The United Stock Exchange of India, promoted by state-run MMTC and brokerage firm Jaypee Capital, will start trading in currency derivatives by July this year.
"The United Stock Exchange (USE) will launch currency futures in July," MMTC Chairman and Managing Director Sanjiv Batra said.
This will be the fourth exchange after NSE, BSE and MCX-SX to introduce currency futures. Besides MMTC and Jaypee Capital, the exchange is also promoted by 11 banks including the Federal Bank.
Trading in currency derivatives, which started in August last year, has been good with daily volumes now hitting the Rs 2,000-crore mark.
USE has received in-principal approval from the market regulator Securities and Exchange Board of India (Sebi) for commencing contracts in currency derivatives.
Batra also informed that the commodity exchange, promoted by Indiabulls Financial Services and MMTC, is likely to start operations by June-end.
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"We are aiming to start the commodity exchange by June- end. We have already finalised the software and required tools for running the exchange," Batra said.
The exchange, christened as International Multi-Commodity Exchange (IMX), will have six partners. Apart from Indiabulls and MMTC, HDFC Bank, Yes Bank, Indian Potash Ltd and a small trading firm are other four partners who together hold 34 per cent stake.