New Interest Rate Futures (IRF) Contract clocked Rs 30 billion volume on 1st day of trade on NSE
The 2014 version of the IRF contract has started off with a bang. The contract introduced on the 21st of January 2014 on the NSE Clocked volumes of Rs 30 billion (Rs 3000 crores), which is more than the volumes of Rs 9.3 billion traded on the MCX-SX on the day on introduction on the 20th of January. Open Interest was Rs 3.16 billion
The closing price of the 30th January 2014 contract was Rs 101.83 at a yield of 8.55%. The closing price for the 26th February 2013 contract was Rs 101.75 at a yield of 8.56%. In the cash market the 8.83% 2023 bond yield closed at 8.55% at a price of Rs 102.20. The volumes of the bond in the cash market were Rs 173.4 billion.
The features of the new IRF contract are as follows:
Underlying: 8.83% 2023 GOI/ 7.16% 2023 GOI
Coupon: 8.83% / 7.16%
Unit of Trading : One IRF Contract = 2000 underlying bonds of total face value of Rs 200,000
Trading Cycle : One Month, Two Month and Three Month