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NSE launches futures & options contracts for Nifty Financial Services index

NSE, Nifty Financial services Index, Vikram Limaye, MD and CEO of Nifty, FinniftyNSE, Nifty Financial services Index, Vikram Limaye, MD and CEO of Nifty, FinniftyThe first day witnessed volumes of 1.4 lakh contracts being traded which had a trade value of Rs 511 crore

The National Stock Exchange (NSE) on Monday launched futures and options contracts for the Nifty Financial Services index. The first day witnessed volumes of 1.4 lakh contracts being traded which had a trade value of Rs 511 crore and open interest of 28,219 contracts at the end of the day.

Vikram Limaye, managing director and chief executive officer, NSE, said, “This is the first-time NSE has introduced weekly futures for the stock index derivatives. The index derivatives will provide a new risk management tool to investors with exposure to the financial services sector.”

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The near week futures contract last traded price was at a premium of 37 basis points (bps) to the closing Nifty Financial Services index value, while the near month futures contract last traded price was at a premium of 49 bps to the Nifty Financial Services closing index value.

The Nifty Financial Services index futures and options contracts with its contract symbol “FINNIFTY” are available with a trading cycle of seven serial weekly excluding the monthly expiry and three serial monthly contracts. The Exchange has provided a transaction fee waiver on the Nifty Financial Services Index derivatives up to June 30, 2021.

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