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BRICS Exchanges Start Futures Aimed at Wealthy Individuals

Exchanges in the biggest emerging economies began trading futures based on each other’s benchmark stock indexes today as rising wealth spurs demand for new investment products.

The five members of the BRICS Exchanges Alliance will cross-list futures on Brazil’s Bovespa Index, Russia’s Micex Index, the BSE India Sensitive Index, Hong Kong’s Hang Seng Index, the Hang Seng China Enterprises Index and South Africa’s JSE Top40 Index. Traders engaged in arbitrage will be able to buy and sell futures based on the same index on multiple venues, boosting liquidity, according to Mumbai-based BSE Ltd.