United Stock Exchange of India (USE) today announced the commencement of operations in currency futures from 31st August. The operations of the exchange will be inaugurated by the Hon’ble Finance Minister, Shri Pranab Mukherjee at the BSE International Convention Hall, Mumbai.
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.
Commenting on the development, Mr. T.S Narayanasami, MD&CEO, United Stock Exchange of India said, “It is a matter of great pride for the exchange to be launched at the sacred hands of the Hon’ble Finance Minister. We are thankful to have the support of almost the entire Indian banking fraternity as partners in this enterprise. Combining the resources and expertise of 26 of India’s leading banks is an exciting step that allows us to reach new participants. We are hopeful that our unique model will expand and develop currency derivatives trading in India”.
Mr. Narayanasami also added, “Uniquely, all our shareholders have committed for a minimum lock-in period of 3 years, highlighting their commitment towards USE’s vision to develop the currency derivatives market in the country with a long term vision”.
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.
