United Stock Exchange of India(USE) a new stock exchange for currency derivatives is expected to commence operations on Monday, September 20, 2010.
It is the fourth pan India exchange to be launched for trading financial instruments in India over the last 140 years.
USE has received final approval from the market regulator SEBI to start currency futures trading. USE represents the commitment of all 21 Indian public sector banks, private banks and corporate houses to build an institution of standing.
USE will be inaugurated by Securities and Exchange Board of India (SEBI) Chairman, C B Bhave, and Reserve Bank of India’s Deputy Governor, Shyamala Gopinath, at Bombay Stock Exchange (BSE) on Monday, an exchange official said.
USE also has Bombay Stock Exchange as a strategic partner and holds a 15 per cent stake and all its members are connected to the new USE platform.
Public Sector Banks that are stakeholders of USE include Allahabad Bank, Corporation Bank, Punjab National Bank, Andhra Bank, Dena Bank, State Bank of India, Bank of Baroda, IDBI Bank, Syndicate Bank, Bank of India, Indian Bank, UCO Bank, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Canara Bank, Oriental Bank of Commerce, United Bank of India, Central Bank of India, Punjab and Sind Bank, Vijaya Bank. Private Sector Banks like Axis Bank, Federal Bank, J & K Bank, HDFC Bank. Corporate Institutions such as Jaypee Capital, MMTC and India Potash are also associated with United Stock Exchange.
USE would begin operations in the future contracts in currency pairs allowed by the SEBI namely, United States Dollar-Indian Rupee (USD-INR), Euro-Indian Rupee (EUR-INR), Pound Sterling-Indian Rupee (GBP-INR), Japanese Yen-Indian Rupee (JPY-INR).
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