Bhave, Gopinath inaugurated United Stock Exchange

Source :PTI,TOI:MUMBAI: Sep 20, 2010, 06.13pm IST


 United Stock Exchange of India (USE), the newest stock exchange for currency derivatives, has commence its operations from Monday. 


The exchange  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) on Monday, an official said here. 


USE has commence its operations in all four currency pairs currently allowed by SEBI, namely the dollar-rupee, euro-rupee, yen-rupee and pound-rupee. 


The exchange is offering  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.