International financial system: transparency and crisis prevention The integration of international financial markets is not a new phenomenon. What is unprecedented is the short-term nature, the high turnover and the many financial market agents. This evolution has been actively encouraged by public policymakers and academics, alike.
Today is the culmination of a process of extensive consultations and deliberations intended to design a framework for introduction of currency futures in conjunction with the existing vibrant OTC market. Let me say a few words on the impressive growth of forex markets in India in the recent past.