Indian Financial Markets Getting Exciting!!

For all those who were longing for a chance to play with the many Fixed Income products available in the global markets but hitherto unavailable in the Indian markets, RBI has come out with a lot of good news today.

Highlights of the Financial Markets Proposals by RBI (From Reuters):

* To start interest rate futures on 5-year and 2-year securities as well as 91-day T-bills

* Final guidelines norms on below one-yr NCD issuance by end-June

* Draft report on plain-vanilla over-the-counter credit default swaps for corporate bonds by end-July

* Final guidelines on over-the-counter forex derivatives by end-June

* Plain vanilla currency options on spot dollar-rupee exchange rate to be allowed on stock exchanges

* Banks to be allowed to classify investments in non-SLR bonds issued by infrastructure companies, with minimum 7 years maturity in held-to-maturity category

FINANCIAL MARKET INFRASTRUCTURE

* To introduce reporting platform for secondary market dealers in CDs and CPs.

* To set up working group to work out single point reporting system for all over-the-counter rate and forex derivative deals.

FOREIGN BANKS AND NEW BANKS

* Discussion paper on the mode of presence of foreign banks in India through branch or wholly-owned subsidiary model to be prepared by September 2010

* Discussion paper on licensing new banks by end-July

Looking forward to a busy and Exciting FY11.

I know she is good at her work, and does a lot of pro-bono work too.

Anyone looking for legal advice should talk to her,

her site is www.shahlaw.wordpress.com

Contact:

Purvi Shah Advocate

304/B Suman Apts,
Orlem Tank Road, Malad West
Mumbai – 400 064
India

Tel: +91 022 28645304
Mob: +91 9324181200

UK Tel: 0871 284 4838

www.shahlaw.wordpress.com
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My Marathon Timing and Photo's

This is fantastic. I didnt know they put details and photo's for all participants

http://www.marathon-photos.com/scripts/event_entry.py?event=Sports/CPUK/2010/Mumbai%20Marathon&match=18980

Bye Bye Xforex..hello Forextrader

You already know my opinion on the trading platform of Xforex, but Friday when the market volatility was expected to be on the higher side, they just hut down the platform for supposed maintenance, I am not aware of any organization that would shut the systems on a Friday for maintenance, its always Saturday or Sunday.

Anyway, not that I was going to trade, was not well for the past few days, but I just cannot work with a company like this. So I have moved to Forextrader platform from Forex.com.

Seems like a decent platform, have started with USD 50,000 again, lets see how it goes. As of now made a realized profit of USD 3,553 and open long position of 1.5 EUR.

Account Stmt:

For a good cause

As you may be aware, I am running the Mumbai Marathon for a cause that I am supporting -- eradication of Cancer. I hope to raise a pledge from you to help my chosen NGO ‘Cancer Patients Aid Association (CPAA). ‘United Way of Mumbai’ is the Charity Partner for Standard Chartered Mumbai Marathon and all money I collect would be routed through United Way of Mumbai to CPAA.

You can pledge the funds to ‘Cancer Patients Aid Association’ a charitable organization in the following ways:

• By Cheque:Cheques should be drawn in favor of ‘United Way of Mumbai’ (DDs for outstation)
• By Cash:Please give your donation amount to me. I shall fill out the donation details in the pledge sheet and hand over the money to United Way
• By Credit Card: Please visit http://www.unitedwaymumbai.org/index.php?option=com_content&view=article&id=146&popup=1&template_id=162 and make a payment using your credit card and you will receive the receipt directly.

And while the good feeling of helping people is motivation enough, Govt. will give you more by way of a 50% tax exemption U/S 80G of Income Tax for all Donations over Rs 100/-

I hope you too will support this cause and help CPAA in their efforts.

Seem to be touching the pre announcement target,

GBP right now at USD 1.5900, I moved out early since I was expecting the market to fall by 4:30-45 but it didn't so I moved out..it is possible that we may touch my original targets before the announcement. 10 mins to go before the meeting

EUR in focus

preparing for a lively session tomorrow as we will have Eurozone 3Q GDP and Unemployment numbers coming out. not expecting major changes but I think the market will take a cue from BOE announcement today...lets see.

16500 profit on the pre BOE nervousness trade

closed just now before the BOE announcements start to tick in.....made a good USD 16,500 profit. i.e 33% of initial equity....i.e. currently am up 68% in 3 days.....i.e. up 168% in 35 days.

Markets are week and nervous ahead of the BOD meeting and the GBP is hitting weekly lows. I am short 6 GBP. Will close at about 5884-90 or before the BOE meet.

I saw GBP weak yesterday because of the upcoming BOE rate decision, while it is widely expected to be a non-event nonetheless one will expect some market nervousness. hence I went short 5 GBP at 5968 (I agree that was too early but I thought lets scalp) and then again 1 GBP at 5984. but the market suddenly moved against me and went all the way up to 6050 and as you would be aware, leverage eats up equity at a pace so fast at this size of a position that I decided against sticking to my target of 5940, and put my take profit at 5960. which ofcourse was hit and I am now at 67400 i.e. around 35% up in 2 days :)
(if you consider my moneyed adventures, I am 135% up in just 35 days)

Account stmt