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United Stock Exchange of India Successfully Completes One Year of Operations
Monday, September 19, 2011

United Stock Exchange of India Completes One Year of
Operations
Garners average market share of 22%
Mumbai, September 19, 2011: United Stock Exchange of India Limited
(USE), the youngest stock exchange in the country operating in the
currency derivatives segment, successful completes its first year of
operations on Tuesday, September 20, 2011 with nearly 441 million
contracts traded. The exchange’s market share in currency futures has
grown steadily, stabilizing at an average of 22% in recent months. The
average daily trading volume on the exchange is in excess of Rs 10,000
crores. The exchange has successfully completed 246 trading and
clearing cycles in its first year of operations.
USE launched on Sept. 20, 2010 with opening day volume of 9.88 million
contracts, establishing a world record for first-day trading at a new
exchange. Since then, month-on-month volume has steadily increased.
Growth chart / graph:
Month (2011) Jan Feb Mar Apr May Jun Jul Aug
Market
Share (%) 6.56 10.13 10.40 14.32 21.07 21.65 22.48 24.16
Mr. T S Narayanasami, MD and CEO of United Stock Exchange said, “On
the first anniversary of United Stock Exchange, I would like to convey my
profound thanks to our Regulators, Stakeholders and Market Participants
for the faith they have reposed in the exchange. In the last one year, we
have expanded our membership base that has helped us inch closer to
our founding vision of emerging as India’s most preferred stock exchange,
bringing together the entire financial community. We remain committed
to building USE as an enduring symbol of India’s financial markets and
contributing to the growth of the industry. We continuously strive to
provide a range of financial instruments for diverse market participants
and enable greater access to various cross-sections of the economy. We
have focused on investor education and training workshops across the
country. As we enter our second year of operations, we look forward to
playing a more crucial role in the ever-evolving and vibrant financial
landscape.”
USE’s stakeholders include the Bombay Stock Exchange (BSE), 28 banks
and three major corporate houses. Recently, Standard Chartered Bank
has also come on board as a shareholder, representing its first strategic
investment in an exchange worldwide. “USE puts forward a strong, robust
platform for our customers to trade in a highly secure and reliable
environment that offers enhanced liquidity, diversity of participants,
innovative technology and trustworthy clearing services,” Mr.
Narayanasami said.
The exchange offers trading in currency futures on the U.S. dollar, British
pound, Euro and Japanese yen, all trading against the Indian Rupee
(USD-INR, GBP-INR, Euro-INR and Yen-INR pairs) as well as currency options
on the USD-INR pair. USE offers access through its front-end, Fastrade. The
exchange also allows various other platforms for automated trading,
including the NEST platform of Omnesys Technologies. USE has filed an
application to list interest rate futures and is awaiting regulatory approval.
To date, United Stock Exchange has received 550 membership
applications and has 372 trading members registered with the Securities
and Exchange Board of India (SEBI), with 52 SEBI-registered clearing
members. Ten banks have been empanelled with USE for providing
clearing and settlement services. USE has continuously worked with trade
and industry associations and entered into memoranda of understanding
(MOUs) with the Associated Chambers and Industry of India (ASSOCHAM),
the Institute of Chartered Accountants of India (ICAI), the Institute of Cost
and Works Accountants of India (ICWAI) and the Institute of Company
Secretaries of India (ICSI), giving the respective members access to
become members of USE.
About United Stock Exchange of India:
The United Stock Exchange of India Limited (USE) is India’s newest stock
exchange for currency derivatives. The exchange offers a platform to
corporates and small and medium enterprises (SMEs) for managing
foreign exchange risk through sound risk management practices and
standardization processes.
USE is a unique Public-Private partnership with equity investments by both
public sector units (PSUs) and the private sector. USE represents the
commitment of ALL 21 Indian Public Sector Banks (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 Limited, 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), reputed private and foreign banks [including Axis
Bank Limited, The Federal Bank Limited, HDFC Bank Limited, J&K Bank
Limited, Yes Bank Limited, ICICI Bank Limited and Standard Chartered
Bank (Mauritius) Limited], Asia’s oldest Stock Exchange – BSE Limited – and
corporate houses (including Jaypee Capital Sevices Limited, MMTC
Limited and Indian Potash Limited) to build an institution that is on its way
to becoming an enduring symbol of India’s modern financial markets.
For further details, contact:
Sumit Singh Jamwal / Mansi Shah
Adfactors PR Pvt. Ltd
9920199303 / 9930557720
sumit.jamwal@adfactorspr.com , mansi.shah@adfactorspr.com
Neha Chinivala
United Stock Exchange of India
9819846265,
pr@useindia.com

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