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united stock exchange 2010 | USE the newest stock exchange for currency derivatives commence operations from Monday. |

SUBJET : USE the newest stock exchange for currency derivatives

CONTENT :United Stock Exchange of India (USE), the newest stock exchange for currency derivatives, is all set to commence operations from Monday.

The exchange will be inaugurated by Securities and Exchange Board of India (SEBI) Chairman, C B Bhave, and Reserve Bank of India’s Deputy Governor, Shyamala Gopinath, at Bombay Stock Exchange (BSE) on Monday, an exchange official said here.

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

The exchange will offer a better platform to corporates and SMEs for managing forex risk, he said.

USE has a unique Public-Private partnership with equity participation by both PSUs and the private sector banks.

Among the 21 public sector banks which have participated in the formation of USE with an equity participation include Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank, State Bank of India among others.

Besides, five private sector banks, namely, Axis Bank, Federal Bank, HDFC Bank, ICICI Bank and J&K Bank also have equity holding in the new exchange.

Apart from banks, Jaypee Capital, MMTC and Indian Potash have also participated in the formation of United Stock Exchange with equity participation.

Bombay Stock Exchange is a strategic partner with USE as it holds a 15 per cent stake and all its members are connected to the new USE platform.
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