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Currency Futures On United Stock Exchange India

United Stock Exchange of India (USE)is expected to commence operations in 2010. It is the fourth pan India exchange to be launched for trading financial instruments in India over the last 140 years.

USE has received final approval from the market regulator SEBI to start currency futures trading. USE represents the commitment of ALL 21 Indian public sector banks, private banks and corporate houses to build an institution of standing.

At present, currency futures trading is allowed in the country in four foreign currencies — the US Dollar, Pound Sterling, Japanese Yen and Euro.

USE also has Bombay Stock Exchange as a strategic partner.

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.

All transactions on USE must be carried out through registered members. All non-member participants can access the exchange as clients of members. Membership is therefore granted to market participants with high credibility and an excellent track record. Members will need to meet all requirements prescribed by the Securities Exchange Board of India (SEBI) as also the requirements stipulated by USE itself. This is to ensure that traders are protected against any counterparty risk and also to help develop and build market confidence.

Two types of membership is available with USE

* Trading Membership: Trading Member has the privilege of trading on one’s own account as well as the accounts of their clients. However, they will not be able to clear and settle these trades.

* Clearing Membership: Clearing Members are entitled to clear and settle trades for all trading members through the Clearing House of USE, ICCL.

India's first currency derivative Exchange named 'United Stock Exchange' or USE is all set for inauguration today(20th september 2010), The inauguration would be done by Mr. CB Bhave(chairman of SEBI).

The United Stock Exchange will start operations in four currency pairs currently allowed by SEBI like dollar-rupee, euro-rupee, yen-rupee and pound-rupee.

It may be recalled that the Bombay Stock exchange has a 15 percent stake in the new currency derivatives exchange USE.

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