USE appoints SBI as 10th clearing & settlement bank

United Stock Exchange (USE), engaged in currency futures and currency options trading, today said it has appointed State Bank of India (SBI) as its clearing and settlement bank.

The total number of clearing and settlement bank stands at 10 at present and the list of clearing members on USE now stands at 51, which include banks as well as financial services firms spread across the country, USE said in a statement issued here.

"Clearing and settlement services perform an extremely important function in the operation of exchanges. We are delighted to have 51 reputed members on board which already have a very active and large base for their clearing services.

Their nation-wide infrastructure and proficient operations will provide seamless electronic fund transfer and settlement processing services to USE members," USE Managing Director and Chief Executive Officer T S Narayansami said in the statement.

USE have a market share of 20-22% and for June, its market share was 22.02%, the statement said.