United Stock Exchange of India (USE) announced today that membership admission fees for the currency derivatives segment of the exchange will be waived till launch, August 31st to bring in new participants into the currency market. A limited number of memberships have been set aside by the exchange till launch, which will be exempt from membership fees and offered to market participants who conform to the eligibility criteria set by Securities and Exchange Board of India.
USE has also decided not to levy transaction charges for trades executed on the Exchange initially. The operations of the exchange will be inaugurated by the Hon’ble Finance Minister, Shri Pranab Mukherjee at the BSE International Convention Hall, Mumbai on 31st August 2010.
USE would begin operations in all four currency pairs currently allowed by the Securities and Exchange Board of India i.e. USD-INR, EURO-INR, JPY-INR, GBP-INR.
About United Stock Exchange of India:
The United Stock Exchange of India Limited (USE) is India’s newest stock exchange for currency derivatives. The exchange offers a better platform to corporates and SMEs for managing forex risk as spread rates in an exchange are better and it does not involve any counter party risk.
USE has a unique Public-Private partnership with equity participation by both PSUs and the private sector banks. All 21 Indian public sector banks which have participated in the formation of United Stock Exchange with an equity participation include Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab National Bank, State Bank of India, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank). In addition to public sector banks another 5 private sector banks have also an equity participation in USE, they include Axis Bank, Federal Bank, HDFC Bank, ICICI Bank and J&K Bank.
Apart from banks, Jaypee Capital, MMTC and Indian Potash have also participated in the formation of United Stock Exchange with an equity participation to build an institution that is on its way to becoming an enduring symbol of India’s modern financial markets.
Bombay Stock Exchange is also a strategic partner with USE as it holds a 15% stake and all its members are connected to the new USE platform.