How much speculation is there?
What trades outside the stock market?
Outside shares and equity F&O, NSE's biggest market by money traded is corporate bonds: ₹2.6 lakh cr of trades reported in Sept 2026, at an average of ₹0.8 cr a trade. Currency derivatives traded 17% as much in the last twelve months as in 2023-24, the year before the RBI required an underlying exposure. Commodity derivatives traded ₹12,452 cr in Sept 2026, 67% of it option premium.
Written for anyone asking how much India trades in currencies, commodities, bonds and money markets, and how those markets have changed. Data to Sept 2026.
Every segment on one page
Money traded each month in six segments. Their sizes differ by a factor of a hundred, so each panel has its own scale: read the shapes, not the heights. Option premium, not notional value, is counted for currency and commodity options.
Six markets, six shapes
₹ crore a month, NSE, from each segment's start (currency August 2008, commodity October 2018, tri-party July 2023) to Sept 2026. Corporate-bond figures are as NSE publishes them, including near-zero months from January 2012 to March 2014; NSE serves no wholesale-debt figures for May–December 2019.
How to read it. Each panel has its own scale. Currency derivatives collapse in 2024; commodity and tri-party repo are young and growing; interest-rate futures were dormant from 2011 to their 2014 relaunch.
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Currency derivatives
Rupee futures and options, mostly against the dollar. From April 2024 the RBI required exchange-traded currency derivatives to be backed by a real exposure to the currency, and the segment shrank.
Currency derivatives: money traded each month
Futures at traded value, options at premium (options from October 2010). NSE.
How to read it. Option premium is a sliver: currency options are cheap. The notional value of those options is in the table view.
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Currency contracts traded
Futures and options, NSE, monthly.
How to read it. Contracts fell with turnover after April 2024.
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Commodity derivatives
NSE's commodity segment opened in October 2018. Options here are options on commodity futures; their premium has come to dominate the money traded.
Commodity derivatives: money traded each month
Futures at traded value, options at premium (from June 2020). NSE.
How to read it. Futures turnover was the whole market until options arrived in 2020.
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Option premium's share of commodity trading
NSE, monthly, from June 2020.
How to read it. Higher means more of the segment's money goes into options rather than futures.
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Interest-rate futures
Futures on government bonds and Treasury bills. NSE's contracts were all but dormant from late 2011 until the relaunch in January 2014. Sept 2026: ₹1,873 cr traded.
Interest-rate futures turnover
NSE, monthly, from the January 2014 relaunch.
How to read it. Turnover was largest from 2014 to 2019 and fell away from 2021.
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Interest-rate futures contracts
NSE, monthly.
How to read it. Contracts follow turnover.
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Bonds and repo
Three debt markets, each a different kind of trading. Corporate bond trades done over the counter are reported to NSE's CBRICS platform. The wholesale debt market is institutional trading in government and other bonds (₹68,872 cr in Aug 2026). Tri-party repo is short-term lending against corporate bonds (₹1.4 lakh cr in Sept 2026).
Trades a month
Number of trades, NSE, monthly. Each panel has its own scale.
How to read it. Corporate-bond trades run to the hundreds of thousands a month; wholesale-debt and repo trades to the hundreds or low thousands, each one large.
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Average trade size
Money traded divided by trades, ₹ crore, NSE, monthly. Each panel has its own scale.
How to read it. The average corporate-bond trade has shrunk sharply since 2023, while the number of trades has multiplied: far more small trades are being reported.
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Same-day settlement and gold receipts
Two new markets. T+0 lets an equity trade settle the same day; it opened in March 2024 and is optional. In the last twelve months it carried 235 trades. Electronic gold receipts, gold in a vault traded like a share, opened on NSE in May 2026: 742 trades worth ₹34.2 cr in Sept 2026.
Two small, new markets
₹ crore a month, NSE. Each panel has its own scale.
How to read it. Both are tiny next to the cash market; their lines show whether anyone is using them.
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The workings
Method
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.