United Stock Exchange of India (USE), the country's youngest bourse that operates in currency derivatives, today said it had reached about 22% market share in the segment as it completed first year of operations tomorrow.
The exchange is completing its first year of operations on September 20 with nearly 438.95 million contracts traded, said a statement by USE, adding that its market share in currency futures has grown steadily, stabilising at an average of 22% in recent months.
The average daily trading volume on the exchange is in excess of Rs 10,000 crore. The exchange has successfully completed 245 trading and clearing cycles in its first year of operations, the release said.
USE launched on September 20, 2010 with opening day volume of 9.88 million contracts and established a world record for first-day trading at a new exchange. Since then, month-on-month volume has steadily increased.
"In the last one year, we have expanded our membership base that has helped us inch closer to our founding vision of emerging as India's most preferred stock exchange, bringing together the entire financial community.
"As we enter our second year of operations, we look forward to playing a more crucial role in the ever-evolving and vibrant financial landscape," USE MD and CEO TS Narayanasami said.
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USE's stakeholders include BSE, 28 banks and three major corporate houses. Recently, Standard Chartered Bank has also come on board as a shareholder, representing its first strategic investment in an exchange.
Till date, the exchange has received 550 membership applications and has 372 trading members registered with the Securities and Exchange Board of India (Sebi), with 52 Sebi-registered clearing members.