United Stock Exchange of India

by khalid on 18/04/2010 · 0 comments

Market regulator SEBI has allowed the United Stock Exchange, promoted jointly by the BSE and Jaypee Capital, to launch the trading in currency futures. United Stock Exchange, India’s newest stock exchange, marks the beginning of a new chapter in the development of Indian financial markets. It is the fourth exchange to be launched for trading financial instruments in India over the last 140 years.

USE has received in-principal consent from the market regulator SEBI to start currency futures trading. USE represents the commitment of ALL 21 Indian public sector banks, respected private banks and corporate houses to build an institution that is on its way to becoming an enduring symbol of India’s modern financial markets.

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. Leading International Banks like Standard Chartered Bank* and Bank of America* are also shareholders of United Stock Exchange.

Futures contracts based on dollar-rupee pair were only introduced in the country in 2008. To attract more volume, in January, SEBI and RBI allowed exchanges to offer trading in more currencies pairs– the yen, euro and pound.

Currency futures are considered a safe investment option than those traded in the open market. Currency futures refers to a contract to exchange one currency for another at a specified date and price.

Related Posts Plugin for WordPress, Blogger...

Leave a Comment

Previous post:

Next post: