S&P claims first in EM indices

Standard & Poor’s has launched what it claims are the first two real-time currency indices, even though Deutsche Bank and others have provided similar products for several years. The company says the indices will “provide investors with exposure to emerging economic superpowers that currently lack a liquid currency futures market. The S&P Chinese Renminbi Index and the S&P Indian Rupee Index are the first in what will be a series of real-time currency indices launched in 2008.” The indices are based on rolling three-month non-deliverable forwards.