Yes, say Nigerians: the local money market association reckons that, as well as the obvious benefits for farmers and the raw materials industry (especially important in Nigeria, which is basically an agro/raw materials economy), a robust derivatives market would help stabilise the financial system and boost savings and investment rates. The NSE doesn't list any yet, but is considering them, according to its last annual report.

Maybe not, say Indians: there are rumours that futures trading in staples like wheat and sugar could be banned in order to reduce prices and keep inflation under control. (Vocabulary note: urad and tur, mentioned in the article, are black lentils and split peas respectively; jeera is the Hindi for the spice cumin.) The NCDEX says that "there has been no decision per se - just speculation" on banning the trade, but the exchange will issue no new wheat or rice contracts until further notice.

It seems like a retrograde step - crop futures are the oldest financial instrument around, and have proved their worth in stabilising prices (and the Indian trade was tiny anyway). And