditLinked

Coupons

CreditLinked

Coupons

IssuerFunding

Proceeds


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a. The first step is for a lender to set up a credit default swap with the trust. Thdealer agrees to pay a trust an annual fee. This fee can be passed onto investothem in the opportunity.

b. The fee is paid in exchange for a service rendered. That service is like insuraloan; if the borrower defaults, the trust will pay the lender whatever amount itrecover on the debt.

c. The trust can do this because it has funding from investors. Investors earn ato the par value of the loan plus the annual fee provided by the dealer if the borepays the debt

d. However, if the "specified event" occurs (i.e., the borrower defaults), the inveverything. The trust has no obligation to repay the investors the sum. They aonly the recovery rate plus a small annual fee.


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Bank A would extend a $1 million loan to the Steel Company. At same time Bank A issues to institutional investors an equal principal amount of a

whose value is tied to the value of the loan. If a credit event occurs, Bank As repayment obligation on the note will decrease by

offset its loss on the loan.

Bank AInstitutional investors

Steel Company

$1 Million

fixed or floating coupon,if

defaults or declaresbankruptcy the investorsreceive an amount equalto the recovery rate

$1million

500b p

Steel

Company


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CLNs work well if borrowers are creditworthy. In a market of creditworthy borrow

will default, leaving the investor with plenty of opportunities to make money in eonly a few losses.

However, in a market of borrowers who are not creditworthy, the situation rapidlThis is what occurred prior to the credit market crash of 2007. Too many borrowequalified for their loans, and lenders sold the default swaps as if the borrowers we

standing.

The default swaps were bought up by trusts and investors who were essentially dbelieving they were purchasing a valuable asset.


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A registered retirement income fund (RRIF) is an arrangement between you and a carrier (an in

company, a trust company or a bank) that we register. You transfer property to the carrier fromRPP, an SPP, or from another RRIF, and the carrier pays you a minimum amount each year.

A retirement fund similar to an annuity contract that pays out income to a beneficiary or a numbeneficiaries.

To fund their retirement, RRSP holders often roll over their RRSPs into an RRIF. RRIF payouts considered a part of the beneficiary's normal income and are taxed as such by the governmenthat the beneficiary receives pay-outs.

The organization or company that holds the RRIF is known as the carrier of the plan. Carriers cinsurance companies, banks or any kind of licensed financial intermediary.

You can have more than one RRIF and you can have self-directed RRIFs . The rules that apply tdirected RRIFs are generally the same as those for RRSPs.


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You set up a registered retirement income

fund (RRIF) account through a financialinstitution such as a bank, credit union, trustor insurance company. Your financialinstitution will advise you on the types ofRRIFs and the investments they can contain.

You can have more than one RRIF and youcan have self-directedRRIFs. You may wantto set up a self-directed RRIF if you prefer tobuild and manage your own investment

portfolio by buying and selling a variety ofdifferent types of investments. The rules thatapply to self-directed RRIFs are generally thesame as those for RRSPs.

If you are considering this type of RRIF, besure to consult your financial institution.

Once the RRIF is established, there can be nomore contributions made to the plan nor canthe plan be terminated except through

death.

Transferring to your


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EURO-LOANS


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A loan denominated in foreign cur

Euroloan need not to be derived from Euro.Named after currency in which they are traded,

e.g; Euroyen,Eurodollar

Helps in flow of capital betweencountries and financing at home and

abroad

Upto 88% of the international loansare Euroloans

Provided foperation

requir

FDI was mosinternational cap

1950s and 1960Syndicated Eu

1963 : First2013 : 50th


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1963 : FirstFixed rate

issueAutostrade

1969: Launchof

Euromoney

1970 : FirstFloating rate

- ENEL

1979: FirstBought deal -

GMAC

1981: FirstSwap

IBM/IBRD

1989 : FixedPrice reoffer

1989 : FirstGlobal Bond

World Bank

1994 : FirstCDS

Exxon/EBRD

1999 : Potdeal

introduced

Euro Dollarintroduced

2010 :SovereignDebt crisis

starts

2013 : 50 Anniversaryof Eurobond

market

History


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Advantage Over Local Currency

Less Regulation

Cheaper Cost

Cheaper Interest Rate

Taxation is almost Nil

Bearer instruments

Access to higher level of debts,e,g; in excess of $100 mn.

Challenge

If foreign currency appreciates or depchange in the value of the instrumens

Exchange of single fixed


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Short-term money market FinancialInstruments

Exchange of single fixedpayment and single floa

termination date.Contractreference rate changes a

LIBOR.

Party locking in against fixed rate attempts toprotect against interest rate increase, while

second party protects against a possible ratedecline

FRA allows to borrow afteperiod and repay after s

disclosed in the c

Forward Rate Agreement


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Where, L = Interest settlement Rate R = Contract rate, expressed as a number D = Days in contract period A = Contract amount B = 360, except where contract currency is Pounds sterling, or anot

where the contract rate is calculated on a 365-day basis, in which cWhen the settlement sum on this calculation is positive. the Buyer payment from the Seller, and vice versa, when the sum is negative,receives payment from the Buyer.

Settlement Sum = (L - R) x D x A/(B x 100j + (L x D)


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Compared to financial futures, FRAs are better in that they entail nin calls before contract settlement, there are no fixed delivery datesand no fixed contract sizes.

No premium is paid for FRA as against interest rate options.

Unlike to short-term interest future and interest rate option, nofront-end fee is payable.

No borrowing or lending of capital is involved.

Nothing is payable or receivable until settlement date

Advantages

Over-the counter instruments cannot be re-sold in a secondarymarket.

Unlike to interest rate options (for the buyer option) FRAs are

binding agreements that must be settled at the settlement date. FRAs are normally more expensive than comparable interest rate

futures contracts: futures might therefore be preferred when tailormade agreements are not necessary.

Once purchased, it does not have a market value and cannot betraded

Disadvantages


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Basic Motives of using FRA

when there is a perception that there willbe an adverse movement in interest rates

When there is a requirement for certaintyabout future interest rates or the need tohedge a proportion of the risks implicit inthe users own commercial or financialposition.

When speculative transactions is done.

Examples of Users of FRAs

A retailing company which knows in Maythat it will receive cash inflows inNovember from pre-Christmas sales, butwill not need to pay for the stock untilFebruary, can lock into the rate of return onthe build up of that liquid by selling a 6v9FRA.

A contractor starting new project in 3months which will last for 6 months fix thefunding cost of the project by buying a 3v9FRA.

An issuer of a floating ratevery 3 or 6 months basecosts of the floating LIBOseries of 3-month periodto match the dates for thcreating synthetic fixed-

Treasury departments ofmoney market portfolio speculative positions on

interest rates through FR


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Money Market Instruments

Facilitates the access to foreign money by Indian corporations and PSUs (public sector unde

Bank Loans Buyers credit

Suppliers Credit Securitized instrum

Commercial Loan inform of

Automatic Route Approval RouteEligible Corporates (registered under the Companies Act except financial intermediaries Financial institutions dealing exclusively with infr


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EligibleBorrowers

Corporates (registered under the Companies Act except financial intermediaries(such as banks, financial institutions (FIs), housing finance companies andNBFCs) are eligible to raise ECB. Individuals, Trusts and Non-Profit makingOrganisations are not eligible to raise ECB. Non-Government Organisations(NGOs) engaged in micro finance activities are eligible to avail ECB. Units inSpecial Economic Zones (SEZ) are allowed to raise ECB for their ownrequirement. However, they cannot transfer or on-lend ECB funds to sisterconcerns or any unit in the Domestic Tariff Area.

Financial institutions dealing exclusively with infrIDFC, IL&FS, Power Finance Corporation etc. Banhad participated in the textile or steel sector restGovernment. ECB with minimum average maturFinancial Companies (NBFCs). Special Purpose Veby the Reserve Bank, set up to finance infrastructexclusively. Multi-State Co-operative Societies esatisfying the following criteria i) the Co-operativthe Co-operative Society submits its up-to-date a

RecognizedLenders

Internationally recognised sources such as international banks, internationalcapital markets, multilateral financial institutions (such as IFC, ADB, CDC etc.,),export credit agencies, suppliers of equipment, foreign collaborators andforeign equity holders (other than erstwhile OCBs).

Borrowers can raise ECB from internationally recinternational banks, (ii) international capital marinstitutions (such as IFC, ADB, CDC etc.,), (iv) expequipment, (vi) foreign collaborators and (vii) forerstwhile OCBs). From 'foreign equity holder' wheby the foreign equity lender is 25 per cent but deproposed ECB exceeds four times the direct fore

Amount &Maturity

The maximum amount of ECB which can be raised by a corporate is USD 500million or equivalent during a financial year. ECB up to USD 20 million orequivalent in a financial year with minimum average maturity of three years .

