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- 9.9 million contracts valued at nearly $10 billion USD change hands
- USE promoted by BSE, Jaypee Capital, 21 Indian public sector banks, leading private sector banks as well as public sector units and corporate institutions
- Commences operations with 221 SEBI registered trading members and 31 SEBI registered clearing members
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.
