HSBC trades kickstart currency options market in Bangladesh
HSBC has carried out what it says are the first option trades on the Bangladeshi taka. The bank acted on behalf of local garment exporter Viyellatex and Coats Bangladesh, the local unit of a UK-based supplier of yarn and other raw materials. The trades comprised two pairs of options, with each of the four trades worth $500,000.
Previously, the only hedging instrument available to importers and exporters was the spot and forward market, while corporates were only allowed to hedge non-taka
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