Expert advice for Indian stock exchange on pricing

The National Stock Exchange (NSE) of India was accused by another exchange of predatory pricing in the currency derivatives market through its transaction fee waivers on exchange-traded currency futures.

Genesis was retained by the NSE to assess whether it was in a dominant position in the relevant market, and whether the fee waivers resulted in a price lower than production costs with reference to the relevant legislation.

The project team also examined whether there was an added benefit to attracting new volumes through the fee waivers.

Genesis further assisted the NSE in making representations in terms of the penalty imposed by the Competition Commission of India.