RBI PRO­POSES FOREX PLAT­FORM FOR RE­TAIL CUS­TOMERS

Business Standard - - FRONT PAGE -

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

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