United Stock Exchange Of India inaugurating today by C B Bhave, Gopinath on 20th Sep 2010

United Stock Exchange of India (USE) is expected to commence operations in 2010. United Stock Exchange of India (USE) is the fourth pan India exchange to be launched for trading financial instruments in India over the last 140 years. United Stock Exchange Of India inaugurating today by C B Bhave, Gopinath on 20th Sep 2010. United Stock Exchange of India (USE), the newest stock exchange for currency derivatives, is all set to commence operations from Monday. USE has received final approval from the market regulator SEBI to start currency futures trading. USE represents the commitment of ALL 21 Indian public sector banks, private banks and corporate houses to build an institution of standing.



The exchange will be inaugurated by Securities and Exchange Board of India (SEBI) Chairman C B Bhave and Reserve Bank of India Deputy Governor Shyamala Gopinath at the Bombay Stock Exchange ( BSE). USE will commence operations in all four currency pairs currently allowed by SEBI, namely the dollar-rupee, euro-rupee, yen-rupee and pound-rupee. The exchange will offer a better platform to corporates and SMEs for managing forex risk.


The exchange was formed through a unique public-private partnership, with equity participation by both PSUs and private sector banks. Among the 21 public sector banks which have a stake in the USE are Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank and State Bank of India, among others.


In addition, five private sector banks — namely Axis Bank, Federal Bank, HDFC Bank, ICICI Bank and J&K Bank — also have equity participation in the new exchange. Apart from banks, Jaypee Capital, MMTC and Indian Potash also have a stake in the United Stock Exchange. Bombay Stock Exchange is a strategic partner of the USE, as it holds a 15 per cent stake and all of its members are connected to the new USE platform.


USE is now open to USE membership, membership process details available here on New Membership Details – http://www.useindia.com/membership.php
United Stock Exchange of India (USE) Details:
United Stock Exchange Founded: Anticipated Launch in 2010
Headquarters: C7, 2nd Floor – Laxmi Towers – Bandra Kurla Complex – Mumbai 400051
Website: http://www.useindia.com/