ECB above USD 20 million and up to USD 500 million or equivalent with aminimum average maturity of five years. NGOs engaged in micro financeactivities can raise ECB up to USD 5 million during a financial year. ECB uptoUSD 20 million can have call/put option provided the minimum averagematurity of 3 years is complied with before exercising call/put option.

Corporates can avail of ECB of an additional amomaturity of more than 10 years under the approvlimit of USD 500 million under the automatic rout

criteria such as end-use, all-in-cost ceiling, recogcomplied with. Prepayment and call/put options,for such ECB up to a period of 10 years.

All-in-costCeilings

Rate of interest, other fees and expenses in foreign currency exceptcommitment fee, pre-payment fee.

Rate of interest, other fees and expenses in foreipre-payment fee.

u oma c ou e pprova ou eEnd-Users not Utilisation of ECB proceeds is not permitted for on-lending or investment

i it l k t i i ( t th f) i I di bUtilisation of ECB proceeds is not permitted for on-l

k t i i ( t th f) i


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permitted in capital market or acquiring a company (or a part thereof) in India by acorporate, real estate, working capital, general corporate purpose andrepayment of existing Rupee loans

market or acquiring a company (or a part thereof) inand financial institutions, real estate, working capitarepayment of existing Rupee loans.

Guarantees Issuance of guarantee, standby letter of credit, letter of undertaking orletter of comfort by banks, Financial Institutions and NBFCs relating to ECBis not permitted.

Issuance of guarantee, standby letter of credit, letteby banks, financial institutions and NBFCs relating t

SecurityCreation of charge over immoveable assets and financial securities, such asshares, in favour of the overseas lender

creation of charge over immovable assets and finan

Parking of ECBproceeds overseas

ECB proceeds shall be parked overseas until actual requirement in India.ECB proceeds parked overseas can be invested in the following liquidassets (a) deposits or Certificate of Deposit or other products offered bybanks rated not less than AA(-) by Standard and Poor/Fitch IBCA or Aa3 byMoodys; (b) deposits with overseas branch of an Authorised Dealer inIndia; and (c) Treasury bills and other monetary instruments of one yearmaturity having minimum rating as indicated above. The funds should beinvested in such a way that the investments can be liquidated as and whenfunds are required by the borrower in India.

ECB proceeds shall be parked overseas until actual rparked overseas can be invested in the following liquof Deposit or other products offered by banks rated Poor/Fitch IBCA or Aa3 by Moodys; (b) deposits witIndia; and (c) Treasury bills and other monetary instminimum rating as indicated above. The funds shouinvestments can be liquidated as and when funds ar

Prepayment Prepayment of ECB up to USD 400 million may be allowed by AD bankswithout prior approval of RBI subject to compliance with the stipulatedminimum average maturity period as applicable to the loan.

Prepayment of ECB up to USD 400 million may be a

approval of Reserve Bank subject to compliance wit

maturity period as applicable to the loan.Pre-paymUSD 400 million would be considered by the Reserv

Refinancing ofan existing ECB

The existing ECB may be refinanced by raising a fresh ECB subject to thecondition that the fresh ECB is raised at a lower all-in-cost and theoutstanding maturity of the original ECB is maintained.

Existing ECB may be refinanced by raising a fresh ECfresh ECB is raised at a lower all-in-cost and the outsis maintained.


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Year ECB FCCB Total Automatic Rout

2006-07 18062 5199 23261 15876

2007-08 22750 6145 28895 18334

2008-09 16737 463 17200 8372

2009-10 17594 4077 21671 13966

2010-11 24616 1160 25776 16289

2011-12 7566 487 8053 5385


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0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

Oct/13 Nov/13 Dec/13 Jan/14 Feb/14 Mar/14 Apr/14 May/14

ECB(inUS$mn

0

5000

10000

15000

20000

25000

2006 2007 2008 2009 2010 20


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TREASURY BILL


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the most marketable money market securities in the World.

Governments issue them to borrow money for a short period.

Issued with maturities that range from 1 month to 1 year.

They're sold at a discount to the face value or par value.


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US T-bills are very popular because:

Affordable

Minimum purchase of $10,000. Typically, it takes at least $100,000 to purchase money market instruments such as CDs orcommercial paper.

Safe

Safest forms of investment as they are backed by the U.S. government.

