NISM Series XIII Common Derivatives Certification Exam Notes
Page 111 Of 303
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Interbank vs Merchant Market: Interbank: banks trade large volumes; merchant: corporates and retail customers.
Market Makers: Banks quoting two-way prices; provide liquidity and stability.
FBIL Forward Premia: Daily benchmark forward rates published by FBIL for hedging purposes.
Settlement Process: Physical delivery in OTC; net settlement in futures.
OTC vs Exchange Volume: OTC still dominant globally; exchange volumes rising.
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