RBI PROPOSES FOREX PLATFORM FOR RETAIL CUSTOMERS
The Reserve Bank of India on Thursday proposed retail customers’ accesstothe currencytrading platform, andthat prices should be in line with the inter-bank market through an in-built mechanism on the platform.
In a discussion paper on its website, the central bank said the existing F X-CLEAR platform should be extended to retail customers through an internet-based application. However, the retail market will be separate from the inter-bank market. While banks can access both the institutional and retail markets, retail customers would be limited to the retail market segment of the platform. Both the markets will have the same timings, 9amto5pm, where orders can be placed anonymous ly. The minimum order size would be $1,000 and thereafter in multiples of $500. The maximum order size would be $500,000 for retail customers. ANUPROY reports