Five of the world’s largest emerging markets -- Brazil, Russia, India, China and South Africa -- forged an alliance to cross-list their respective equity-based products.

The National Stock Exchange of India and rival BSE have signed letters of support and will join the alliance after finalizing requirements. Trades on each of the exchanges will be settled in local currencies and the local trading time zone. That means that an investor in one country can bet on the performance of an index in another country without absorbing any curency risk.

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