Singapore Exchange Ltd. has announced a new product that an excited hedge-fund manager described to me as the "most brilliant use of finance."
That's an exaggeration, of course, though with a large grain of truth.
SGX will launch three derivative products in June: SGX India futures; SGX India options; and SGX India bank futures. For 29 out of 30 days, these contracts won't be anchored by any underlying security or index; they will be whatever their buyers and sellers want them to be.
Read more here.
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