United Stock Exchange (USE) of India , is an Indian newest Stock Exchange. USE has launched its operations on 20th Sep 2010, after the final approval from the market regulator Stock Exchange Board Of India, SEBI to start Currency Futures Trading (it is a contract to exchange one currency for another currency at a specified date and a specified rate in the future).
The exchange, which is the third to offer currency derivatives in India along with the National Stock Exchange of India and the Multi-Commodity Exchange, is owned by a joint public-private consortium of Indian banks. USE is promoted by 21 public sector banks, 5 private sector banks, 3 Trading companies and Bombay Stock Exchange, BSE.
BSE is also a strategic partner to help the new exchange in imparting its expertise in exchange related activities and it also has a 15% stake in USE. At present USE offers a platform for trading currency derivatives to Corporates and Small and Medium Enterprises. The main aim of USE is to provide a sophisticated, new age trading platform for Indian markets and also aims to become one of the best exchanges which provide world class trading platforms. USE offers futures on four currency pairs i.e –
- United States Dollars – Indian Rupee (USD – INR)
- Euro – Indian Rupee (EUR – INR)
- Pound Sterling – Indian Rupee (GBP – INR)
- Japanese Yen – Indian Rupee (JPY – INR)
USE has stiff competition in the currency futures trading market from established rivals MCX and the National Stock Exchange of India.
Visit : http://www.useindia.com/