United Stock Exchange of India, which completed one year of operations on Tuesday, plans to enhance its trading members to 600-650 in next one year against 424 members at present.
The exchange received 550 membership applications. At present, it has 372 trading members and 52 clearing members registered with SEBI. Ten banks have been empanelled with USE for providing clearing and settlement services.
MARKET SHARE: The exchange commands a market share of 22 per cent in the currency futures segment. On Tuesday, about 441 million contracts were traded on the exchange. The average daily trading volume on the exchange is over Rs 10,000 crore. It recently filed its application with SEBI for launching trading in interest rate.
Mr T. S. Narayanasami, Managing Director and CEO, United Stock Exchange, said: “In the last one year, we have expanded our membership base that has helped us inch closer to our vision of emerging as India's most preferred exchange.
“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.”The exchange's stakeholders include the BSE, 28 banks and three major corporate houses. Recently, Standard Chartered Bank also came on board as a shareholder, representing its first strategic investment in an exchange worldwide.