KARACHI: The State Bank of Pakistan (SBP) has announced that it has granted licence to Habib Bank Limited (HBL) for conducting derivatives business as an authorised derivatives dealer in Pakistan. Banks, which now have the licence to conduct derivatives business as authorised dealers, include Citibank, Deutsche Bank, Habib Bank, Standard Chartered Bank (Pakistan) and United Bank Limited, according to a circular issued by the SBP on Friday. Derivatives are futures and forward contracts, options and swaps whose prices are dependent upon one or more underlying assets. The most common underlying assets include stocks, bonds, commodities, currencies, interest rates and market indices.
Published in The Express Tribune, June 18th, 2011.
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