Exemptfrom taxes

exempt from local and state taxes (however, not from Federal income taxes).

Outstanding US T-bills - 1.65 tn$ as of Q1, 2014However, their exceptional safety means a lower return than provided by corporate bonds, certifand money market funds.


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All bills except 52-week bills and cash management bills are auctioned every week. The 52-week bill is auctioned every four weeks. Cash management bills aren't auctioned on a regular schedule.

Timeline Event

1929 The first bill (13 week bills) issued on a regular basis1959 Regular issues of 26-week bills and 52 week bills

1974 Cash management bills, to bridge seasonal low-points in the Treasury cas

1997 Three-decimal competitive bidding (.005 percent increments) was introduTreasury bills: 13, 26 and 52-week.

2001 First auction of 4 week bills

2008 52-week bill reintroduced after being eliminated in Feb,2001, SupplemenProgram, 4-week bill closed at 0.000%, for the first time since the Depres


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There are 2 types of bids:

Non Competitive Bid Competitive Bidwe agree to accept the discount rate determined atauction.

we specify the discount rate we are w

We are guaranteed to receive the bill we want, andin the full amount we want.

Our bid may be: 1) accepted in the fuaccepted in less than the full amount,

TreasuryDirect, or a bank or broker bank or broker

a bidder can buy up to $5 million in bills in a singleauction

up to 35% of the initial offering amou


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These were first issued in India in 1917.

The GOI issues three types of treasury bills through auctions: 91-and 364-day. (around 50 bn$ outstanding)

While 91-day T-bills are auctioned every week on Wednesdays, 364-day T-bills are auctioned every alternate week on Wednesdays

T-bills auctions are held on the Negotiated Dealing System (Nmembers electronically submit their bids on the system.

Non-competitive bids are routed through the respective custodianor PD which is an NDS member.

Minimum amount of Rs.25,000 and in multiples of Rs. 25,000.


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Repurchase agreements are also known asrepos.

Corporations and others use them as aform of very short-term borrowing(overnight to a month).

Very short maturities and governmentbacking mean that lenders incur little risk.

Repos are very popular as they caneliminate credit problems.

There are 2 types of repos: Term repo: repo with a specified end date Open repo: Open simply has no end date


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The call money market deals in short term finance repayable on demand, with a ma

varying from one day to 14 days.

Call money market is a market for uncollateralized lending and borrowing of funds.

Call money is a method by which banks lend to each other to be able to maintain thratio.

Brokerages use call money as a short-term source of funding to cover margin accou

When people buy stocks on margin, they are borrowing part of their money from th

Their broker, in turn, will often borrow the money from the bank agreeing to pay thimmediately if the money is called for.

The call money rates are highly volatile and change continuously.


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The RBI has approved the establishment of very few such funds in

HDFC Liquid fund, ICICI Pru Liquid Plan

A money market fund's purpose is to provide investors with a safe invest easily accessible, cash-equivalent assets.

It is a type of mutual fund characterized as a low-risk, low-return in

Not feasible to use money market funds as a long-term investmen

Money market funds have no loads.

Better option to invest than savings accounts.


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A money market is a market for borrowing and lending

It is a collection of markets for several instruments like call money maCommercial bill market etc

RBI describes money market as the centre for dealings, mainly of a scharacter, in monetary assets, it meets the short-term requirements o

and provides liquidity or cash to lenders.

Liquidity management


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Government

ProvidBanksRBI

CorporateInvestors

Mutual Funds NPSUs


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Economy financial needs RBI monetary policy Mechanism - equilibrium Allocation of short term funds Interbank Transactions & Money Mar

Instruments Provides funds in non-inflationary way to the government to meet its It facilitates economic development.


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Call And Notice Money Market

Treasury Bill Market (T - Bills)

Commercial Bills

Certificate Of Deposits (CDs)

Commercial Papers (CP)

Money Market Mutual Funds (MMMFs)

The Repo Market (Repurchase Agreement)


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Indigenous Bankers (IBs)

Money Lenders (MLs)

Non - Banking Financial Companies (NBFCs)


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Dichotomy

Lack Of Co-ordination And Integration Diversity In Interest Rates Shortage Of Funds Absence Of Organised Bill Market Inadequate Banking Facilities Inefficient And Corrupt Management


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International money market transactions are carried out mainly in go

dollar. Governed by the International Monetary Transactions between variou

currency. Largest participants Safest financial market available Deals with much larger fund Most important - money market mutual funds or treasury bills. Bank for International Settlements, the daily turnover in a traditional

market estimated is $1880 billion.


