United Stock Exchange, India’s newest stock exchange, marks the beginning of a new chapter in the development of Indian financial markets.
USE overview: What is United Stock Exchange (USE)
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.
Sophisticated financial products such as currency and interest rate derivatives are exciting introductions to Indian markets and hold immense opportunities for businesses and trading institutions alike. Consequently, USE’s strong bank promoter base allows a build-up of a highly liquid marketplace for these products. It also provides the necessary expertise to reach out to Indian businesses and individuals, educate them on the benefits of these markets and facilitate easy access to them.
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.
USE also boasts of Bombay Stock Exchange, as a strategic partner. As Asia’s oldest stock exchange, BSE lends decades of unparalleled expertise in exchange technology, clearing & settlement, regulatory structure and governance. Leveraging the collective experience of its founding partners, USE has developed a trustworthy and state of the art exchange platform that provides a truly world class trading experience.
Products and services
USE would begin operations in the future contracts in each of the following currency pairs:
- United States Dollar-Indian Rupee (USD-INR)
- Euro-Indian Rupee (EUR-INR)
- Pound Sterling-Indian Rupee (GBP-INR)
- Japanese Yen-Indian Rupee (JPY-INR)
There would be 12 contracts i.e one for each of the next 12 months in each of the above currency pair Outright contracts as well as calendar spread contracts are available in each pair for trading.
In the years to come, USE aims to become India’s most preferred stock exchange, providing a range of sophisticated financial instruments for diverse market participants to trade on and manage their risks efficiently.
From: USE Website - http://www.useindia.com
