I would suggest that the FEDAI and market participants may work together to promote competing trading platforms in the overall interest of market stability and efficiency and reducing the cost of trading. The way forward 28. The Indian foreign exchange market has come a long way in terms of variety of instruments, participants and the overall market turnover.
Liberalization in exchange controls, simplification of operating procedures and introduction of several new instruments has provided greater flexibility to the market participants in undertaking foreign exchange operations and managing their currency risks. Given the growing size of India’s presence in international trade and finance, more of course needs to be done to make the market broader, deeper and more vibrant.