Mumbai: United Stock Exchange of India (USE), the newest stock exchange for currency derivatives, is all set to commence operations from Monday.
The exchange will be inaugurated by Securities and Exchange Board of India (SEBI) Chairman, C B Bhave, and Reserve Bank of India's Deputy Governor, Shyamala Gopinath, at Bombay Stock Exchange (BSE) on Monday, an exchange official said in Mumbai.
USE will commence operations in all four currency pairs currently allowed by SEBI, namely, dollar-rupee, euro-rupee, yen-rupee and pound-rupee.
The exchange will offer a better platform to corporates and SMEs for managing forex risk, he said. USE has a unique Public-Private partnership with equity participation by both PSUs and the private sector banks.
Among the 21 public sector banks which have participated in the formation of USE with an equity participation include Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank, State Bank of India among others.
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