United Stock Exchange Goes Operational Today

By Naiwrita Sinha, Gaea News Network
Monday, December 13, 2010

MUMBAI, INDIA(Gaea Times.com)- The United Stock Exchange becomes operational from Monday Sept 20. The exchange was inaugurated by the SEBI Chairman (Securities and Exchange board of India) along with the Deputy Governor of the Reserve Bank Of India, Shyamala Gopinath at the Bombay Stock Exchange. The exchange will be beneficial for those interested in currency derivatives and allow trading in currency pairs currently approved by SEBI. The currencies in which the exchange will be dealing is dollar- rupee, euro-rupee, yen - rupee, and pound rupee.

United Stock exchange has the Bombay Stock Exchange as a strategic partner with a 15% stake and was formed through a partnership of the public and the private sector. Private and public banks have a stake in the exchange and the list consists of Allahabad bank, Corporation bank, Punjab National bank, State bank of India, IDBI bank, Syndicate bank, Bank of India, Andhra Bank, Dena bank, Bank of Baroda, 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 include Axis Bank, Federal Bank, Jammu and Kashmir bank, HDFC bank and ICICI bank. Apart from banks Jaypee Capital, MMTC and Indian Potash also have a stake in the exchange.

Reports have come that the United Stock exchange has already crossed over 2000 crore in the first hour of trading. This exchange is the third in a row after the NSE and MCX that offers currency trading in the country. Currency trading still has a long way to go in India with India’s currency trading comprising only 1% of the world’s volume. Thus, there is ample scope for currency trading in this country.

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