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| USE to start currency futures in July |
| Press Trust Of India / New Delhi Mar 28, 2009, 00:33 IST |
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The United Stock Exchange of India (USE), promoted by state-run MMTC and brokerage firm Jaypee Capital, will start trading in currency derivatives from July this year. “USE will launch currency futures in July,” MMTC CMD Sanjiv Batra said.
USE will be the fourth exchange after NSE, BSE and MCX-SX to introduce currency futures. Besides MMTC and Jaypee Capital, the exchange is also promoted by 11 banks, including the Federal Bank.
Trading in currency derivatives, which started in August last year, has been good with daily volumes now hitting the Rs 2,000-crore mark. USE has received in-principal approval from the market regulator for commencing contracts in currency derivatives.
Batra also informed that the International Multi-Commodity Exchange, promoted by MMTC and Indiabulls Financial Services, was likely to start operations by June-end.
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