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1. Three Types of CDs issued in USD:

Domestic CD: issued by a US bank in the US for local markets. Foreign orYankee CD: issued by a foreign bank in the US.

Eurodollar CD: issued by a large US or foreign bank in the Euro market (an off-shorprimarily located in London).

2. Floating-Rate CD:- securities issued with a 3 to 5 year maturity have coupons that change (or float) based

a benchmarked reference rate.3. Federal Funds Market4. Interbank Markets Bank-to-Bank borrowing.

Highly developed interbank market within the Euro market.

LIBOR: London Interbank Offered Rate

Unregulated Market (since it is off-shore).


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INTERNATIONALFINANCE CENTER

(IFCs)

Centers that cater to customers outside their ownjurisdiction.


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Financial services to non-residents on a scale that isincommensurate with the size and the financing of itsdomestic economy.

Not Regulated by Central banks

Separate CEOs to manage IFC

Taxation is nil or very low

No permission required for repatriation of profits

NEW YORK

LONDON SINGAPORE

DUBAI

Global Financial Centers (GFCs ) Regional Financial Ce


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Global Financial Centers (GFCs )

These are centers that genuinely serve clientsfrom all over the world in the provision of the

widest possible array of IFCs

Regional Financial Ce

They serve their regional rnational economies. Examp

would be Dubai or H

Non-global and Non-regional OrdinaryInter-National IFCs

These are centers that provide a wide rangeof IFS but cater mainly to the needs of their

national economies rather than their regionsor the world. Examples are Paris, Frankfurt,

Tokyo and Sydney

Offshore Financial Ce

These are centers that ahavens for wealth managetax management rather th

fully array of

IFC Categorization


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Fund Raising

Asset management and Global PortfolioDiversification

Personal Wealth Management (PWM)

Global Transfer Pricing

Global Tax Management and Cross-

border Tax Liability

Global/Regional Corporate Treasury

Management Operations

Global/Regional Risk Managand Insurance/Re-insurance

Global/Regional Exchange TSecurities, Commodities Contracts in Financial Instruin Commodities

Financial Engineering andLarge Complex Projects

Global/Regional Mergers Activity

Financing for Global/RegioPartnerships openness.

Current account flows involve

Issuance of securities outside thecountry involves fees being paid by

The stoexposure


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Current account flows involvepayments services, credit andcurrency risk management.

y g p yIndian firmsto investment bankersin IFCs around the world.

Exposure to globalcommodity price andcurrency fluctuations due toshift to import-price-parity

The transpobuying financin

exposuremanagecover corisk etc

Estimates by HPEC suggest that IFS purchases by Indian households arise to $45 billion by 2015 and by 2025 may increase to $120 bil


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Hinterland Advantage : Phenomenal increase in two-way cross-borderelated to trade and investment.

Human Capital : India has high quality, low cost human capital with Espeaking ability for a world class IFS industry

Location : In a 24-hour trading environment conversations can take pTokyo to London covering all of Asia, EU and everywhere in between.

Democracy and Rule of Law : Stable, Reliable, Resilient and flexible gi.e one that reduces political uncertainties and risks

Mindshare : High GDP Growth, the BPO phenomenon and remarkableIndians in global finance all over the world

Strong securities markets and techno logically advanced trading plDynamic technologically capable securities trading platforms like BSE


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Inadequate currency and bond markets (BCD

Missing Currency and Derivatives Market

Market Weakness of Institutional Investor

A Cross Country Comparison


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Promotion of IFC in India could be in severalcomplementary locations. The GIFT (Gujarat

International Finance Tec-City Company Limited)project is a step towards it.

The project is envisaged as a selfdomestic activities zone and Sp(SEZ) for promotion of IFS.

It claims to leverage Gujarats strengths and attract

domestic financial global and capital market players,including offices of multilateral institutions.

First of its kind designed at par Tokyo, Shanghai, La Defenseexpected to create 1 million new j


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1. BUDGET 2014-15

Allocation of 7060 Crore fordevelopment of 100 SMART

cities in the recent budget

2. BRICS 2014

Mumbai losing out asHeadquarters of the New

Development Bank formed

ImtudcM

o

Th IFC b th GAME CHANG

Documents

IF_Final Money Markets