At present, India's share of world trade is just 0.5% and GDP is about 2%. India's exchange ranked ninth in the world in 2007, and is growing at a clip of 95% per year. The exchanges have managed to build up the volume despite serving fragmented and disjointed cash markets, with trading taking place at thousands of small "mandis" across the country. Efforts to develop nationwide education programs also have run into challenges. Meanwhile, two new families of contract have just launched: greenhouse gas emission reduction contracts on both Multi-Commodity Exchange (MCX) and National Commodities and Derivatives Exchange, and currency futures on those two exchanges plus the National Stock Exchange and the Bombay Stock Exchange. Currency futures are a giant step towards going international, says MCX Chairman Venkat Chary. By authorizing the development of forex futures, the government has given a vote of confidence to India joining the global marketplace.