In regard to derivatives, we have both OTC and exchange traded instruments for currency and interest rates. OTC markets in India are well regulated, unlike many other jurisdictions, to address issues of leverage and customer appropriateness and suitability. Only OTC contracts where one party to the transaction is a RBI regulated entity is considered legally valid.
Today Austria serves as a case in point of good practices in this respect, as a good historic example for other countries. With respect to exchange rate and price stability, Austria learned its lessons from own mistakes made in the past as you will hear from two presentations on episodes of Austrian central banking history this afternoon.