India's first currency derivatives exchange (USE) gets SEBI's approval

(posted under - USE India, United Stock Exchange) - So finally india's first currency and interest rates derivatives exchange USE(United stock exchange) got approval from SEBI for trading in currency and interest rate derivatives.

The approval was received after USE complied with all regulatory norms as specified by SEBI. United Stock Exchange has been given a very enthusiastic response from the market already wherein they received over 100 forms within few days of receiving the final approval. Both the Banking Fraternity and Broking Community have immense faith in United Stock Exchange declaring it a major competition to existing exchanges even before launch.

You may want to recall that in august 2009 ( read full post) Bombay Stock Exchange Limited (BSE), picked up 15% stake in United Stock Exchange (USE). USE, which will operate as a BSE Group Company, now brings together a consortium of key stakeholders - the exchange, banks, financial institutions - to drive the development and growth of the currency and interest rate derivatives markets.