Trading in Global Indices

Yes, we can.

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Market regulator SEBI Tuesday paved the way for Indian investors to trade in large indices of 24 global exchanges, including that of US, Europe and Asia.

As per a SEBI circular, Indian exchanges will be able to provide trading in derivatives contracts of these global indices.
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Thanks to Gaurav for pointing out this important piece of news for traders. It should be just a matter of time before the NSE introduces Index contracts on all the 24 global indices. So, the opportunity will come to trade in many different markets. There will be two practical issues:
1. Liquidity. Notice how the CNXIT contract remains illiquid. The foreign based indices may remain even more illiquid.
2. Trading Time. Will we trade when the original market is trading? This means trading on the Nikkei should start early morning, and, so on. If we do not trade in the same period, then our market will be confronted with repeated gaps and remain listless throughout the day. Notice how Silver/Gold contracts remain dull till 6 PM when trading starts in the USA.

With all of these issues, there is no doubt that interesting times are ahead.