United Stock Exchange of India Commences Operations in Currency Derivatives with Record-Breaking First-Day Showing and 52% Market Share

MUMBAI, India, Sept. 20 /PRNewswire/ -- United Stock Exchange of India (USE) today commenced operations in the august presence of Shri. C.B. Bhave, Chairman, Securities and Exchange Board of India (SEBI) and Smt Shyamala Gopinath, Deputy Governor, Reserve Bank of India (RBI) at the BSE International Convention Hall in Mumbai. With the exchange going live at 9.00 a.m., trading began in all four currency pairs currently allowed by the Securities and Exchange Board of India: USD-INR, EURO-INR, JPY-INR, GBP-INR.  

By the market close, USE had quickly become India's number one currency derivatives exchange, with 52 percent market share and stronger volume today in all four currency pair contracts than any competing products.  A total of 9,878,023 contracts, valued at nearly $10 billion USD, changed hands at USE, a new world record for any exchange on its launch day.

Mr. 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, rang the opening bell to kick-start trading on India's newest exchange.  Speaking on the occasion, Ms Gopinath commented: "Increasing competition in the exchange space will help the real sector in addressing their hedging requirements and getting competitive rates."

Both Mr. Bhave and Ms. Gopinath stressed the fact that exchanges are important infrastructures and must serve their purpose.

Speaking at this momentous occasion, Mr. T.S. Narayanasami, MD&CEO, United Stock Exchange of India said: "We are extremely pleased to have commenced operations today. 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."

United Stock Exchange commenced operations with robust support from all 21 Indian public sector banks, leading private sector banks, public sector units and corporate institutions.

The United Stock Exchange Board of Directors is composed of:

Mr. T.S Narayanasami, MD&CEO, Mr. Arun Ramanathan, Ex-Union Finance Secretary, Mr. Dipak Chatterjee, Ex - Union Commerce Secretary, Mr. Madhu Kannan Managing Director and CEO, Bombay Stock Exchange, Mr. Ashish Chauhan, Deputy CEO, Bombay Stock Exchange, Mr. Gaurav Arora, Founder and MD, Jaypee Capital Services and Mr. Saurav Arora.

About United Stock Exchange of India:

United Stock Exchange of India Limited (USE) is India's newest stock exchange for currency derivatives. The exchange offers a strong platform to corporates and small and medium enterprises (SMEs) for managing foreign exchange risk as it does not involve counterparty risk and offers attractive spread rates.

USE has a unique Public-Private partnership with equity participation by both public sector units (PSUs) and private sector banks. All 21 Indian public sector banks have promoted United Stock Exchange by investing in equity, including Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab National Bank, State Bank of India, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India and Vijaya Bank. In addition to public sector banks, five private sector banks also have equity participation in USE; they include Axis Bank, Federal Bank, HDFC Bank, ICICI Bank and J&K Bank.

Apart from banks, Jaypee Capital, MMTC and Indian Potash have also invested in United Stock Exchange to build an institution that is on its way to becoming an enduring symbol of India's modern financial markets.  Bombay Stock Exchange is also a strategic partner with USE as it holds a 15% stake, and all its members are connected to the new USE platform.

SOURCE United Stock Exchange of India