Home > Business > USE commences operations in currency derivatives

USE commences operations in currency derivatives

Tuesday, September 21, 2010
By a Business Reporter

Creates world record with volume of Rs 42,481 crores in first session

The United Stock Exchange of India (USE) commenced operations in currency derivatives yesterday with 251 SEBI approved members and support from all 21 Indian public sector banks, leading private sector banks, public sector units and corporate institutions. Trading began in all four currency pairs currently allowed by the Securities and Exchange Board of India i.e. USD-INR, EURO-INR, JPY-INR, GBP-INR.

Incidentally, on the opening day itself the Exchange recorded a stupendous volume of Rs. 42,481 crore in the first session thus creating a world record of maximum volume on launch day by an exchange. Infact the USE is India’s newest stock exchange for currency derivatives. The exchange offers a better platform to corporates and SMEs for managing forex risk as spread rates in an exchange are better and it does not involve any counter party risk.

Speaking at the launch, SEBI Chairman C.B. Bhave while congratulating the exchange on the successful launch of its operations said, “I am very happy that USE is coming up with a diversified ownership and we look forward to the success of the exchange.” He along with Ms. Shyamala Gopinath Deputy Governor, Reserve Bank of India (RBI) rang the opening bell to kickstart trading on India’s newest exchange.

Speaking on the occasion, Ms Gopinath said, “Increasing competition in the exchange space will help the real sector in addressing their hedging requirements and getting competitive rates”. Both Bhave and Ms. Gopinath stressed on the fact that exchanges are important infrastructures and must serve their purpose.

Said T.S Narayanasami, MD & CEO, United Stock Exchange of India said, “We are extremely pleased to have commenced operations. On behalf of the exchange I would like to extend our gratitude to all our stakeholders for their valuable support in creating India’s newest stock exchange for currency derivatives. I would also like to express my deepest gratitude to both the regulators, SEBI and RBI for their continued guidance. We are confident that our distinctive model will help expand and deepen this financial segment in the country.”



 

Facebook   Delicious   Delicious   submit to reddit reddit
COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:  
Email:    
Comments:
 
- Advertising -
City news
On Thursday at the international airport, the med
Opposition slams Sena and MNS for giving tickets ...
After jolting the BJP, the NCP yesterday gave ...
I am 19 yrs old. I was in love with a girl when I
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)An assignment that is important to you may require your total involvement. Your will know intuitively what has to be done. Gains are assured. Do not invest your money on other’s advice, for these are fraught with legal hassles. Any misunderstandings with your mate or partner should be tackled immediately.
Tarot for Love
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)What the cards say: See things objectively Path: Impulse needs to be tempered with caution. Don’t try to brush things under the carpet Ally: Taurus will temper you down. Please stay away from Leo who could encourage you to be hyper Card of the week: Tarot key no. XV The Devil. Invites you to look at your weaknesses
- Advertising -
It’s getting crazier by the day. City residents a
Urban Development dept headed by CM asks civic bo
Mira Bhayander Municipal Corporation eviction not
Read More