A new stock exchange,United Stock Exchange of India, has been promoted by Bank of India, Canara Bank, Andhra Bank, Bank of Baroda, Allahabad Bank, Indian Overseas Bank and Oriental Bank of Commerce jointly with MMTC. Other shareholders include Standard Chartered Bank, Federal Bank, TCS and STCI.
This exchange is expected to come on line this month and is the fourth Currency Futures exchange after BSE, NSE and MCX-SX. For offloading the rest of the stake, the exchange is understood to be in talks with Chicago Mercantile Exchange, the world’s largest financial exchange.
Currently, volumes on the existing currency futures exchanges are just $0.5 billion which is 1/10th of the $50-billion volume on the over-the-counter currency forward market.The objective of this new exchange is to get different constituents of the market onto the currency platforms, and thereby increase participation. Currently, participation comes from the stock and commodity market players with many brokers, including banks, running proprietary books to increase currency volumes.
You can access the website at United Stock Exchange of India
Get Connected
Popular Posts
-
Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers....
-
Google has launched a contest to solicit ideas about how to help humanity - Google Project 10tothe100 . "To mark our 10th birthday an...
-
What is Gold Bees or Gold ETF? Gold ETFs are open-ended mutual fund schemes that will invest the money collected from investors in stand...
-
Indeed it was a historic day in Indian Stock Markets . Within opening of few minutes, the BSE Sensex and Nifty hit the upper circuit of 1...
-
Trading holidays for the calendar year 2023. The National Stock Exchange of India (NSE) has notified trading holidays for the calendar ye...