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#1
11th June 2005, 03:23 PM
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Introduction of futures and options contracts on BANKNIFTY
Introduction of futures and options contracts on BANKNIFTY
The National Stock Exchange (NSE) is launching Bank Nifty in futures and options (F&O) segment on Monday 13th June 2005. The Bank Nifty contracts are based on the CNX Bank index, which is a 12 stock index owned and managed by India Index Services & Products Ltd. (IISL) — a joint venture between rating agency Crisil and the NSE. The list of 12 Stocks that make up the Bank Nifty are: Andhra Bank Ltd Bank of Baroda Bank of India Canara Bank Ltd. Corporation Bank HDFC Bank Ltd. ICICI Bank Ltd. Oriental Bank of Commerce Punjab National Bank Ltd. State Bank of India Syndicate Bank Ltd. Union Bank of India Ltd. The Bank Nifty contracts will be cash settled, with three consecutive month contracts being available. The contracts will expire on the last Thursday of the respective months. The options contracts will be European style and the lot size of each Bank Nifty futures and options contract will be 100. The NSE said that the Bank Index represents about 79 per cent of the total market capitalisation of the banking sector stocks listed on the exchange. Moreover, all the 12 securities comprising the CNX Bank Index are available in the futures and options segment of the NSE as single stock derivatives. The index is a market capitalisation weighted index with the base year of the index being January 1, 2000, and the base value being 1,000. 
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