United Stock Exchange of India has appointed State Bank of India (SBI) as its clearing and settlement bank. The total number of clearing and settlement banks stands at 10 at present. The list of clearing members on USE now rises to 51 which include banks as well as financial services firms spread across the country. The total number of trading members stands tall at 408. The total applications received for membership is over 529.
Mr. T.S. Narayansami, MD & CEO of United Stock Exchange, said, “Clearing and Settlement services perform an extremely important function in the operation of exchanges. We are delighted to have 51 reputed members on board which already have a very active and large base for their clearing services. Their nation-wide infrastructure and proficient operations will provide seamless electronic fund transfer and settlement processing services to USE members.”
At present, United Stock Exchange offers four currency pairs which are USD-INR, BP-INR, Euro-INR and Yen-INR. As the market matures, USE intends to launch other currency pairs. United Stock Exchange of India (USE) also has the approval from the Securities and Exchange Board of India (SEBI) to commence operations in currency options.
Within months of its inception, USE has clocked a stable market share of 20 – 22 percent. For the month of June, USE’s market share stood at 22.02 percent and has been on a steady rise since January 2011.
